Openness essential to fueling Asia-Pacific growth

Openness remains essential to unlocking the growth potential of the Asia-Pacific region and deepening regional economic cooperation, as rising unilateralism and protectionism continue to challenge global trade and investment, government officials said on Sunday.

Speaking at the APEC China CEO Forum 2026 in Beijing, they said that Asia-Pacific Economic Cooperation member economies should stay committed to open cooperation and regional integration, while advancing connectivity projects and digital innovation to facilitate trade, improve supply chain resilience and create new growth opportunities for businesses across the region.

Eduardo Pedrosa, executive director of the APEC Secretariat in Singapore, said that APEC economies have identified a series of priority actions to restore growth momentum and strengthen regional economic cooperation.

These actions include accelerating progress toward the Free Trade Area of the Asia-Pacific, strengthening connectivity and supply chain resilience, investing in trade and logistics infrastructure, promoting market diversification, addressing nontariff barriers in food trade and advancing digital trade and transformation, Pedrosa said.

Ren Hongbin, chairman of the China Council for the Promotion of International Trade, called on APEC economies to identify more areas of common interest and strengthen open cooperation in industrial and supply chains.

Citing the importance of strengthening regional connectivity, Ren said the APEC economies should make full use of regional free trade agreements such as the Regional Comprehensive Economic Partnership, while advancing an upgraded APEC connectivity blueprint to facilitate the safe and orderly flow of people, goods, capital and data, as well as foster closer industrial and supply chain cooperation across the region.

China remained the largest trading partner of 13 APEC economies in 2025, with the total value of trade with those economies reaching $3.7 trillion. It accounted for 57.8 percent of China's total foreign trade, data from the Ministry of Commerce showed.

The country has signed 24 free trade agreements or economic and trade deals with 31 countries and regions, including 15 APEC economies. In recent years, it has also completed upgrades to free trade agreements with APEC economies such as Singapore and Peru.

Addressing broader challenges facing the global trading system, Jiang Chenghua, deputy China international trade representative at the Ministry of Commerce, urged the APEC business community to exercise independent judgment, support the multilateral trading system and help safeguard the stability of global industrial and supply chains.

China will continue to expand opening-up in key areas including trade, investment and the cross-border flow of production factors, while the rapid advancement of digital, intelligent and green technologies will further reinforce its position as a long-term destination for global companies seeking investment and growth opportunities, said Jiang.

Key drivers of confidence

Ahead of the fourth China International Supply Chain Expo, which will run from Monday to Friday in Beijing, foreign business executives highlighted China's industrial ecosystem, market demand and supply chain advantages as key drivers of their long-term confidence in the country.

Jim Sutter, CEO of the US Soybean Export Council, said that China is expected to import about 25 million metric tons of soybean from the United States during the marketing year Sept 1, 2025 to Aug 31, 2026, up from 22.6 million tons in the previous marketing year, marking a meaningful recovery.

"The recent announcement regarding tariff reductions is a positive signal, and the US soybean industry looks forward to seeing those commitments translated into concrete policy measures," said Sutter. "Stability in the China-US trade environment benefits both sides, and we are confident in the long-term direction."

He said opportunities for bilateral cooperation extend beyond traditional feed applications to value-added food products and industrial uses, including bio-based plastics, adhesives, lubricants and sustainable construction materials.

A similar sentiment was expressed by Elodie Latour, vice-president for China at French multi-sports brand Decathlon. She said that China's comprehensive industrial ecosystem and complete value chain enable companies to bring products to market faster, creating advantages that are difficult to replicate elsewhere.

With 94.2 percent of the products it sells in the country already produced locally, the French company, backed by four plants and a network of 200 stores across more than 100 cities in China, plans to further increase local production to enhance the responsiveness, sustainability and resilience of its supply chains across the Asia-Pacific region and beyond.

zhongnan@chinadaily.com.cn