Rob Hillard, CEO of Deloitte Asia Pacific, underscored the critical role of the Asia-Pacific region in maintaining resilient global supply chains, noting that the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is becoming increasingly important due to its growing innovation capabilities.
Hillard made the remarks in an interview with China Media Group (CMG) on Sunday in south China's tech hub Shenzhen, as the city is set to hold the 33rd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting from Nov 18 to 19.
Deloitte has long maintained a strong presence across the Asia-Pacific, particularly in the Chinese market, offering integrated audit, tax, and consulting services to both foreign companies entering China and Chinese firms expanding overseas.
Hillard observed that Chinese enterprises are becoming increasingly adept at navigating a dynamic global environment.
"Clearly, innovation, excitement, but resilience, and resilience is a really interesting word. It's a dynamic world and I think Chinese business has become very, very good at navigating complexities," he said.
Reflecting on his visit to the Greater Bay Area, Hillard said the region left a strong impression with its thriving innovation scene.
"The whole Greater Bay Area has so much culture and history and the other thing is that this is an area that has been almost experimental. Experimental from a policy perspective -- urban infrastructure, drones, robots, driverless taxis. There is just so much to explore and to watch," he said.
He further emphasized that the Asia-Pacific region is critical in maintaining resilient global supply chains, given its large share of global trade, and the GBA, he said, is becoming increasingly crucial for its innovative strength.
"Asia Pacific is a trading region. One of the things, I think, that makes that region so important to the rest of the world is supply chains. Again, I always remind people, more than 70 percent of the world's trade starts, ends or is contained within Asia Pacific. And it does all depend upon resilient supply chains -- being able to get those parts, those components that you need and the information that you need. Increasingly, the Greater Bay Area is crucial to that -- in everything from physical goods right through to the tokens that we are relying on through innovative technology development. So, I think the Greater Bay Area has become well known within Asia Pacific as an important part of the resilience of the region," said Hillard.
Deloitte Asia Pacific CEO highlights GBA's growing role in Asia-Pacific innovation, trade resilience
Political figures and officials from various countries have praised China's role in promoting regional cooperation and development ahead of the upcoming 33rd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.
The meeting will be held in Shenzhen, south China, from Nov 18 to 19, marking the first time in 12 years that China is hosting the APEC meeting, following Beijing in 2014.
Since its inception 37 years ago, APEC has upheld its commitment to open regionalism, forging a path of cooperation and helping make the Asia-Pacific the most dynamic region in the world.
However, the Asia-Pacific now stands at a critical juncture due to rising protectionism and geopolitical conflicts.
To promote regional growth and prosperity, Chinese President Xi Jinping has put forward a series of pragmatic proposals and initiatives.
ASEAN Secretary-General Kao Kim Hourn highlighted Xi's efforts to promote the building of a community with a shared future.
"I think the expression of a 'community of shared future,' as in 'we have shared future.' What kind of future do we want? A future of peace, a future of stability, a future of prosperity, right? And a future that will focus on our people. So that's why ASEAN, in every key document, talks about building a people-centered, people-oriented ASEAN community. The expression is there. So it's about the people. And I believe President Xi Jinping has been, you know, it's not just a statement, a Chinese statement. It's a global statement also. He's a global leader. And he's been expressing this very strongly, emphatically. And I think it's important for us to continue on the path of peace, stability and prosperity for our people," he said.
Over the more than 30 years since joining APEC, China has been an active participant in and a firm contributor to regional cooperation.
China is advancing the high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement and steadily promoting the upgrade of the China-ASEAN Free Trade Area to version 3.0, injecting sustained momentum into regional integration in the Asia-Pacific. By continuously shortening its negative list for foreign investment and further opening up its services sector, China is sharing the benefits of its own opening-up with neighboring countries and partners.
Facing a new round of technological and industrial transformation, China has called for the joint development of an open innovation ecosystem. From enhancing capacity building for green supply chains and establishing new platforms for multi-party dialogue on AI to announcing the China Center for Promoting APEC Cross-border Data Flow Cooperation, China is helping the Asia-Pacific region accelerate its digital, smart, and green transformations while cultivating new drivers of growth.
"China is known to be the global leader in advancing this energy transition, green energy, as well as green development. And one of the strengths [is] also in quite successfully developing various infrastructure ecosystems, including the industry. So I think, including in the context of APEC, how to foster regional cooperation, legal cooperation, cross-country collaboration, exchange best practices, knowledge sharing, including business opportunities, investment opportunities to drive the region, the countries, towards this green economy. So I hope the opportunity will also be taken up during the APEC summit — China's leadership in the context of APEC," said Armida Salsiah Alisjahbana, executive secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
New Zealand Trade Minister Todd McClay highlighted the significance of the upcoming APEC meeting as an opportunity for world leaders to discuss trade and regional economic cooperation.
"The world always needs leadership and so we welcome China stepping up to host. We're very pleased to be going back there. As you know, China is a very important economic partner of New Zealand, our number one trade partner, in both directions. So at a time when not only ministers but world’s leaders can come together, you know, to talk about the importance of trade in the Asia Pacific region, I think it's timely," said McClay.
Michael Hart, president of American Chamber of Commerce in China, expressed optimism about the upcoming meeting as an opportunity for dialogue between government and business representatives.
"China is obviously the largest economy in Asia Pacific. It's really important that it acts in goodwill and serves as a platform. So I'm looking forward to good conversations in Shenzhen, both government and business," he said.
Global observers highlight China's role in regional cooperation, development ahead of APEC Economic Leaders' Meeting
