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(Spotlight on China-ASEAN Expo) Can China and ASEAN be each other’s biggest trading partner in the post-epidemic era?
China News Service, Nanning, Nov 29, title: Can China and ASEAN be each other’s biggest trading partner in the post-epidemic era?
China News Agency reporter Jiang Xuelin
While the epidemic has caused a drop in world trade, trade between China and ASEAN has countered the trend and ASEAN has overtaken the EU to become China’s largest trading partner. In the post-epidemic era, can China and ASEAN remain each other’s most important trading partners? During the 17th China-ASEAN Expo (known as China-ASEAN Expo), this topic became the focus of the participants.
Analysts believe that by benefiting from the deepening of bilateral relations and increased mutual trust, the warming of economic and trade exchanges between China and ASEAN will be a long-term trend rather than a short-term phenomenon, and further progress is expected in the future.
Inexpensive add-ons leave enough space
ASEAN has become China’s largest trading partner. In the eyes of Xu Ningning, Executive Director of the China-ASEAN Business Council, this is somewhat unexpected, but it is reasonable. He said that China and ASEAN countries live side by side, their economies are highly complementary, and there is ample room for cooperation and great potential. Xu Ningning is optimistic about the prospects for economic and trade cooperation between China and ASEAN in the post-epidemic era.
Professor Zhuang Guotu, dean of Xiamen University’s Nanyang Research Institute, believes that China and ASEAN are the most dynamic and fastest growing regions in the world, and their levels of economic development are highly complementary. The resources and industries of China and ASEAN complement each other, allowing ASEAN to take the express train of China’s economic development and inject strong momentum into bilateral trade. This complementary space has been expanding, leaving enough space for economic and trade cooperation between the two parties in the post-epidemic era.
Bank of ChinaWang Youxin, a researcher at the Institute of International Finance, believes that because the economies and trade of ASEAN countries are relatively weaker than those of Europe and the United States due to the impact of the epidemic, the recovery is rapid once contained the epidemic. ASEAN’s economic growth potential will expand its bilateral trade with China.
Free trade zone upgrade to provide enough power
ASEAN’s ability to become China’s largest trading partner is closely related to the entry into force of the “China-ASEAN Free Trade Area Enhancement Protocol”. Zhang Jianping, director of the Regional Economic Cooperation Research Center of the Institute of International Trade and Economic Cooperation of the Chinese Ministry of Commerce, said in an interview with a reporter from the China News Agency that the improved version of the Free Trade Area China-ASEAN has entered into force, which will bring benefits to both sides to further strengthen cooperation. Since the update protocol came into effect in its entirety, due to the reduction of the thresholds for rules of origin, trade authorization agreements, trade in services and investment, the dividend of the free trade area has been released again.
Tang Zhimin, Director of the Center for China-ASEAN Studies at the Chia University School of Management in Thailand, believes that thanks to the improved free trade area, trade between China and ASEAN is on a fast track. developing. The positive spill-over effect of the China-ASEAN open cooperation will boost the economic and trade relations between the two sides to a new level.
Zhuang Guotu thought,? Does “China-ASEAN Free Trade Area Enhancement Protocol” enter into force to relocate China and ASEAN? ? A new round of business promotion. After the upgrade protocol comes into effect, more than 90% of China’s and ASEAN’s products have achieved zero tariffs, and the economic integration of the two sides has been upgraded to a higher level, both in terms of scale and of quality.
Xu Ningning believes that the signing of the Regional Comprehensive Economic Partnership (RCEP) also favors further warming of economic and trade relations between China and ASEAN.
Digital economic cooperation offers unlimited possibilities
Under the epidemic, China-ASEAN cooperation must connect with the “wings” of the digital economy. The theme of this year’s China-ASEAN Expo is “Building the Belt and Road Initiative and prospering the digital economy together.” Its purpose is to deepen China-ASEAN digital economic cooperation and inject new vitality into the economic and social development of both sides.
ASEAN Secretary General Lin Yuhui said at the China-ASEAN Expo that the digital economy is an important area to maintain the stable development of the ASEAN-China partnership. China is strong in the field of digital interconnection and is well recognized, providing unlimited opportunities for ASEAN countries. He believes that with the support of China, ASEAN’s digital transformation will inject new vitality. China’s expertise in fintech and digital payment systems will also support the development of trade and investment between ASEAN and China. ASEAN has forecast that by 2025, ASEAN’s digital economy will grow from 1.3% of GDP in 2015 to 8.5%. The full scale and growth rate of China’s digital economy is among the highest in the world, and it will be a valuable partner for ASEAN to share experiences.
Laos Ambassador to China Kambao Ntawan declared that 2020 is the year of cooperation in the ASEAN-China digital economy. The two sides will expand cooperation in 5G, Internet of Things, Artificial Intelligence, Industrial Internet, and prevention and control of digital epidemics. This will bring China Cooperation with ASEAN has gone to a higher level.
Zhang Jianping said that China-ASEAN cross-border e-commerce and other bilateral cooperation in the digital economy are showing vigorous growth momentum. The digital economy will become an important force for the future development of China-ASEAN trade with efficiency and convenience. (End up)
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