China's development key to global economy: Deloitte lead partner on APEC 2025

As the APEC CEO Summit 2025 drew to a close in Gyeongju, South Korea, Pradeep Philip, lead partner for Deloitte Access Economics, highlighted the critical role China continues to play in shaping global trade, technology, and economic growth.

Discussing the Summit, Philip said, "It was a very important chance for senior business leaders from around the world, not just this region, to get together and talk about the really important things that actually matter for the global economy."

According to Philip, the discussions at this year's APEC CEO Summit centered on key issues such as AI and technological innovation, supply chain resilience, and sustainability, all of which are critical to ensuring long-term global stability and growth.

What was particularly important, he noted, was the engagement of senior political leaders from around the world sharing their visions. These discussions and engagement are key to promoting consistency and certainty in global markets, as according to Philip, that's essential for trade and the exchange of ideas, which ultimately drives productivity and growth worldwide.

Philip emphasized the long-term potential of the Chinese market, describing it as a "growth market both in terms of production and consumption." He added that the Asia-Pacific region is the most dynamic for economic growth, population growth, and rising incomes and that understanding China's development is crucial for the rest of the world.

Looking ahead to APEC 2026, which will be hosted in China, Philip sees a unique opportunity for international engagement. "It's a fantastic opportunity for global leaders to see China's development, to meet the people, and really understand what growth means in this market," he said.