Gyeongju APEC 2025, Korea

Written by Peter Li-Chang Kuo

This week marks the APEC Leaders’ Week, held in Gyeongju, South Korea — the so-called “grand gathering” that has now drawn to a perfect close. Last year’s feast in Peru feels as if it were just yesterday, and yet another summit has already passed. Much was discussed, but upon reflection, it seems that little of substance was achieved.

Fig 1: APEC 2025 Gyeongju Logo

The APEC member economies account for over 40% of the global population, more than 60% of the world's economic output, and 50% of global trade volume. Since APEC's establishment in 1989, by 2025, trade and investment facilitation has lifted “over one billion people” out of poverty. Leaders acknowledge that as the region faces challenges such as demographic shifts, technological transformation, and reshaping of trade patterns, this formidable strength comes with increasing social responsibility.

At APEC 2020 in Malaysia, the host country announced: "The 'Putrajaya Vision 2040' will provide guidance for APEC beyond 2020 — committed to building an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040, promoting inclusive economic growth, creating shared opportunities, and addressing urgent economic challenges; because the 'Bogor Goal' established in 1994 expire this year."

Last year (2024), Peru hosted APEC under the theme “Empower. Include. Grow.” Facing a rapidly changing global environment — particularly in areas such as trade and investment, climate change, and food and energy security — the theme underscored the importance of "multilateral cooperation." APEC continues to provide an open platform as the core forum for regional economic collaboration, operating on principles of voluntarism, non-binding commitments, and consensus. It remains an "incubator" for modern and innovative economic ideas, driving the Asia-Pacific toward becoming the world’s most dynamic and interconnected region.

The concept of an “incubator” was, in fact, part of my early advocacy for industrial transformation. It was adopted in 1996 by President Lee Teng-Hui as a national innovation and incubation policy. Director Li Chang-Yi of the Small and Medium Enterprise Administration, MOEA implemented my proposal by distributing funds evenly among universities and research institutes to establish incubation centers — a policy that has since blossomed across APEC economies. It is somewhat peculiar, then, to hear this old idea being repeated again today.

However, since January 13, 2025, when U.S. President Donald Trump took office, global tremors have occurred almost monthly. APEC, through its 60 working groups, has been examining the fundamental question raised by today’s “fractured interdependence”:

"How can economies maintain resilience and fairness while remaining connected and competitive?"

The host nation, South Korea, placed “demographic change” and “artificial intelligence” at the core of this year’s agenda — topics that seem far removed from APEC’s traditional focus on trade and investment.

During the 2025 APEC Leaders’ Week, APEC Secretariat Executive Director Eduardo Pedrosa stated: “This week’s discussions have shown that even amid growing global challenges, APEC remains a vital 'incubator' of ideas, where economies can enhance understanding, share solutions, and find common ground — and that 'trust is the true infrastructure of growth'.”

In the 1990s, we worked hard to nurture APEC, where everyone contributed their strengths through this “open platform,” achieving the common prosperity. Now, according to the "APEC Regional Trends Analysis" in 2025, supported by resilient trade activity and strong demand for high-tech products, APEC’s regional economic growth is projected to reach 3.1% in 2025. However, amid global uncertainty, slow fiscal recovery, and rising public debt driven by aging populations — APEC members’ total government debt is expected to exceed “110%” of GDP (with some reaching 128%) — trade performance remains weak, and responses to trade tensions suggest that growth will slow to 2.9% in 2026, revealing a tone of pessimism.

From the U.S. President’s photo of choosing to leave Korea for Washington DC handing out Halloween candy on the 30^th day of October, it is evident that APEC’s stature is no longer what it once was. In today’s ideological confrontation, "trust" is no longer the issue — survival is. "Rebuilding trust" now seems but a springtime dream. To make a poem "Passing the Torch" as following:

When wisdom first rose with sage of Yao,

The island’s economy feels frost and fall.

Linghong vowed to build a bridge of TranSmart,

Her e-commerce eased the world’s hard grind.

Hawke called for union—Asia met to vow,

Bogor’s grand vision set the distant brow.

Now Gyeongju hosts with fading glow,

Who’ll raise Ling-hong’s bridge across the flow?

Looking back

Looking back at APEC’s first 20 years, the region’s economy grew rapidly — with GDP expanding from around USD 20 trillion to “USD 60 trillion,” making APEC the world’s largest economic cooperation organization. This growth has been closely intertwined with Taiwan’s industrial development.

The oil crises of the 1970s brought dramatic changes, yet we continued striving to develop new products and escape the difficulties. Remarkably, Taiwan’s industrial upgrading from 1981 to 1985 completely failed, prompting foreign companies to withdraw and leaving a large unemployed population — some of whom became taxi drivers, only to be robbed. No wonder Director-General of the Council for Economic Planning and Development Chao Yao-Tung lamented, “Social disorder is on the rise; we cannot wait any longer!”

