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China-ASEAN Trade Ranks First in China’s Foreign Trade

Post Time:2020-06-02 15:20:43

On May 11, China -ASEAN Investment Cooperation Matchmaking Conference was held. Xu Ningning, Executive President of the China-ASEAN Business Council, said in his speech that at present, ASEAN is China's largest trading partner and China continues to be ASEAN's largest trading partner.

Xu Ningning said that from January to April this year, China ’s top three trading partners were ASEAN, the European Union, and the United States; the trade volume between China and the European Union was 176.89 billion US dollars, down 9% year- on-year; China-US trade volume reached 137.06 billion US dollars; decrease by 15.2% year-on-year. China-ASEAN trade volume stood at 16.24 billion US dollars, more than China's second largest trading partner, the EU.

Xu Ningning said that it is not easy for China and ASEAN to increase their exports and imports when the pandemic severely restricts trade. From January to April this year, China-ASEAN trade maintained a growth with trade volume of US $ 193.13 billion, increase by 2.8% over the same period last year. Among them: China’s exports to ASEAN increased by 1% year-on-year, and China ’s imports from ASEAN increased by 4.9% year-on-year.


From January to April this year, China-ASEAN trade accounted for 14.9% of China's total foreign trade, compared with 13.4% in the same period last year, and this year's share increased by 1.5 percentage points from the same period last year.   Xu Ningning analyzed that the close trade between the two sides is determined by their internality. First, China and ASEAN countries live next to each other and are committed to economic growth. The industries of both sides are highly complementary, with broad cooperation space and great potential. The second is political and commercial relations. The two parties established a dialogue partnership in 1991, a strategic partnership in 2003, and a China-ASEAN free trade zone in 2010. In the past seven years, the “Belt and Road” initiative has been built, and the integration and development complement each other. Came close trade relations. Third, the production and living development of China and ASEAN countries have led to a direct increase in the mutual demand for goods. The mutual investment between the two companies has expanded. In recent years, the multinational companies in developed countries have changed the industrial division of labor between China and ASEAN countries. All these have brought China-ASEAN trade growth. China is the largest source of investment in many ASEAN countries, and China's investment accounts for an increasing proportion of ASEAN's foreign investment.

The China-ASEAN Investment Cooperation Matchmaking Conference was held in video format and co-hosted by the China-ASEAN Business Council, the CPC Deyang Municipal Committee, and the Deyang Municipal People's Government. The China-ASEAN Business Council is a dialogue and cooperation mechanism between China and ASEAN, and is currently promoting the development of economic and trade cooperation and economic growth in the fight against epidemics.

Lv Kejian, former director of the Asian Department of  the Chinese Ministry  of Commerce, said in his speech that the two sides are currently cooperating in the prevention and control of the epidemic, and are jointly committed to keeping the trade and investment market open, promoting post-epidemic recovery, promoting economic development, and preventing the potential risks of economic recession. Chinese local governments are playing an active role in China-ASEAN joint epidemic resistance or in economic and trade cooperation. This meeting is conducive to interconnection and promotes the new development of economic and trade cooperation between Western China and ASEAN countries represented by Deyang City, Sichuan Province.

In his speech, Li Chengjin, deputy mayor of the Deyang Municipal Government, expressed his positive desire to deepen the economic and trade cooperation between Deyang and ASEAN. He said that Deyang has always been committed to developing trade and investment cooperation with ASEAN countries. Deyang's trade volume with ASEAN countries reached 1.944 billion yuan, and 20 enterprises invested in ASEAN countries. The Deyang Municipal Government hopes that this meeting will further strengthen cooperation with ASEAN countries.

At the meeting, Tie Gong, Minister Counselor of the Cambodian Embassy in China, Cai Congmiao, President of the Philippine Silk Road International Chamber    of Commerce, Su Jingmin, Acting Chairman of the Singapore Food Manufacturers Association, Li Xuemin, Chairman of the Energy and Chemical Group of the Singapore Manufacturers Association, Malaysia The Yangtze River Huaqiang of the Association of Small and Medium-sized Enterprises and He Shengyuan, Director   of the Deyang Municipal Bureau of Commerce, made separate speeches and agreed that China-ASEAN investment cooperation has great potential, and it is of positive significance for the two sides to cooperate during the epidemic prevention period.

Liu Xin, secretary-general of CABCl, chaired the meeting and analyzed the current pandemic situation in ASEAN countries. As of May 10, the number of confirmed cases of COVID-19 in ten ASEAN countries accounted for 1.42% of the total number of confirmed cases overseas (ie, countries outside China). There are no ASEAN countries among the top ten countries in the overseas countries that have been diagnosed with an increase in cases in the past seven days. Among the top ten countries with overseas cure rates, Thailand ranks third. Among the top ten countries in the severity index of overseas countries, Singapore ranks fourth.

In recent days, the increase in newly diagnosed cases in Indonesia, the Philippines, Thailand, and Malaysia has declined. Vietnam has not experienced any new local transmission cases for 24 consecutive days. Brunei has continued for 19 consecutive days, Laos has continued for 28 consecutive days, and Cambodia has received "0" Increase the number of diagnosed cases.

At the meeting, the Deyang Economic Cooperation and Foreign Affairs Bureau, the Energy and Chemical Group of the Singapore Manufacturers' Association, the Singapore Food Manufacturers Federation, the Deyang City Commerce Bureau and the Philippine Silk Road International Chamber of Commerce respectively signed strategic cooperation framework agreements.

The ASEAN guests including the Chairman of the Myanmar Wood Industry Association, the Chairman of the Malaysian Chamber of Commerce in China, and the Vice President of the Singapore Chamber of Commerce in China, as well as  the China Entry-Exit Inspection and Quarantine Association, the China Machinery Industry Federation, the China Textile Import and Export Chamber of Commerce, Representatives of relevant Chinese business associations such as China Electricity Council, China Leather Association, China Sandstone Association, China Building Materials Circulation Association, etc.September 20, 2015 China News Service: CABC Executive President Xu Ningning indicated on Sep. 19 that only by further enhance exchanges and promote mutual trust can China and ASEAN better resolve existing practical considerations and ultimately make co-consulation, co-building and co-sharing the Belt and Road come true.

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