STRENGTHENING ECONOMIC TIES
VIENTIANE, Oct 11 (Bernama-Xinhua) — With nearly a quarter of the world’s population, China and the Association of Southeast Asian Nations (ASEAN) hold immense market potential, serving as a significant advantage for economic development amid the sluggish global recovery.
A new milestone in China-ASEAN cooperation was marked by Chinese Premier Li Qiang’s announcement at the 27th China-ASEAN Summit on Thursday regarding the substantial conclusion of the Version 3.0 China-ASEAN Free Trade Area upgrade negotiations.
The announcement is anticipated to pave the way for the joint development of a hyper-scale market, uncover cooperation opportunities in areas such as the digital economy and green development, and drive the integration of East Asian economies, Xinhua news agency reported.
STRENGTHENING CONNECTION
Since its launch in 2021, the China-Laos Railway has witnessed thriving passenger and freight transportation, with the number of passengers and total cargo volume increasing year by year. Traveling long distances by the China-Laos Railway has become part of daily life for the Lao people.
Amidst the severe flooding last month in the northern provinces of Laos, the railway became the only major public transportation system capable of reaching disaster-stricken areas, ensuring smooth traffic and timely assistance. The completion of the China-Laos Railway has become one of the benchmark projects for economic cooperation between China and Southeast Asia.
FORGING RESILIENCE
In Thailand, the Thai-Chinese Rayong industrial zone has become a significant hub for Chinese manufacturing enterprises investing in Thailand and the Southeast Asian region. It has attracted Chinese enterprises to get involved in various sectors including automotive and motorcycle parts, new energy, smart home appliances, and mechanical and electronic industries.
The industrial park has generated employment opportunities for more than 70,000 people. Zhao Bin, president of the Thai-Chinese Rayong Industrial Realty Development Co., operator of the industrial zone, said the park has attracted some industry-leading Chinese companies to invest in Thailand.
This influx has helped Thailand build a relatively complete industrial chain, Zhao said, adding that the investments from Chinese enterprises have facilitated the restructuring of supply chains and enhanced regional industrial cooperation.
EMBRACING A SUSTAINABLE FUTURE
China would like to join forces with ASEAN to seize the opportunities of the new round of technological revolution and industrial transformation, said the Chinese premier at the 27th China-ASEAN Summit, highlighting cooperation potential in such areas as digital economy and green development.
In a recent seminar on the digital lifestyle and China-ASEAN cultural exchanges held in Malaysia, participants said digital cultural content is a key component of fostering people-to-people ties between China and the region.
The recently held China-ASEAN Electronic Sports Industry Week also illustrated how digital platforms are bridging communities. Zheng Xuefang, chargé d’affaires of the Chinese Embassy in Malaysia, said that with increasing digital transformation and the advancement of the China-ASEAN comprehensive strategic partnership, the two sides will cooperate in the digital economy, adding strong impetus to consolidating regional connectivity.
CONCLUSION
The partnership between China and ASEAN has significant implications for the economic dynamics of the Asia-Pacific region. As the two sides continue to strengthen their cooperation, the region will become a significant driver of global growth. The digital economy and green development will be key areas for cooperation, and China’s Belt and Road Initiative will play a crucial role in enhancing regional connectivity and promoting sustainable development.
FAQs
Q: What is the significance of China-ASEAN cooperation?
A: The partnership between China and ASEAN is crucial for regional economic development and global growth.
Q: What are the key areas for cooperation between China and ASEAN?
A: The digital economy, green development, and the Belt and Road Initiative will be key areas for cooperation.
Q: What is the Belt and Road Initiative?
A: The Belt and Road Initiative is a massive infrastructure project connecting China with other parts of Asia, Europe, and Africa.
Q: What are the benefits of the Belt and Road Initiative?
A: The Belt and Road Initiative can reduce travel times, increase trade, and promote economic growth in the region.