China and ASEAN are working to consolidate their positions as each other's largest trading partners and leading important investment partners.
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| CAEXPO 2024 recorded a record number of 3,000 participating enterprises on an organization scale of 200,000 square meters. (Source: THX) |
With the theme of “Friendliness, Sincerity, Mutual Benefit, Integration and Joint Development, Placing Diamonds to Become a Champion to Create the Future – Promoting the Construction of China-ASEAN Free Trade Area Version 3.0 (ACFTA) and High-Quality Growth Zone”, the 21st CAEXPO and CABIS held in Nanning City, capital of Guangxi Zhuang Autonomous Region, China, impressed with many “first-time” and “new” activities, and recorded another great step forward in stronger economic cooperation over the past 20 years.
Leading the Vietnamese delegation to the event (September 23-24), Deputy Prime Minister Ho Duc Phoc attended and delivered a speech at the opening ceremony of CAEXPO and CABIS, attended the opening ceremony of the Vietnamese national pavilion, and visited the trade pavilion displaying products of Vietnamese enterprises.
Strengthening practical cooperation
Upholding the principle of “sharing opportunities for cooperation and development”, after 20 editions, CABIS and CAEXPO are considered a symbol of multilateral economic, trade and investment cooperation between ASEAN and China, increasingly attracting a large number of Chinese businesses and investors, as well as ASEAN member countries.
Through each edition, CABIS and CAEXPO have truly become international “playgrounds” with far-reaching influence, recording new records in the number of enterprises and interested parties. ASEAN Secretary-General Kao Kim Hourn said that since its establishment in 2004, CAEXPO has developed into an important platform for dialogue, cooperation and development, covering a wide range of fields from infrastructure, agriculture, technology, education and tourism, making important contributions to the economic integration process between ASEAN and China, facilitating cross-border investment flows and economic opportunities, laying the foundation for building a more connected, resilient and dynamic region.
This year's CAEXPO recorded a record number of 3,000 participating enterprises on an organization scale of 200,000 square meters, creating a great opportunity for enterprises in the region to directly learn about market trends, exchange, discuss and promote business.
Meanwhile, CABIS was assessed by Ren Hongbin, Chairman of the China Council for the Promotion of International Trade, as an event that “highlights new trends and characteristics in China-ASEAN cooperation”, promotes mutual support in industrial development, new fields and promotes mutual benefit sharing.
Speaking at the opening ceremony of CAEXPO 2024, Chinese Vice Premier Ding Xuexiang not only emphasized that the mutually beneficial relationship between China and ASEAN countries has reached a new height, but also expressed his satisfaction with the “first-time” and “new” activities taking place this year, expressing the desire to strengthen practical cooperation and write a new chapter in the goal of building a more cohesive China-ASEAN community with a shared future.
Emphasizing that Vietnam is an active and responsible member of ASEAN and a comprehensive strategic cooperative partner of China, Deputy Prime Minister Hu Defeng conveyed the message that Vietnam has been, is, and will continue to work closely with ASEAN, China, and its partners to strongly promote new growth drivers and continuously make practical contributions to the ASEAN-China Comprehensive Strategic Partnership.
The Deputy Prime Minister assessed that CAEXPO and CABIS have become an important symbol of the cooperative relationship between ASEAN and China; not only providing cooperation opportunities for businesses of the countries, but also contributing significantly to promoting friendly exchanges and mutual understanding between the people of ASEAN and China; at the same time affirming China's important role in the global economy as well as the confidence of the business community of the countries in a large, vibrant Chinese market full of potential and development opportunities.
The “firsts”, “new” and continuing
The theme of this year’s Fair and Conference focuses on promoting the development of ACFTA 3.0 and a high-quality growth region, which is considered by analysts to be appropriate in the context of the world and regional economies undergoing fundamental changes in both structure and growth model. This is the strategic choice of regional economies in the new situation.
Actual statistics from the General Administration of Customs of China (GAC) show that China-ASEAN trade has grown rapidly, with an average increase of 11% per year over the past 20 years (2004-2023), far exceeding the country's overall foreign trade growth of 3% over the same period.
Specifically, since the first CAEXPO, the bilateral trade volume between China and ASEAN member countries has expanded from 876.38 billion yuan (about 124.3 billion USD) in 2004 to 6.41 trillion yuan (about 911.7 billion USD) in 2023. Of which, ASEAN's share in China's total foreign trade has increased from 9.2% to 15.4% in the corresponding period.
Since 2020, ASEAN and China have become the largest trading partners for the first time and have maintained this position for four consecutive years. In the first eight months of this year, China-ASEAN trade continued to record 4.5 trillion yuan (US$638 billion), marking a 10% increase over the same period last year and accounting for 15.7% of China's total foreign trade value in the same period; continuing to consolidate its position as the largest trading partner with the highest growth rate among the country's top five trading partners.
In terms of investment relations, since 2022, Beijing has become the third largest foreign direct investor (FDI) in ASEAN, reaching 18.65 billion USD and continuing in this position in 2023 (17.3 billion USD).
Chinese Vice Minister of Commerce Li Fei said that Beijing will actively improve connectivity, gradually "enlarge the trade pie" with ASEAN and create new growth points in line with the trend.
This goal is consistent with the “new” and “first” points highlighted this year, with the display of strategic emerging fields such as digital, green and low-carbon technology, new energy and intelligent connected vehicles; ASEAN high-tech product exhibition; or the first expansion of invitation to Gulf countries to participate in CAEXPO; the first launch of the China-ASEAN Youth Leadership Development Plan and the implementation of the “future project” of mutual exchange and learning between the youth of the two sides...
Looking to the future, within the framework of the Working Group meeting of the Network of ASEAN-China Research Institutes (NACT) (July 2024), Dr. Vu Le Thai Hoang, Director of the Institute for Strategic and Foreign Policy Studies, Diplomatic Academy of Vietnam, stated that entering the third decade of cooperation, ASEAN and China are at a critical juncture, facing three major challenges, including: the increasing fragmentation of the global economy; existential threats caused by climate change and environmental degradation, and the transformative impact of emerging technologies such as artificial intelligence.
The cooperation figures highlight the deepening economic ties and seamless integration of ASEAN-China supply chains, with ASEAN, with its flexible and autonomous nature, emerging as a bridge in an increasingly polarized world, creating a diverse investment platform for cooperation and development.
Source: https://baoquocte.vn/nen-tang-quan-trong-de-hop-tac-kinh-te-trung-quoc-asean-bung-no-287869.html
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