Yet his words were hollow — after all, it was under his tenure as Minister of Economic Affairs that industrial transformation failed, leaving behind these very problems. However, one housewife, Linda Din (Ding Ling-Hong), could not stand idly by and declared: “I will start a business to solve unemployment!”

Unexpectedly, after I introduced satellite receivers to Taiwan, she quickly used them to create 100 jobs. Then she went even further, saying: “I will pursue social responsibility investment (SRI) and create innovative industries to solve unemployment.”

She truly invented a new “electronic commerce” industry — an innovative tech-economic system known as “The Electronic Store System” (The eStore System, TES).

Fig 2: "The eStore system" (TES) invented to solve unemployment

She explained: “By replacing cash transactions with a cashless system, we can solve structural unemployment. Once successful, taxi drivers will no longer be robbed!”

TES is a multinational participatory trading system — a technological economic model that benefits all participants, earning it the name “intelligent industry.”

Then, on January 13, 1988, President Chiang Ching-Kuo passed away, and the transition of power began. His successor, President Lee Teng-Hui, later told me:

“During 1988 and 1989, many were restless — I was a president without real power for two years.”

Naturally, Taiwan’s industries struggled. Nevertheless, Linda Din had the ability to help many medium-sized enterprises overcome the crisis of bounced checks through the use of "commercial paper," fulfilling her responsibility as a social entrepreneur.

We created something from nothing to invent the contactless "TranSmart chip," developed its counterpart — the "RF Transmitter" (TRD), and combined it with the "Transaction & Transmission Supply Chain Management" (TSCM) software system. From zero, we created everything necessary to realize the TES and its "Cashless System" for cross-border commercial use.

Witnessing the global economic slowdown, Australian Prime Minister Bob Hawke initiated the formation of the "Asia-Pacific Economic Cooperation" (APEC) in 1989. His first thought was to invite Taiwan to participate. Through President Lee Teng-Hui’s persistent efforts, Taiwan overcame all obstacles and officially joined APEC in 1991.

Thus, from its very inception, APEC already had an instrumental solution — "TES" — ready to fulfill its mission of building a global channel for trading network.

Indeed, the APEC Summit established the “Bogor Goal” in 1994, setting the target of achieving a multilateral trading system by 2020. Therefore, when Linda Din (Ding Ling-Hong) brought the results of her TES research to the 1997 Vancouver APEC, it immediately drew widespread attention — especially from economies hit hard by the 1997 Asian Financial Crisis, who said with relief, “We see hope for rebirth!”

As a result, Linda Din was invited to serve as a lecturer at APEC 1998, where she obtained the E-Commerce Bill. She went on to advocate ICT at APEC 2000, and in APEC 2003, her proposal for “Global Channel–TES” won recognition as the Best Practice Policy, officially launching the "Cashless System" from pilot to widespread commercial implementation.

Fig 3: Linda Din’s “TES” won APEC 2003 Best Practice Policy

As the proposer of "Steering the Global E-Commerce," Linda Din authored “Daughter of a Defense Employee” (2001), detailing the creative and spiritual journey behind her invention of new “tech-economic system” (known as an e-commerce system) and contactless cashless technology. Invited by President Jiang Zemin, we attended APEC 2001 in Shanghai to share her achievements in "Social Responsibility Investment" (SRI). Consequently, when she returned as an APEC 2003 speaker, her award-winning proposal was praised as “The Best Guide for Helping 240 Million People Start Their Own Businesses.” (There are about 240 million people in the APEC Asian region who attempt to start a business each year.)

Fig 4: President Jiang Zemin’s invitation to APEC 2001 Shanghai

After we secured satellite support and improved the infrastructure and regulatory framework at APEC 2006, TES’s Cashless System officially went live in 2007. Unexpectedly, the 2008 Global Financial Crisis struck soon after; despite $1.7 trillion in rescue spending, the funds vanished like stones into the abyss. Thus, President Barack Obama invited us to APEC 2009 to contribute our vision for “Rebuilding the Global Economy.” The full-scale deployment of TES indeed helped mitigate the severe economic crisis.

By the time of the COVID-19 pandemic in 2020, the cashless system achieved an annual transaction volume of USD 36 trillion, enabling "1.5 billion people" to earn income from home across borders. This milestone truly realized the "Bogor Goal 2020" vision—a multilateral, interconnected global trading system.

However, during APEC 2020, leaders announced the “Putrajaya Vision 2040”, agreeing to pursue regional economic integration under the same principles of voluntarism, non-binding cooperation, and consensus. The new vision focuses on three economic drivers: 1)Trade and Investment; 2)Innovation and Digitalization; 3)Strong, Balanced, Secure, Sustainable, and Inclusive Growth.

