Depth report

　　

The sixth China-Asean Forum on the Rule of Law held in Chongqing released the Report on the Rule of Law Business Environment in ASEAN Countries (2024) (hereinafter referred to as the report). According to the report, ASEAN has become one of the regions with the most concentrated overseas investment by Chinese auto companies, and Chinese brands will account for 67% of ASEAN's new energy vehicle sales in 2023.

According to the report, at a time when the global economic pattern is constantly evolving and regional cooperation is increasingly close, ASEAN has attracted the attention of many international enterprises with its vigorous development momentum and huge market potential. As the Belt and Road Initiative continues to advance, ASEAN, as an important cooperation region for China, has drawn much attention to its economic development and business environment.

Statistics show that China has remained ASEAN's largest trading partner for 15 consecutive years, and ASEAN has been China's largest trading partner for four consecutive years. As of July 2023, the cumulative two-way investment between China and ASEAN has exceeded US $380 billion, and over 6,500 enterprises with direct investment have been set up in ASEAN.

According to the report, ASEAN is rich in natural resources such as oil, gas, minerals, forests and fisheries, which provide a solid material foundation for ASEAN's economic development. China and ASEAN not only cooperate closely in traditional trade areas, but also strengthen cooperation in emerging areas such as digital economy and green economy. Cooperation between the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port and ASEAN has yielded initial results, and the Southeast Asian Investment Center of the Hainan Free Trade Port has been officially put into operation.

According to the report, there are three major opportunities for China-Asean cooperation in the next stage: First, the Regional Comprehensive Economic Partnership (RCEP) will comprehensively enhance trade and investment liberalization and facilitation, enhance intra-regional trade and investment, and promote China's opening-up at a higher level; Second, infrastructure connectivity and strong demand for cooperation; Third, the digital economy is an important growth direction for future cooperation. China's development advantages and strengths are highly compatible with ASEAN's development plans and industrial needs. The two sides need to jointly strengthen the training of digital economy talents to boost the digitalization process.

The report believes that the space for future economic and trade cooperation between China and ASEAN is unlimited. Since 2023, some ASEAN member states have issued negative lists for foreign investment, formulated investment promotion strategies, actively promoted the lowering of market access barriers, and effectively improved ASEAN's business environment under the rule of law.

2024 Greater Bay Area - ASEAN Economic Cooperation (Qianhai) Forum opens

By the front bay, the energy is surging. On November 13, the 2024 Greater Bay Area - ASEAN Economic Cooperation (Qianhai) Forum opened at the Qianhai International Convention Center in Shenzhen. The forum is co-sponsored by the China-Asean Center and the Shenzhen Municipal Government, and co-hosted by Shenzhen Qianhai Administration, Shenzhen University and Guangdong Chamber of Commerce of High-tech Industries. With the theme of "Technology Leadership and Industry win-win", the agenda includes the opening ceremony, digital transformation, cross-border finance, cross-border e-commerce, President of the International Chamber of Commerce, and think tank cooperation. Enterprise exchange exhibition and industrial cooperation matchmaking meeting, and supporting Shenzhen visit, ASEAN food and Culture Week, gathering in Qianhai and other activities, will set off a new round of economic and trade cooperation upsurge. More than 1,000 representatives from government departments, business associations, think tanks and entrepreneurs from China and ASEAN countries attended the opening ceremony of the Forum and related activities.

Forum as a medium

Economic cooperation between the Greater Bay Area and ASEAN has been deepened and strengthened

In the leadership speech, Luo Huanghao, deputy mayor of Shenzhen, first delivered a welcome speech. He said that the Guangdong-Hong Kong-Macao Greater Bay Area and ASEAN share geographical proximity, cultural affinity, mutual assistance and win-win cooperation, and are each other's largest trading partner. Openness shapes prosperity and a future of win-win cooperation. This year is a key year for the implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP). Shenzhen will always uphold an open and inclusive attitude and take strengthening bilateral economic and trade cooperation as an important breakthrough to push the cooperation between the Greater Bay Area and ASEAN to a higher level. We will continue to strengthen exchanges and cooperation with other ASEAN regions in scientific and technological innovation, economic and trade investment, cultural tourism and personnel training, vigorously expand cooperation space in emerging industries such as digital economy, new energy vehicles and smart cities, and jointly make new and greater contributions to building a higher-quality China-Asean Free Trade Area and developing a more friendly China-Asean comprehensive strategic partnership.

In his speech, Shi Zhongjun, Secretary-General of China-Asean Center, reviewed the achievements of cooperation between China and ASEAN countries in the fields of economy, trade, culture and education in the past year, and introduced the achievements and valuable experience of cooperation between China and ASEAN. Looking forward to the future, he said that he will explore more development models in terms of consolidating platforms, focusing on industries and expanding cooperation, and continue to promote the deepening and solid economic cooperation between the two sides.

Lin Zongying, State Secretary of the Ministry of Commerce of Cambodia, said in his speech that the cooperation between China and ASEAN countries has broad prospects and far-reaching significance, hoping that the two sides can go hand in hand and jointly create a better future.

During the keynote speech, government leaders from Thailand, Timor-Leste, Cambodia, Malaysia, the Philippines and other countries shared their experiences and practices in economic and social development, as well as their expectations and visions for deepening cooperation with China. Representatives of ASEAN countries had an in-depth analysis of their countries' economic development, cooperation opportunities and challenges. They all expressed their willingness to deepen cooperation with the Greater Bay Area and jointly build a closer economic partnership.

Release major achievements and annual reports

15 projects were signed on site with a total value of nearly 30 billion yuan

During the outcome release session, the organizers released the major outcomes of the Greater Bay Area-ASEAN Economic Cooperation (Qianhai) Forum 2023 and the Annual Report on Greater Bay Area-ASEAN Economic and Trade Cooperation 2023. The release of these results and reports not only shows the fruitful results of bilateral cooperation in the past year, but also provides strong data support and policy guidance for future cooperation.

The Guangdong-Hong Kong-Macao Greater Bay Area and ASEAN are increasingly enthusiastic about mutual investment and trade. At the signing ceremony of the Greater Bay Area - ASEAN Economic and Trade Cooperation Projects in 2024, representatives of enterprises and chambers of commerce from the Guangdong-Hong Kong-Macao Greater Bay Area and ASEAN completed the signing of 15 projects with a total contract value of 29.99 billion yuan. In the future, the cooperation between the two sides will be closer and the exchanges will be more extensive.

According to reports, from July 29 to 30, 2023, the Greater Bay Area-ASEAN Economic Cooperation (Qianhai) Forum was held in Qianhai, Shenzhen, and the establishment ceremony of the Greater Bay Area-ASEAN International Chamber of Commerce Alliance and China-Asean think Tank Partnership was held, and the "Greater Bay Area-ASEAN Economic Cooperation Initiative" was released. A number of Bay Area enterprises reached investment and trade cooperation agreements with ASEAN, with trade contracts worth 12.1 billion yuan. In December last year, The State Council approved the Overall Development Plan for the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, including the Greater Bay Area-ASEAN Economic Cooperation (Qianhai) Forum. The participants of the Forum have actively promoted the implementation of trade and investment projects reached at the Forum. So far, the trade volume has exceeded 30 billion yuan and the total investment has reached nearly 5 billion yuan.

At present, the Greater Bay Area-ASEAN Chamber of Commerce Alliance is operating well, with more than 50 visits, exhibitions and forums organized by the participating parties. Cooperation among all parties has been orderly, the pace of platform construction has accelerated, major model innovations have taken place, and the "Bay Area R&D + ASEAN production + global sales" model has gradually taken shape.