Li Fanrong attends ABAC meetings in South Korea

From Oct. 25 to Nov. 1, Li Fanrong, Chairman of Sinochem Holdings and a member of APEC Business Advisory Council (ABAC), visited Busan and Gyeongju, South Korea, to attend a series of meetings, including the fourth ABAC Meeting for 2025, the APEC CEO Summit 2025, the ABAC Dialogue with APEC Leaders, and the APEC Leaders’ Grand Welcome Dinner Gala. At the closing ceremony of the fourth ABAC Meeting, Li Fanrong officially took over as the Chair of ABAC 2026.

During the fourth ABAC Meeting, the participants had in-depth discussions and consultations on the key priorities for 2026 and reached consensus. In 2026, ABAC will set up four working groups and one special task force to address cross-cutting topics.

The Regional Economic Integration Working Group will focus on fostering an open Asia-Pacific economy and advancing the Free Trade Area of the Asia-Pacific. The Sustainability Working Group will focus on green growth, as well as energy and food security. The Digital and Innovation Working Group will drive innovation-led development and support digital empowerment. The Connectivity Working Group will work to further strengthen infrastructure, institutional, and people-to-people connectivity. The Special Task Force, dedicated to finance and economics, will delve into areas like infrastructure financing, green investment and financing, and digital currency regulation, instilling APEC cooperation with the wisdom and vigor from the business community.

ABAC plays a crucial role within APEC. It provides recommendations through the Dialogue with APEC Leaders, letters to sectoral ministers and annual reports, contributing  correspondence, and reports, contributing insights to APEC Economic Leaders’ Informal Dialogue and business community engagements. In 2026, China will assume the rotating chairmanship of APEC, which holds significant importance for advancing the development of the Asia-Pacific and the global governance system toward a more equitable direction.