Tangible and intangible progress in APEC cooperation supports the Global Development Initiative
As the APEC "China Year" warms up the fourth quarter of its activities, several major meetings have already delivered tangible outcomes, with these conferences and forums all building toward the APEC Economic Leaders' Meeting in Shenzhen next week. But beyond their substantial achievements, the meetings have helped foster something intangible that is just as important: trust.
Trust is what enables lasting cooperation and progress across the Asia-Pacific region. The breadth of issues discussed at these meetings has confirmed that regional economies are working together to realize this year's theme of "Building an Asia-Pacific Community to Prosper Together".
As turbulent events in the past year have shown, this theme has become more important than ever to maintain a stable trade and international environment.
The theme also echoes China's global engagement from the perspective of a shared future, which underpins the Global Development Initiative launched in 2021.
The initiative strives for a harmonious coexistence that promotes the balance between human activity and nature. To achieve this requires a focus on practical projects. A series of APEC meetings have brought together a broad range of authorities and officials as well as other stakeholders in the region responsible for delivering these tangible and practical projects.
This can lead to the creation of specialized technical working groups which can submit final reports on accelerating paperless trade and interoperability, strengthening supply chain cooperation and improving access to digital infrastructure and skills for the upcoming APEC Shenzhen Meeting. Like China, Australia has supported APEC's objectives of promoting regional openness, digital trade, cross-border e-commerce and innovation, with a particular focus on artificial intelligence and digital trade solutions.
APEC is working to make trade simpler and more seamless across the Asia-Pacific region, and this means lower costs for businesses, more connected supply chains, and fewer barriers to getting goods and services across borders.
Australia and China can cooperate in developing digital trade standards that will advance digital trade protocols across APEC members. This can include AI-related agreements that create a digital regulatory framework to enhance business facilitation and supply chain cooperation.
The tangible focus can be on the way that these developments contribute to broader trade-related cooperation.
The Boao Forum for Asia report, Sustainable Development: Asia and the World Annual Report 2026, released on March 24, noted that the value of Asia's digital economy reached $27 trillion in 2025, accounting for 46 percent of the region's GDP. As of June 2025, China's digital economy exceeded 50 trillion yuan ($7.5 trillion), and the size is projected to surpass 80 trillion yuan by 2030.
The Asia-Pacific region and all APEC economies are navigating toward a digital economy within a complex landscape that is shaped by trade tensions, supply chain disruptions and rapid technological change driven by AI and digital technologies. There is growing uncertainty over the future of Asia-Pacific economic cooperation. The numerous APEC "China Year" forums have faced this reality and moved toward creating a framework of digital economic and cooperative solutions.
The APEC Digital and AI Ministerial Meeting held in Chengdu is a prime example of effective communication that can be achieved in a cooperative environment. All the discussions reflected a shared commitment to ensuring that the Asia-Pacific region can continue to lead and apply digital technologies in ways that drive inclusive growth for all.
The new strategic focus of some Western countries on restrictive economic measures heightened the urgency of this APEC discussion. It impacts the way businesses in the region develop and export digital products. The debate is about the growth of the digital economy and from some Western perspectives, it is an arena for a race to set the standards that will be adopted in AI, advanced computing, digital payment platforms, safety features on imported EVs and other aspects of the digital universe.
This is a contested area based on some Western narratives. But digital cooperation has been greatly highlighted in APEC meetings in China this year.
Future economic growth will rest on the use of digital tools and AI to boost business and trade. The foundation of this is open-source development where technology code is openly shared to help small businesses grow. This can give small companies access to cost-effective digital tools, which enhance their advantages in business competition.
This also stimulates the need to create common rules for safe and effective AI use, not only in business but also in other sectors across the region. This will provide tangible help for small- and medium-sized enterprises to integrate into more AI scenarios and regional payment systems, and ensure that the benefits of the AI applications and the digital economy reach more SMEs.
Building on cooperation advanced through APEC meetings this year, APEC economies can work together to take a major step toward fully establishing digital, paperless trade and customs clearance among economies in the region. This can include mandatory digital filing for trade documentation.
As this year's APEC host, China is demonstrating what can be achieved in several areas of economic cooperation that underpin the economic stability and trust within the region.
The author is an international financial technical analysis expert and a former national board member at the Australia China Business Council.
The author contributed this article to China Watch, a think tank powered by China Daily. The views do not necessarily reflect those of China Daily.
Contact the editor at editor@chinawatch.cn.
