new economy

　　

The trade volume between China and ASEAN reached 544.9 billion U.S. dollars in the first seven months of this year, up 13.1 percent year on year, accounting for 15 percent of China's total foreign trade, said Li Fei, assistant Minister of Commerce of China, on August 29. China has remained ASEAN's largest trading partner for 13 consecutive years, and ASEAN's position as China's largest trading partner has been further consolidated.

On the same day, the Information Office of The State Council of China held a press conference to introduce China-Asean economic and trade cooperation, the 19th CHINA-ASEAN Expo and the China-Asean Business and Investment Summit. Assistant Minister of Commerce Li Fei introduced the economic and trade cooperation between China and ASEAN at the meeting.

Since the beginning of this year, China and ASEAN countries have carried out pragmatic economic and trade cooperation in various fields, implemented the Regional Comprehensive Economic Partnership (RCEP) in high quality, steadily advanced the Belt and Road Initiative, and continuously promoted infrastructure connectivity, and achieved a series of fruitful results.

First, bilateral trade continued to grow rapidly. In the first seven months of this year, China-Asean trade reached 544.9 billion U.S. dollars, up 13.1 percent year on year, accounting for 15 percent of China's total foreign trade. China has remained ASEAN's largest trading partner for 13 consecutive years, and ASEAN's position as China's largest trading partner has been further consolidated.

Second, bilateral investment cooperation has yielded remarkable results. By the end of July this year, the cumulative two-way investment exceeded 340 billion U.S. dollars, and China and ASEAN have become the most active partners in mutual investment. China and Singapore have jointly built a new international land and sea trade corridor. A number of major projects, including the China-Malaysia Twin Parks and the China-Indonesia Twin Parks, have been implemented smoothly. China and ASEAN countries have actively expanded cooperation in digital economy, e-commerce and green development, and brought industrial and supply chains closer together.

Third, infrastructure connectivity continues to be upgraded. By the end of July this year, Chinese companies have been making steady progress in contracting projects in ASEAN countries, with a cumulative turnover of over 380 billion US dollars. The China-Laos Railway has been put into operation and connected to the railway network of Thailand. Important progress has been made in the construction of the Jakarta-Bandung high-speed railway. The increasing connectivity between China and ASEAN countries has strongly contributed to regional economic and social prosperity and development.

Fourth, regional economic integration picked up speed. The entry into force of the RCEP and the China-Cambodia Free Trade Agreement has yielded remarkable results. The joint feasibility study on China-Asean Free Trade Agreement version 3.0 is moving forward at a faster pace. Follow-up negotiations on upgrading the China-Singapore Free Trade Agreement are progressing smoothly. China and ASEAN countries have further improved trade and investment liberalization and facilitation.

Li Fei said that at present, China is accelerating the building of a new development pattern and promoting a higher level of opening-up, which will provide a broader market and more development opportunities for ASEAN countries and other countries. To implement the important consensus reached at the leaders, promote the development of china-asean comprehensive strategic partnership, to further deepen the china-asean economic and trade cooperation, we will be on 19 September 16 solstice at the 19th in guangxi nanning china-asean expo and china-asean business and investment summit, showing the new achievements of bilateral economic and trade cooperation, new luminescent spot, We will explore new opportunities and new driving forces for regional investment cooperation in the context of the implementation of the RCEP, and work to build an even closer China-Asean community with a shared future.