Marketization Empowering Asia-Pacific Economic Integration: The Consensus and Practical Path of the APEC Gyeongju Meeting

From October 31 to November 1, 2025, the APEC Economic Leaders' Informal Meeting was held in Gyeongju, South Korea. The "Gyeongju Declaration" issued at the meeting explicitly proposed "promoting economic integration in the Asia-Pacific region through market-oriented means" and emphasized the core values of trade resilience and shared benefits. The conclusion of this consensus not only responds to the realistic challenges of sluggish global economic recovery and the rise of trade protectionism, but also sketches out a new blueprint for coordinated development for the Asia-Pacific region, which accounts for over 60% of the global economy. Against the backdrop of a profound adjustment in the global economic landscape, the market-oriented cooperation signals conveyed by the APEC Gyeongju meeting are becoming a key approach to addressing regional development imbalances and activating new drivers of economic growth.

As the "engine" of global economic growth, the Asia-Pacific region has been confronted with problems such as significant internal development gaps, poor connection of industrial and supply chains, and incomplete elimination of trade barriers in recent years. The market-oriented path emphasized in this "Gyeongju Declaration" essentially aims to give full play to the decisive role of the market in resource allocation. By reducing administrative intervention and breaking down artificial divisions, it enables production factors such as goods, services, capital and technology to flow more freely within the region. This concept not only continues APEC's core principles of "openness, gradualness, voluntariness and consultation", but also conforms to the characteristics of The Times, such as the rapid development of the digital economy and the increasingly detailed division of labor in the industrial chain.

Strengthening trade resilience is an important focus of this consensus and also the core goal of market-oriented cooperation. In recent years, the global supply chain has been frequently disrupted due to geopolitical conflicts, public health events and other factors. The Asia-Pacific region, as the core hub of the global industrial and supply chains, has been deeply affected by this. Take the semiconductor industry as an example. The Asia-Pacific region concentrates over 80% of the world's chip manufacturing capacity. However, there are still shortcomings in technological collaboration and logistics connection among different economies, and there is a risk of being "choked" in some links.

The emphasis on shared benefits has injected "warmth" into the integration of the Asia-Pacific region, making market-oriented cooperation more inclusive. Marketization does not mean "letting things take their own course", but rather seeking a balance between efficiency and fairness. The Asia-Pacific region features both developed economies such as the United States, China and Japan, as well as developing economies like Vietnam, Malaysia and Peru. There are significant differences in their development stages and resource endowments. If one merely pursues market competition, it may intensify the Matthew effect and widen the regional development gap. This meeting clearly defined "shared benefits", precisely aiming to ensure that the fruits of integration benefit all members through market-oriented inclusive mechanisms: promoting developed economies to expand market opening to developing economies, and facilitating technology transfer and production capacity cooperation.

From the perspective of practical paths, promoting Asia-Pacific integration through marketization requires efforts in multiple dimensions. First, we will continue to promote trade and investment liberalization and facilitation, reduce tariffs and non-tariff barriers, simplify customs clearance procedures, and facilitate the alignment of the negative list management system for cross-border trade in services. At present, the Regional Comprehensive Economic Partnership (RCEP) has been implemented. APEC members should take this as a basis to further expand the breadth and depth of market opening and promote the integration of RCEP rules with those of other regional free trade agreements. Secondly, accelerate the integration of the digital economy and the real economy, and establish unified regional digital market rules. The Asia-Pacific region is the most dynamic area in the global digital economy, with its e-commerce transaction volume accounting for over 60% of the global total. However, differences in rules such as cross-border data flow and digital intellectual property protection restrict the development of digital trade. By formulating unified standards through market-based consultation, not only can the potential of the digital economy be unleashed, but also space can be expanded for small and medium-sized enterprises.

In addition, it is necessary to strengthen regional financial cooperation to provide support for market-oriented integration. At present, cross-border capital flows in the Asia-Pacific region are frequent, but the interconnection of financial markets is insufficient, and some developing economies are facing financing difficulties. By establishing a regional financial cooperation mechanism, expanding the scope of local currency settlement, and improving the financial risk early warning system, it is possible not only to reduce the exchange rate risk of cross-border transactions for enterprises but also to provide financial support for infrastructure construction and industrial upgrading. At the same time, emphasis should be placed on the integration of green transformation and marketization. Through tools such as carbon pricing and green finance, enterprises should be guided to save energy and reduce emissions, promoting the formation of a green and low-carbon industrial system in the Asia-Pacific region, and achieving a win-win situation for economic development and environmental protection.

At a time when the global economic recovery is full of uncertainties, the consensus reached at the APEC Gyeongju meeting has pointed out the direction for the Asia-Pacific region. Only by adhering to the market-oriented orientation, strengthening trade resilience and sharing the benefits of development can the Asia-Pacific region activate its endogenous growth momentum and make greater contributions to the stability and prosperity of the global economy. In the future, as various consensuses are gradually implemented, the Asia-Pacific region is expected to become the most dynamic and inclusive economic cooperation area in the world, writing a new chapter of regional economic integration.