Measure is of 'strategic importance' for regional economic integration
Beijing on Friday pledged to
advance China-ASEAN connectivity and FTA development in a bid to lift trade,
while reiterating that China will not seek dominance through its growing
economy. Analysts said
increasing trade and economic ties have become an effective engine to ensure
China-ASEAN ties stay on track as they have been recently shadowed by maritime
claims.
Addressing the annual China-ASEAN
Business and Investment Summit, Vice-President Xi Jinping asked the regional
countries to advance connectivity, which he said is "a measure of
strategic importance" for integration and economic competitiveness.
China is actively preparing for
the establishment of the Chinese Committee on China-ASEAN Connectivity and will
set up exchanges with ASEAN agencies.
"We are also ready to set up
an investment and financing platform for connectivity, step up land
connectivity with ASEAN countries, build maritime connectivity networks and
expand cooperation in areas such as ports, maritime logistics and port
industries," said Xi.
ASEAN members are among the top
destinations for Chinese enterprises going global, and a key source of foreign
investment in China in recent years.
Strengthening land and maritime
connectivity has been a key part for both China and ASEAN to lift trade ties.
Trade between China and ASEAN
surged from $7 billion in the early days of China-ASEAN relations to $362.8
billion last year.
China and ASEAN have a trade
volume target of $500 billion by 2015.
The business summit, together
with the China-ASEAN EXPO, which convenes at the same time, has become a major
platform to realize goals set by the China-ASEAN FTA.
The China-ASEAN FTA, launched two
years ago, covers 1.9 billion people.
China has been ASEAN's largest
trading partner for three consecutive years and ASEAN has become China's third
largest trading partner.
Addressing the summit, Xi also
called on regional countries to improve FTA development, advance trade and
investment liberalization and facilitation, and optimize the mix of import and
export commodities.
"We should expand FTA
coverage by acting in a spirit of openness, inclusion, equality and mutual
benefit," said Xi.
Xi also said at the summit that
the future destinies of China and ASEAN have never been so closely linked with
each other as economic globalization and regional integration develop.
The more China progresses and
develops closer links with the outside world, the more important it is for
China to have a stable external environment, Xi said.
Stressing that China will always
be a staunch force for peace and stability in the region and the world at
large, Xi said China will never seek dominance.
Yet Xi also stressed that China
is firm in safeguarding sovereignty, security and territorial integrity and is
committed to resolving differences with neighbors concerning land, sea and
maritime rights and interests through friendly negotiations.
Xi made the remarks as some ASEAN
countries have claims on some of China's islands and water areas of the South
China Sea, and have taken measures that have strained ties.
The annual expo has attracted
leaders of several ASEAN members and business leaders.
Myanmar highly appreciates China's
support for ASEAN centrality in the evolving regional architecture, and for the
ASEAN integration process in building the ASEAN Community by 2015, President U
Thein Sein said on Friday at the opening ceremony of the expo.
U Thein Sein also said it was important
for all regional participants to work together to promote peace and development
of the region as the present Asia-Pacific region has become the center of
gravity in international relations and trade.
Addressing more than 1,000
business leaders attending the ceremony, U Thein Sein also said ASEAN was happy
to see a healthy economy growing in China and welcomes the robust economic
partnership with China.
"We wish to see peoples of
ASEAN and China reaping the fruits of the ASEAN-China Free Trade Area," he
said.
A trade balance of $11 billion in
favor of ASEAN was realized for the first time in 2011, according to U Thein
Sein.
Foreign direct investment from
China to ASEAN more than doubled in 2011 compared to 2010.
"This is a very good trend
and we should keep its momentum," he said.
According to U Thein Sein, the
markets of ASEAN and China have their own characteristics and are endowed with
natural and human resources.
Qiu Hong, China's assistant
minister of commerce, said at the forum on the China-ASEAN Free Trade Area that
China and ASEAN should deepen mutually beneficial cooperation, suggesting that
agreements be fully implemented and duties fulfilled to further open up markets
to promote trade and investment.
She said that by August, China reduced
duties of about $50 billion yuan ($7.93 billion) for products from ASEAN.
Cham Prasidh, minister of
commerce of Cambodia and the ASEAN economic ministers chair for 2012, said at
the forum that China-ASEAN relations have been a valuable way for ASEAN
enterprises to come to China and they certainly have a bright future.
Prasidh said the country hopes to
export more garments and rice to China.
"Cambodia has annual
production of 2 million tons (of rice) per year. Hopefully we can sell 1
million to China," he said.
He also encourages Chinese
companies to invest in rice processing and import more agricultural equipment
and heavy machinery for road construction from China.
Prasidh attributed the increasing
trade volume between the two countries to the China-ASEAN Free Trade Area.
"Our leaders want to double the trade volume to $5 billion by 2017. This
is all achievable because ASEAN is in place," he said.
Participation of China in the
economies of ASEAN members is very important for strengthening ties and
development of the region, said Imron Cotan, Indonesian ambassador to China.
"There is an idiom that I
believe in: 'Never bite the hand that feeds you'," he said, noting
investment from China is very important in terms of providing job opportunities
in the region, especially amid the global recession.
"We need China just as China
needs ASEAN," he said.
WU JIAO and WANG ZHUOQIONG
Business & Investment Opportunities
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