new economy

　　

On November 7, 2024, Chinese Premier Li Qiang attended the Eighth Leaders' Meeting of the Greater Mekong Sub-Region (GMS) Economic Cooperation in Kunming, attended by heads of government of Cambodia, Laos, Myanmar, Thailand and Vietnam and President of the Asian Development Bank (ADB).

Li Qiang said that since the establishment of the Greater Mekong Sub-Region Economic cooperation mechanism more than 30 years ago, it has increasingly become an important platform for China and Mekong countries to jointly discuss cooperation and promote development. As the world enters a new period of turbulence and change, China and Mekong countries are a community with a shared future like one family. It is all the more important for us to work closely together, fully leverage our economic complementarity, deepen practical cooperation across the board, and work together for common development so as to contribute to peace, tranquility, development and prosperity of the region and the world at large.

Li Qiang put forward four suggestions on deepening regional cooperation: First, adhere to opening-up and cooperation, jointly promote two-way opening-up at a higher level and on a larger scale, improve an open regional economic architecture, and build a more efficient and dynamic super-large market. We will continue to build the Belt and Road with high quality, implement the Regional Comprehensive Economic Partnership (RCEP) with high quality, accelerate the signing and implementation of the Protocol on upgrading the China-Asean Free Trade Area version 3.0, and improve trade and investment facilitation.

Second, we need to focus on innovation leadership, strengthen the synergy of innovation policies, promote the efficient flow of innovation factors, accelerate the transformation and application of innovation achievements, and support and ensure that innovation cooperation continues to deepen and achieve solid results. We will actively promote the planning, construction and upgrading of regional power grids, deepen cooperation in the new energy battery, automobile and photovoltaic industries, expand cooperation in emerging areas such as clean energy, smart manufacturing, big data and smart cities, and foster and strengthen new drivers of regional development.

Third, we will deepen the building of integrated infrastructure, deepen the "hard connectivity" of roads, railways, ports and other infrastructure, strengthen the "soft connectivity" of policies, laws, regulations, standards and other areas, strive to make cross-border payment and local currency settlement easier, actively build more cross-border cooperation demonstration zones, and accelerate regional economic integration. China has decided to issue "Lancang-Mekong visas" to the five Mekong countries and issue five-year multiple-entry visas to qualified business people.

Fourth, we need to strengthen communication and coordination, practice genuine multilateralism, and vigorously promote the coordinated development of the Greater Mekong Sub-region economic cooperation with the Lancang-Mekong Cooperation, the Three River Basin Mechanism, the Mekong River Commission and other mechanisms to foster a sound atmosphere of inclusive and mutually beneficial cooperation. We will strengthen cooperation with the United Nations, the Asian Development Bank, the Asian Infrastructure Investment Bank and other institutions, mobilize forces from all sides, and jointly implement the United Nations 2030 Agenda for Sustainable Development.

Leaders of the participating countries and heads of relevant institutions highly appreciate China's important role in the process of GMS economic cooperation. They are willing to make joint efforts to enhance communication and synergy between the development strategies of countries in the region, maintain openness and cooperation, focus on innovative development, and expand practical cooperation in such fields as economy and trade, agriculture, connectivity, digital economy, green development, health care, tourism and people-to-people exchanges. We will uphold free trade, further promote regional economic integration and the inclusive and sustainable development of countries in the Greater Mekong Subregion, and deepen the building of a community of shared future among countries in the region.

The meeting adopted the Declaration of the Eighth Leaders' Meeting of the Greater Mekong Subregion Economic Cooperation and the 2030 Strategy for Innovative Development of the Greater Mekong Subregion Economic Cooperation and other outcome documents.