The two-day Asia-Pacific Economic Cooperation(APEC) summit in Gyeongju has concluded, with President Lee Jae Myung formally transferring the APEC chairmanship to Chinese President Xi Jinping.

In his closing remarks on Saturday, Lee said it was a great honor for South Korea to host the gathering at a pivotal moment for the Asia-Pacific region, expressing gratitude to the participating leaders for their cooperation.

Lee praised Xi’s leadership as he passed the gavel, saying APEC will embark on a new voyage under Xi’s guidance and pledging South Korea’s support for next year’s summit in Shenzhen.

Xi thanked those present for their trust and recalled in a poetic touch that “a butterfly fluttered beautifully during last night’s dinner,” a remark seen as a subtle nod of appreciation to the event’s South Korean hosts.

The two leaders shared a brief conversation after the handover before joining the other participants for a group photo, where all donned mint-colored scarves.

During the closing session, Lee exchanged greetings with several leaders, including Japanese Prime Minister Sanae Takaichi and U.S. Treasury Secretary Scott Bessent, before leading the group in a round of applause to mark the summit’s end.