New Apec chair China positions as global defender at ‘pivotal juncture’ while US retreats

China is seizing its role as the chair and host of Apec 2026 to position itself as a staunch defender of multilateralism, according to analysts, and they see the platform being used to elevate the nation’s economic governance initiatives to a global level.The strategic push was on display at the two-day Finance and Central Bank Deputies’ Meeting that began on Wednesday in Shanghai, where Vice-Minister of Finance Liao Min called on members to uphold multilateralism.“Closer cooperation is needed, more than ever … as uncertainty weighs on growth and geopolitical tensions and regional conflicts exacerbate supply-chain disruptions and fragment international cooperation,” Liao said in his opening remarks.“We are at a pivotal juncture … We must uphold multilateralism and promote macroeconomic policy communication for a more enabling and predictable environment.”Attendees at the two-day event, where senior finance officials and central bankers from the Asia-Pacific Economic Cooperation’s 21 member economies convene to discuss economic issues such as financial stability and structural reforms, include US Assistant Treasury Secretary Francis Brooke.Analysts said the two days would provide a preview of Beijing’s thinking on safeguarding the global economy amid existing challenges and the fresh upheavals of 2026 that often involve the United States.