It aims to promote "seamless connectivity, resilient supply chains, responsible business conduct, and inclusive growth" — yet compared with the 1994 Bogor Goal, it offered little that was truly new.

In 2025, South Korea held APEC ministerial meetings on ocean-related issues, human resource development, education, trade, digital and "artificial intelligence" (AI), food security, women and economy, energy, SMEs, health and economy, finance and structural reform, as well as a high-level dialogue on "anti-corruption" cooperation and the cultural and creative industries, which are considered important foundations for future cooperation.

Now, at Gyeongju APEC 2025, the agenda again emphasizes “connectivity” — something already achieved years ago. The meeting repeatedly revisited the "APEC Internet and Digital Economy Roadmap" (AIDER), framing it as a key initiative for "structural reform" and inclusive innovation-driven growth. The conference claimed to reaffirm a shared commitment to a sustainable future, echoing familiar calls to “strengthen connectivity,” “embrace digital innovation,” and “ensure that growth benefits all.”

South Korean ministers discussed structural reforms to promote fair competition and greater participation in the formal economy, with particular attention to youth, women, senior workers, and micro- and small enterprises. Gyeongju APEC also supported global efforts to address climate change, extreme weather, and natural disasters through sustainable economic policies and cooperation—yet no discussion was raised about China’s massive "Yarlung Tsangpo Motuo Dam project."

In particular, U.S. President Donald Trump’s clear commitment to “Make America Great Again” (MAGA) has reshaped the core of policy. The once cooperative spirit of economic collaboration has now shifted fundamentally. The host nation seems to lack the vision of those who framed the Bogor Goal, and non-governmental actors no longer display the universal concern and creativity once embodied by Linda Din, the pioneering social entrepreneur behind the e-commerce proposal.

Gyeongju APEC’s slogan—“Trust as the true infrastructure of growth” — ironically reflects today’s “Era of False Trust” under deepening U.S.-China ideological rivalry. Trust has been reduced to a diplomatic formality, maintaining only the appearance of cooperation. The U.S. seeks to reshape faith-based values through MAGA, while China exports a state-led model—leaving the global structure of trust fractured and unstable.

Gyeongju APEC talked much about "structural reform, inclusiveness, and innovation," yet on October 30, the brief “Trump–Xi Meeting” in Busan revealed how far today’s leaders have drifted from the genuine wisdom of the Bogor Goal Vision — and from any sense of sincerity.

After returning to Washington from Korea, U.S. President Donald Trump handed out Halloween candy before hosting guests at his Mar-a-Lago Villa. Meanwhile, South Korean President Lee Jae-myung delivered the opening address at the 2025 APEC Summit held on November 1, at the Hwabaek International Convention Center (HICC) in Gyeongju. He stated, “The key principle is to build an AI-based society that drives inclusive growth — AI for all,” He further expressed, “hope that member economies will collaborate through innovative ideas — from fostering inclusive growth that embraces future generations to developing AI-based strategies to address population challenges.” It seems there is a significant difference in ideas between the two countries.

Fig 5: President Trump handing out Halloween candy in Washington, D.C.

Looking back, APEC’s first 20 years saw the region’s GDP surge from USD 20 trillion to USD 60 trillion, closely linked to Taiwan’s industrial development. Under the "Rich Taiwan Plan," guided by our conviction and mission, I helped Linda Din fulfill her vision. The world was transformed from fragmented, disconnected economies into an interconnected network.

To address structural unemployment, we invented a new "Tech-Economic System" (TES) — encompassing a long chain of sub-inventions:

"Contactless TranSmart Technology / Power Chip / TranSmart Chip Card / RF Transmitter (RFID) / VAM & eStore / TSCM / ICT / 3C / EC / Interphone / Contactless ATM / Contactless Access Control / Vehicle Electronic Payment Device(ETC)," as well as incubator initiatives, health and sanitation programs, and satellite support projects — all of which have become essential elements of 21st-century life, generating trillions in new economic value and creating hundreds of millions of jobs through the rapid circulation of talent, goods, services, and capital.

Today, through APEC, TES has realized a multilateral participatory trading system—a world where "taxi drivers are no longer robbed," and humanity has entered the era of “intelligent industry.” Sadly, ideology has now overshadowed regional economic cooperation. Within this fractured interdependence, Gyeongju APEC 2025 has failed to present any viable solutions — seemingly leaving the challenge to next year’s APEC host: China.

Peter Li-Chang Kuo, the author created Taiwan's Precision Industry in his early years. Peter was a representative of the APEC CEO Summit and an expert in the third sector. He advocated "anti-corruption (AC)/cashless/e-commerce (E-Com)/ICT/IPR/IIA-TES / Micro-Business (MB)…and etc." to win the international bills and regulations.