General

The latest figures from the Ministry of Commerce show that from January to July this year, the trade volume between China and ASEAN 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 been ASEAN's largest international trading partner for 13 consecutive years, and ASEAN's status as China's largest international trading partner has been further consolidated.

Assistant Minister of Commerce Li Fei introduced that since this year, China has worked with ASEAN countries to carry out various economic and trade cooperation pragmatically, implement the Regional Comprehensive Economic Partnership (RCEP) with high quality, steadily promote the construction of the "Belt and Road", and continue to promote infrastructure interconnection. A series of fruitful results have been achieved.

In addition to the sustained and rapid growth of bilateral trade, bilateral investment cooperation has also achieved remarkable results. Li Fei said that as of the end of July, the cumulative two-way investment between China and ASEAN has exceeded 340 billion US dollars, and China and ASEAN have become the most active partners in mutual investment. A large number of major projects such as China-Malaysia and China-Indonesia "two countries and two parks" have been successfully implemented. China and ASEAN countries are actively expanding cooperation in digital economy, e-commerce, green development and other fields, and the industrial chain and supply chain are more closely connected.

In addition, the continuous upgrading of infrastructure connectivity between China and ASEAN has strongly promoted regional economic and social prosperity and development. According to Li Fei, as of the end of July, 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.

Assistant Minister of Commerce Li Fei: Regional economic integration will be accelerated again. The RCEP and the China-Cambodia Free Trade Agreement have come into effect and have shown 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 are progressing smoothly, and the China-ASEAN Eastern Growth Area, Lancang-Mekong and other sub-regional cooperation The level of trade and investment liberalization and facilitation between China and ASEAN countries has been further improved.

The Ministry of Commerce stated that this year is the first year of the China-ASEAN comprehensive strategic partnership, and the first year for the implementation of the Regional Comprehensive Economic Partnership (RCEP). For the first time, the ASEAN and RCEP boutique exhibition areas have been established to provide online and offline matching and investment matching services. Provide customs clearance, transportation, stay and purchase, tax exemption and other conveniences. Focus on the digital economy, green economy, infrastructure, financial services and other fields, hold major infrastructure and high-end manufacturing industry docking, and promote the deep integration of industrial chains and supply chains in the region. For the first time, ministerial-level high-level forums were held in five fields, including construction industry, blue economy, and media cooperation. New opportunities and new momentum for international trade cooperation.