Five Key Events of the Week in China
During the past week (October 25–31), Chinese diplomacy achieved major breakthroughs: trade tariffs with the U.S. were eased following a leaders’ summit, a new pact with ASEAN was signed, China proposed the creation of the World Organization for AI Cooperation (WOAIC) at the APEC Summit, and key goals of the 15th Five-Year Plan were published.
1. Easing of Trade Tariffs Between China and the United States
At the meeting in Busan (Republic of Korea) on October 30, President of China Xi Jinping and the U.S. President Donald Trump reached an agreement to ease tensions in trade relations.
The U.S. agreed to lift 10% tariffs and suspend 24% of mutual tariffs against China for one year, while China will adjust its countermeasures accordingly. The meeting underscored the crucial role of top-level diplomacy in stabilizing bilateral relations.
2. China’s Proposal at the APEC Summit: Creation of WOAIC
At the APEC Leaders’ Meeting, President Xi Jinping presented a five-point proposal for building an Asia-Pacific community and advancing inclusive globalization.
China called for joint efforts to safeguard the multilateral trading system and ensure supply chain stability. The most notable initiative was the proposal to establish the World Organization for AI Cooperation (WOAIC).
3. Strengthening Strategic Cooperation with South Korea
President Xi Jinping paid the first state visit to the Republic of Korea in 11 years, aimed at deepening mutual trust and strategic communication.
Seven memorandums of understanding were signed during the visit. The two sides agreed to accelerate the second phase of FTA negotiations, resume the currency swap agreement, and expand cooperation in combating online fraud.
4. Signing of the Upgraded China–ASEAN Free Trade Agreement (CAFTA 3.0)
On October 28, China and the Association of Southeast Asian Nations (ASEAN) signed an upgraded version of the China–ASEAN Free Trade Agreement, known as CAFTA 3.0.
The new pact is expected to unlock vast regional economic potential and boost bilateral trade between China and ASEAN countries to $771 billion.
5. Publication of the 15th Five-Year Plan Guidelines
The CPC Central Committee’s flagship journal Qiushi published detailed explanations of the recommendations for China’s 15th Five-Year National Development Plan.
The document, authored by General Secretary Xi Jinping, outlines key objectives for the new development phase, emphasizing high-quality and sustainable growth.
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