Economic and trade cooperation between China and ASEAN countries is growing against the trend and has become China’s largest trading partner

Beijing News Express (reporter Xu Wen) The State Council office held a press conference on China-Asean economic and trade cooperation today (September 27). Li Chenggang, assistant Minister of Commerce, said that since the beginning of this year, the economic and trade cooperation between China and ASEAN countries has been growing against the backdrop of increasing downward pressure on their economies and a sharp contraction in international trade.

Since the beginning of this year, the bilateral trade volume between China and ASEAN has continued to grow. Li chenggang said that from January to August this year, the total trade value between China and ASEAN reached 416.55 billion US dollars, up 3.8 percent year on year, accounting for 14.6 percent of China’s total foreign trade. Asean has historically become China’s largest trading partner, forming a sound pattern of China and ASEAN being each other’s largest trading partner.

In terms of investment cooperation, li chenggang said that in the first half of this year, China’s investment in asean reached 6.23 billion us dollars, up 53.1% year on year, accounting for 76.7% of China’s investment in countries along the “One Belt And One Road” belt and road in the first half of this year. The actual amount of asean’s foreign investment in China increased 5.9% year on year. Asean has become a key region for Chinese enterprises to invest overseas, and has played a positive role in restoring economic growth and boosting employment in the region.

It is worth mentioning that The COVID-19 epidemic has given birth to new industries and new forms of business, China and ASEAN have accelerated their exploration of digital transformation and development, and their cooperation in the digital economy has become increasingly close, which has become a new highlight of China-Asean cooperation.

The year 2020 will mark the 10th anniversary of the china-asean Free Trade Area. Li chenggang said that economic integration between China and ASEAN countries has been upgraded to a higher level in both scale and quality with the full entry into force of the Protocol on upgrading the China-Asean Free Trade Area last year.

According to him, sub-regional cooperation, including the Lancang River, Mekong River, Greater Mekong Sub-region, China-Asean East Growth Area and China’s Indo-China Peninsula Economic Corridor, is booming, and further breakthroughs have been made in the construction of economic corridors.

Beijing News reporter Xu Wen

Editor Fan Yijing proofread Li Ming