China, ASEAN deepen economic, trade cooperation

ASEAN countries have attached great importance and made positive response to the Belt and Road Initiative since it was proposed by China in 2013, Qian Keming, vice minister of commerce, said on July 10 at a press conference held by the State Council Information Office.

Qian noted, "Relevant countries are seeking opportunities to align their development strategies."

In recent years, the economic and trade ties between China and ASEAN have been constantly strengthened, with new achievements made in cooperation throughout.

In 2016, China-ASEAN trade value reached US$452.2 billion, accounting for a higher portion in China's total foreign trade.

Statistics show that China continues to be ASEAN's largest trading partner and ASEAN is China's third largest trading partner, fourth largest export market and second largest import source.

In the first five months of 2017, China-ASEAN trade continued to grow at a rate of 16.2 percent.

By the end of May 2017, combined investment had surpassed US$183 billion, with US$108 billion invested by ASEAN in China. In 2016, China's investment in ASEAN exceeded US$9 billion, and the country has become a major important source of foreign investment for ASEAN.

The China-ASEAN Free Trade Zone (FTZ) was established in 2010 and the negotiations on upgrading the FTZ were completed in 2015.

Qian said that China and ASEAN countries will enhance policy coordination to expand common interests and potential areas for cooperation in the future.

China will increase its imports from ASEAN and greatly enhance facility connectivity and industrial capacity cooperation, Qian stressed.

By the end of May 2017, Chinese enterprises have signed infrastructure engineering project contracts worth US$296.27 billion in ASEAN countries, with accumulated contracts worth US$204 billion completed.

The 14th China-ASEAN Expo, with the theme of "Jointly Building the 21st Century Maritime Silk Road, Promoting Regional Economic Integration with Tourism," will be hosted between September 12 and 15 in Nanning, capital of Guangxi Zhuang Autonomous Region.

An exhibition area themed on the Belt and Road Initiative will be staged for the first time at the expo.