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APEC China 2001

APEC annual meeting

  • 10 min read
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Through China, United Nations and United Nations Security Council

Background

Many of the member states were still dealing with the fallout of the 1997 Asian financial crisis, whose effects on the price of oil led to the 1998 Russian financial crisis. Discontent with globalization had erupted into major protests in Seattle, Prague, and Genoa. Even China, the only economy to experience rapid growth in the region through the period thanks to various protections against capital flight, saw weaker-than-projected growth and made efforts to improve non-performing loans in its banking system and its dependency on trade with the United States.

The leaders' meeting for APEC China 2001 was held shortly after the September 11th Attacks on New York City and Washington, DC, in the United States, which quickly led to a "war on terror" and an invasion of Afghanistan by American forces. The United Nations Security Council had already passed Resolutions 1368 (condemning the attacks) and 1373 (initiating international counterterrorism arrangements), but not yet authorized an international military response. President George W. Bush had cancelled a scheduled trip to China, Japan, and South Korea to deal with the attack and its fallout, but arranged to meet those countries' leaders while at the APEC meetings in Shanghai. Chinese Foreign Minister Tang Jiaxuan visited Washington to conclude preliminary arrangements with Vice-President Dick Cheney and Secretary of State Colin Powell in mid-September. Bush has visited in China on his first international trip since the 11 September attacks and China offered strong public support for the war on terror.

The meetings also took place during and after the negotiations for a 20-year treaty between Russia and China. The treaty, signed on 16 July, stipulated economic and military cooperation between the two countries and also outlined a policy of general friendliness and cooperation.

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