China and ASEAN confirm commitment to multilateral trade

World
Europe

02:21

This year marks the fifteenth anniversary of China and ASEAN strategic partnership established in 2003.

Bilateral trade between the two sides has been on a fast growth track. ASEAN is currently China's third largest trade partner, while China has been the bloc's largest trade partner for nine consecutive years.

Data from the Chinese Commerce Ministry showed that the trade volume between China and ASEAN last year hit 515 billion US dollars, which 6.6 times the figure in 2003.

In recent years, Chinese manufacturers have expanded in ASEAN economies. Their investments speed up local urbanization and industrialization.

Gao Yan, the vice minister of the Chinese Commerce Ministry, said that Chinese firms have become part of the ASEAN economy. Gao noted that Chinese investments have expanded gradually from manufacturing, mining and retail, to electricity, water supply, telecommunications and services.

"Chinese firms have invested directly in more than 4,000 companies in ASEAN economies, employing more than 300,000 workers," Gao said.

China-ASEAN Expo exhibition center. /VCG Photo

China and ASEAN worked together in many areas. Enrique Manalo, the under-secretary of Philippines Department of Foreign Affairs, said that the cooperation advanced East Asia integration.

"China plays a very important role. It helped to enhance the regional growth," said Manalo," I think we can build a much stronger region."

Besides, China and ASEAN have confirmed their commitment to the multilateral trade system amid global uncertainty. The trade war between the US and a number of its partners has cast threaten on the worldwide economy. But Huang Xilian, Chinese ambassador to ASEAN, said that the two sides have reaffirmed their support for deeper integration.

"ASEAN Secretary-General Lim Jock Hoi has repeatedly expressed the ASEAN's opposition to trade protectionism and its support for the multilateral trade system. China shares his view," Huang said.