China remains ASEAN’s largest trading partner for 13 consecutive years

International Business News – The Information Office of the State Council held a press conference on August 29 to introduce China-ASEAN economic and trade cooperation and the China-ASEAN Expo. Assistant Minister of Commerce Li Fei said at the meeting that since this year, China has worked with ASEAN countries to pragmatically carry out various Economic and trade cooperation, high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP), steady progress in the construction of the “Belt and Road”, and continuous promotion of infrastructure connectivity have achieved a series of fruitful results.

First, bilateral trade continued to grow rapidly. From January to July this year, China-ASEAN trade volume reached US$544.9 billion, a year-on-year increase of 13.1%, accounting for 15% of China’s total foreign trade imports and exports. China has remained ASEAN’s largest trading partner for 13 consecutive years, and ASEAN’s status as China’s largest trading partner has been further consolidated.
Second, the investment cooperation between the two sides has achieved remarkable results. As of the end of July this year, the cumulative two-way investment has exceeded 340 billion US dollars, and China and ASEAN have become the most active partners in mutual investment. China and Singapore jointly built a new international land-sea trade channel. A large number of major projects such as the “Two Countries Double Parks” between China and Malaysia and the “Two Countries Double Parks” between China and Indonesia have been successfully implemented. China and ASEAN countries are actively expanding digital economy, e-commerce, Cooperation in green development and other fields, the industrial chain, supply chain connection is more closely.

The third is the continuous upgrading of infrastructure connectivity. As of the end of July this year, Chinese enterprises have steadily carried out contracted projects in ASEAN countries, with a cumulative turnover of more than 380 billion US dollars. The China-Laos railway was put into operation and connected with the Thai railway network. Important progress has been made in the construction of the Jakarta-Bandung high-speed railway. The level of connectivity between China and ASEAN countries has been continuously improved, which has effectively promoted regional economic and social prosperity and development.

Fourth, the regional economic integration will be accelerated again. The implementation of RCEP and the China-Cambodia Free Trade Agreement has achieved remarkable results. The joint feasibility study of the 3.0 version of the China-ASEAN Free Trade Area has been accelerated. The follow-up negotiations on the upgrade of the China-Singapore Free Trade Agreement have progressed smoothly. China-ASEAN East Growth Area, Lancang-Mekong and other sub-regions Deeper and more solid cooperation. The level of trade and investment liberalization and facilitation between China and ASEAN countries has been further improved.