Emerging Markets

China’s “Asia-Pacific Dream” Involves A Region Led By Beijing, Not Washington

By Shannon Tiezzi
The Diplomat

China Flags

Image Credit: Chinese flags image via Shutterstock

Xi Jinping is quite the dreamer. In addition to his famous “China Dream” slogan, Xi called for pursuit of the “Asia-Pacific Dream” during an address at this weekend’s the APEC CEO Summit. The Asia-Pacific dream is the latest iteration of China’s vision for a united Asian community with Beijing as its center — and with the United States noticeably absent.

Xi’s description of the Asia-Pacific dream incorporates elements seen earlier, including at the Conference on Interaction and Confidence Building Measures in Asia (CICA) held in Beijing in May. The first common thread is an oblique reference to the “Asia for Asians” concept, seen in Xi’s “Asia-Pacific Dream” concepts as the need to act “in the spirit of the Asia-Pacific community.” At CICA, Xi made clear that means having Asian problems “solved by Asians themselves,” rather than by outside parties (most notably, of course, the U.S.). In his APEC speech, Xi also emphasized the idea of a “shared destiny” of all Asian nations as the foundation of their common dream.

Notably, Xi’s “Asia-Pacific Dream” is closely tied to economic elements. The dream, as Xi defined it, involved striving for continued developed and “more economic vibrancy,” including free trade agreements and investment possibilities. China’s renewed push for the Free Trade Area of the Asia-Pacific (FTAAP) thus falls under this rubric, as does China’s expanding vision for its Silk Road Economic Belt and Maritime Silk Road.

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ETFs: FXI, GXC

 

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