The Ministry of Commerce talked about the reasons why ASEAN has become China's largest trading partner

The State Council held a press conference on 27th on China-Asean economic and trade cooperation and the 17th China-Asean Expo. Li Chenggang, assistant minister of Commerce, said asean became China's largest trading partner this year for three reasons.

A reporter asked a question at the press conference, saying that trade between China and ASEAN has shown a relatively good trend this year in the context of relatively sluggish international trade and investment. What is the reason? What specific measures will moFCOM take to promote the economic cooperation between China and ASEAN?

Public data show that in the first eight months of this year, the total trade value between China and ASEAN reached us $416.55 billion, up 3.8 percent year on year, accounting for 14.6 percent of China's total foreign trade. Asean has historically become China's largest trading partner, forming a sound pattern of China and ASEAN being each other's largest trading partner.

In addition, in the first half of this year, China's investment in asean reached 6.23 billion us dollars, up 53.1% year on year, accounting for 76.7% of China's investment in countries along the "One Belt And One Road" belt and road in the first half of this year. The actual amount of asean's foreign investment in China increased 5.9% year on year.

, cheng-gang li pointed out that the first eight months of this year, China's import and export trade for the association of south-east Asian nations (asean) are positive growth, this year the association of south-east Asian nations (asean) has become China's largest trading partner, it should be said that reflect the huge development potential between China and asean and toughness, in particular in the context of this year, but also a bright spot, also is very not easy. That, in itself, is the result of a long-term push, as well as a special effort this year. There are three reasons for this result:

The first is the unique geographical and economic conditions. China and ASEAN have unique advantages in trade cooperation due to their geographical proximity and strong economic complementarities. Over the years, China-Asean trade has brought tangible benefits to businesses and consumers on both sides. Bilateral economic and trade cooperation has taken on all-dimensional, wide-ranging and deep-seated characteristics, laying a sound foundation for sustained and stable development of both sides.

Second, favorable policy environment. The China-Asean FREE Trade Area has provided a favorable policy environment for our economic and trade cooperation. Since the Protocol on Upgrading the FREE trade Area came into full force, the benefits of the free trade area have been further released as the threshold of rules of origin, trade clearance agreement, service trade, investment and other aspects have been lowered.

Third, effective cooperation against coVID-19. The global economy has been hit hard by the coVID-19 outbreak. China and ASEAN have lent each other a helping hand and actively carried out cooperation to minimize the impact of the epidemic on bilateral trade. China and asean countries have established fast channels for business exchanges and actively explored the establishment of fast channels and green channels networks between China and ASEAN and east Asia to maintain regional supply chain and financial stability.

These three aspects have enabled China to maintain a very steady momentum in its economic and trade cooperation with ASEAN this year, and ASEAN has become China's largest trading partner.

Going forward, Li said the two sides will continue to push forward the cooperation, focusing on the following three aspects:

First, we need to further strengthen cooperation against coVID-19. Now, after all, still a big problem in the global epidemic, so China is willing to share each other with the association of south-east Asian nations (asean), push forward the epidemic prevention and control and the experience of the economic and social development, protection against disease supplies, strengthening the cooperation of the vaccine research and development and production, well implement about the outbreak, strengthen the joint statement since the trade cooperation, maintain stable industry chain supply chain, keep clear of personnel exchanges and logistics. We will accelerate the implementation of agreed economic and technical cooperation projects.

Second, promote practical economic and trade cooperation. Promote "area" initiative and national development strategy, further speeding up regional economic recovery process, the construction of good Chinese enterprises in the asean countries of the construction of the economic and trade industrial park, expand the digital trade, cross-border electricity these new areas of cooperation, using online and offline with regional countries to expand trade and investment show each other market, strengthen the support of small and medium-sized enterprises, inclusive and sustainable development.

Third, promote regional and global integration. We will deepen the building of the China-Asean Free Trade Area, continue to promote China-Asean Growth Area and sub-regional cooperation such as the Lancang-Mekong Cross-border economic cooperation, and push for the signing of the RCEP as scheduled this year. At the same time, we should jointly uphold the multilateral trading system with the WTO at its core, oppose unilateralism and protectionism, and promote the building of an open world economy. China will work with ASEAN countries to make the 17th East Expo a success, so as to bring more benefits to businesses and people of both sides.