International Observation: Promoting High Quality Development of China ASEAN Economic and Trade Cooperation
The 20th China ASEAN Expo was held in Nanning, Guangxi from September 16th to 19th. This year's East China Expo organized and signed a total of 470 investment cooperation projects, with a total investment of 487.3 billion yuan. The number of events, projects, total investment, and the proportion of manufacturing investment have all reached new highs in previous years. At present, China ASEAN economic and trade cooperation is constantly deepening and deepening, and the connotation of economic and trade cooperation is constantly enriching and expanding, promoting both sides to jointly build an open regional economy and build a closer China ASEAN community with a shared future.
Bilateral trade has improved and upgraded. China has maintained its position as the largest trading partner of ASEAN for 14 consecutive years, and both sides have been the largest trading partners of each other for 3 consecutive years. In 2022, the trade volume between China and ASEAN reached 975.34 billion US dollars, which is 12.5 times the trade volume in 2003, with an average annual growth rate of 14.2%. Its proportion in global trade increased from 10.12% in 2003 to 30.18%. At present, more than 90% of about 7000 goods between China and ASEAN enjoy zero tariff treatment. Mango from Cambodia and durian from Thailand have entered the Chinese market, effectively improving enterprise efficiency, social employment, and people's income.
The field of two-way investment is steadily expanding. China and ASEAN have become important destinations and sources of foreign direct investment for each other. Through measures such as simplifying investment approval procedures, establishing a one-stop investment center, and tax reductions, both parties have continuously improved their level of investment facilitation. As of July 2023, the cumulative two-way investment between China and ASEAN countries has exceeded 380 billion US dollars, and the two sides have steadily expanded their investment and cooperation in manufacturing, agriculture, infrastructure, high-tech, digital economy, green economy and other fields.
The connotation of economic and trade cooperation is constantly enriching. Emerging industries such as new energy vehicles, digital economy, clean energy, and green agriculture have become new highlights of China ASEAN economic and trade cooperation. In addition to traditional economic and trade cooperation such as interconnectivity and technology, China and ASEAN have successfully held the China ASEAN Emerging Industries Forum, promoted the construction of the China ASEAN Clean Energy Center, effectively expanded cooperation in areas such as electric vehicles, e-commerce, and green agriculture development, and enhanced new momentum for regional economic development. Pay attention to regional linkage development and expand new space for economic and trade cooperation between China and ASEAN. High level joint construction of a new land sea trade channel in the western region, leveraging the advantages of ASEAN cooperation such as Hainan Free Trade Port, Guangdong Hong Kong Macao Greater Bay Area, Yunnan, and Guangxi, promoting the coordinated development of the Lancang Mekong River, and creating new growth points for deepening cooperation between China and ASEAN.
The open cooperation platform helps to comprehensively deepen economic and trade cooperation between China and ASEAN. Under the framework of the high-quality joint construction of the "the Belt and Road" initiative, China and ASEAN have continuously improved their strategic coordination and policy coordination, laying a solid foundation for the improvement and upgrading of bilateral economic and trade cooperation. China ASEAN economic and trade cooperation is gradually breaking through traditional trade and investment fields and developing towards deeper national economic and trade strategic cooperation. In addition to the signing of the intergovernmental memorandum of understanding and the intergovernmental cooperation plan for the joint construction of the "the Belt and Road" initiative, the "the Belt and Road" initiative and the ASEAN Connectivity Master Plan 2025, as well as the docking and cooperation of the national development strategies of Thailand, the Philippines, Cambodia and other countries, further improved the institutionalization of economic and trade cooperation between China and ASEAN countries.
The comprehensive implementation of the Regional Comprehensive Economic Partnership Agreement has stimulated new momentum for the development of economic and trade cooperation between China and ASEAN. RCEP is currently the highest standard free trade agreement jointly participated by China and ASEAN, which will enter into full force for 15 member countries in June 2023. Its higher zero tariff level, favorable rules of origin for the construction of regional supply chains, negative list management models for investment and service trade, and the introduction of border and domestic rules such as small and medium-sized enterprises and e-commerce will further promote the more reasonable flow of production factors, promote deeper integration of regional industrial chains and supply chains, further unleash complementary advantages, and provide new opportunities for China ASEAN to deepen economic and trade cooperation and stimulate new development momentum.
The negotiations and construction of the China ASEAN Free Trade Area 3.0 version further anchor new directions for economic and trade cooperation between China and ASEAN. On the basis of the China ASEAN Free Trade Area Upgrade Protocol, the 3.0 version of the China ASEAN Free Trade Area focuses on the new needs and trends of China and ASEAN countries in pursuing industrial upgrading and high-quality development, especially in the fields of digital economy and green transformation. It builds cooperation platforms, provides necessary support and institutional guarantees, shares economic development opportunities, and jointly achieves high-quality development.
Promote the construction of a China ASEAN community with a shared future through high-quality economic and trade cooperation. In 2021, the China ASEAN Comprehensive Strategic Partnership was officially established. Currently, seizing development opportunities, unleashing cooperation potential, achieving rapid economic recovery, and promoting long-term development are the common aspirations of China and ASEAN countries. Facing the future and promoting the construction of a closer China ASEAN community with a shared future is a new development goal for China ASEAN cooperation. Continuing to promote high-quality development of economic and trade cooperation between China and ASEAN is not only a trend, but also a direct driving force for building a closer China ASEAN community with a shared future.
In the future, China and ASEAN should not only lead by high-quality development, but also further expand and enrich open cooperation in the economic and trade fields; We also need to improve and innovate the mechanism of economic and trade cooperation, further promote the construction of a community with a shared future between China and ASEAN through institutional open cooperation, and continuously build and deepen high-quality partnerships.