The Philippine’s theme of this year's APEC Summit is “Building Inclusive Economies, Building A Better World.” Like the case for China's 2014 hosting, this 2015 agenda reflects clear Philippine domestic imperatives. As a major labor exporter, the Philippines will work well with the topic of investments in human capital development.

Because existing trade terms mean 80% of TPP members’ exports to the U.S. are already duty-free while even a bigger percentage of China’s manufactured goods enjoy that status, the agreement’s bottom-line impact on trade is negligible for now. The deal is more about who gets to write the long-term rules of global governance, which for China is both a challenge and an opportunity to reshape its economy in the direction it was going anyway.

China’s “One Belt, One Road” initiative would create multiple economic corridors encompassing more than 60 countries Asia, North Africa and East Africa, linking the most dynamic East Asia Economic Zone with the advanced European Economic Zone. Intraregional free trade and infrastructure funding will enable more efficient circulation of currency and culture.

China and its Eurasian neighbors likely discussed the future of Central Asian security while attending the Chinese military parade. Chinese leaders may have to assume a more prominent security role in Central Asia and talks with U.S. officials can make this process more manageable.

Although One Belt, One Road is hailed as one of the grandest flagship projects of Beijing, it may have a bumpy start in Central Asia. Corruption scandals may overshadow laudable development achievements, whilst the new Silk Road may emerge as the Golden Road for kleptocratic governments and rent-seeking elites.

As the focus of the West was fixed in Greece and Iran, the 7th BRICS Summit began a massive shift from a dialogue to an economic partnership – one whose full impact will be witnessed in the coming years.

Neighbourhood diplomacy is becoming a foreign policy priority for official Beijing, and demonstrates that China is willing to undertake the role of mediator in Afghanistan and accelerate regional efforts to bring all relevant parties to the negotiating table.

The Asian Infrastructure Investment Bank will help finance billions in infrastructure projects around Asia, and also challenge the existing financial institutions. Curtis S. Chin, provides suggestions on how the new institution should organized to be efficient, environmentally stringent, and respectful of local rights.

Could China’s export infrastructure drive be at risk from its actions in the South China Sea? To win overseas infrastructure contracts, China may have to choose between a trouble free ‘going out’ strategy, and an aggressive ‘island-building’ South China Sea policy.

The recent initiative provides the possibility for RMB internationalization to grow deep roots, but that global outreach could be a “double-edged sword.” Exchange-rate fluctuations will mean greater exchange risks for enterprises, but the RMB cross-border settlements could also help enterprises to hedge exchange-rate risks.