China-ASEAN ties set example for wider economic cooperation

Editor's note: Yuan Bo is the deputy director of the Institute of Asian Studies at the Chinese Academy of International Trade and Economic Cooperation. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

Since the China-ASEAN comprehensive strategic partnership was established two years ago, economic and trade collaboration between China and the Association of Southeast Asian Nations (ASEAN) has reached new heights. 

Trade and investment between the two sides continue to surge on the existing basis: In the first 10 months of 2023, total trade volume between China and ASEAN countries amounted to 5.23 trillion yuan ($731.9 billion), accounting for 15.2 percent of China's overall foreign trade. 

In the first seven months of this year, the cumulative bilateral investment between China and ASEAN countries exceeded $380 billion. 

Meanwhile, both sides are exploring new areas for economic and trade cooperation, making significant progress in fields like the green economy, digital economy, marine economy, and financial and monetary cooperation. Advancements have also been made in constructing the "version 3.0" of the China-ASEAN Free Trade Area, with four rounds of negotiations already completed.

This year's Asia-Pacific Economic Cooperation (APEC) agenda continues to delve into the avenues of promoting economic integration in the Asia-Pacific region, for which China-ASEAN economic and trade cooperation undoubtedly serves as a stellar model and provides valuable experience. 

Firstly, both sides have established institutional economic and trade mechanisms, laying a solid foundation for long-term collaboration. 

Secondly, the two sides have persistently explored new areas and sources of growth for economic and trade cooperation, injecting fresh momentum into the economic and trade partnership. 

Thirdly, both sides have strengthened communication and coordination, communicating their respective strategies and initiatives and achieving connectivity at the policy level. 

Fourthly, the two parties adhere to an open and inclusive development philosophy. Instead of resorting to the "beggar-thy-neighbor" approach or "small-yard-and-high-fence" approach, they have effectively raised the level and quality of opening-up to better benefit the people of both sides. ("Beggar-thy-neighbor" is used to describe economic policies that benefit one country at the expense of its neighbors or trading partners; "small-yard-and-high-fence" refers to a strategy of selectively choosing technologies that need protecting without losing benefits from an important partner.)

Against a backdrop of escalating trade protectionism and intensified geopolitical uncertainties, the process of Asia-Pacific regional economic integration faces challenges. Both China and ASEAN are pivotal economic entities in the Asia-Pacific region, and the China-ASEAN economic and trade relationship has become a model for mutually beneficial economic cooperation in the Asia-Pacific region. Their economic and trade cooperation is expected to generate a synergistic effect, further propelling the Asia-Pacific regional economic integration.

(Cover via CFP)