Bessent may skip Apec in Hong Kong to focus on Trump’s Shenzhen visit, sources say

US Treasury Secretary Scott Bessent may omit the Asia-Pacific Economic Cooperation finance ministers' meeting in Hong Kong to concentrate on President Donald Trump's upcoming visit to Shenzhen in November, according to sources cited by the South China Morning Post. Bessent is slated to confer with Chinese Vice-Premier He Lifeng in Shenzhen prior to Trump's arrival, as both nations seek to prolong their recent bilateral trade truce, which is set to lapse on January 10.

Consequently, Bessent appears inclined to prioritize the Shenzhen meeting over the Hong Kong gathering. United States Treasury Undersecretary for International Affairs Erin Browne is poised to lead the US delegation at the Hong Kong event on October 20 and 21, according to a source familiar with the matter. Bessent reportedly lacks enthusiasm for the Hong Kong trip, citing his packed schedule and the proximity of the Shenzhen summit.

"Secretary Bessent's primary focus for his autumn travel plans is to accompany President Trump to Shenzhen for the Apec summit, where both leaders are expected to solidify a critical economic understanding," the source explained. Following Xi Jinping's recent state visit to Washington, the two sides extended their trade truce by two months and agreed to cooperate on Apec and G20 matters, aiming to stabilize global markets and create a more predictable framework for trade negotiations.

Consequently, there is a "natural shift in focus towards ensuring the high-level meeting between the two top leaders in Shenzhen yields tangible economic benefits," said a third source involved in international economic policymaking. The Treasury secretary's absence from the Hong Kong finance ministers' meeting is deemed "not really material to substantive global policy," according to another source.

Furthermore, Apec is viewed as "not involved in important global financial and macroeconomic matters," primarily serving as a platform for trade and investment facilitation and liberalization. Thus, Bessent's absence from the finance ministers' meeting should not be interpreted as a slight to Hong Kong or Apec, as he has already played a significant role in Trump's economic diplomacy with the region, including representing the President at the 2025 Apec leaders' informal dialogue.