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| A view of the venue of the 20th China-ASEAN Expo in Nanning, Guangxi Zhuang Autonomous Region, southern China. (Source: China Daily) |
The 21st China-ASEAN Expo (CAEXPO) will take place from September 24-28 in Nanning City, capital of Guangxi Zhuang Autonomous Region, China.
The 21st CAEXPO covers an area of nearly 200,000 square meters, with more than 3,000 participating enterprises. According to Chinese Vice Minister of Commerce Li Fei, this fair has many “first-time” and “new” activities. These include displaying the latest developments and technical levels in emerging fields such as digital, green and low-carbon technology, new energy and intelligent connected vehicles; the ASEAN high-tech product exhibition area to introduce high-tech achievements from Singapore, Malaysia, Thailand, etc.
In addition, according to Vice Chairman of Guangxi Zhuang Autonomous Region Tan Feisang, this year's CAEXPO will hold the first exhibition product selection event, aiming to develop the market with high-quality exhibition products empowered by the CAEXPO brand; launch the China-ASEAN Youth Leadership Development Plan for the first time and implement the "future project" to exchange and learn from each other among the youth of the two sides...
The China-ASEAN Expo has established an important platform for China and ASEAN countries to strengthen practical cooperation, and witnessed the rapid development of China-ASEAN relations.
According to statistics from the General Administration of Customs of China, in the 20 years since the China-ASEAN Expo was held, the scale of bilateral trade between China and ASEAN countries has expanded rapidly, from 876.38 billion yuan (about 124.3 billion US dollars) in 2004 to 6.41 trillion yuan (about 909 billion US dollars) in 2023, with an average annual growth rate of 11%, 3 percentage points higher than the overall growth rate of the country's trade in the same period; its proportion in China's total trade value increased from 9.2% in 2004 to 15.4% in 2023.
In the first eight months of this year, China's imports and exports to ASEAN reached 4.5 trillion yuan (about 638 billion USD), up 10% year-on-year, accounting for 15.7% of the country's total trade value in the same period. ASEAN continued to be China's largest trading partner, with the growth rate ranking first among China's top five trading partners. Of which, exports reached 2.69 trillion yuan (about 381 billion USD), up 13.1%; imports reached 1.81 trillion yuan (about 256.6 billion USD), up 5.7%.
According to the General Administration of Customs of China, the space for cooperation in the agricultural sector between China and ASEAN is very large, and the scale of agricultural product import and export continues to expand. In 2023, ASEAN will be China's second largest source of agricultural product imports, accounting for 15.6% of the country's total agricultural product imports, up 2.3 percentage points from 2004.
In the first eight months of 2024, China imported 161.34 billion yuan (about 22.8 billion USD) of agricultural products from ASEAN. Durian and other tropical fruits from ASEAN are very popular with Chinese consumers. In addition, from January to August this year, border trade between China and ASEAN reached 113.43 billion yuan (about 16.1 billion USD), up 5.3%.
Currently, China and ASEAN are implementing the Regional Comprehensive Economic Partnership (RCEP) with high quality, negotiations on the China-ASEAN Free Trade Area (ACFTA) version 3.0 are being accelerated; free trade agreements such as China-Cambodia and China-Singapore…, creating new opportunities for the development of the region.
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