NANNING, China: Many "firsts" at the ongoing 23rd China-Asean Expo give a glimpse into the potential and vitality of economic and trade cooperation that has already substantially propelled common development in this region.
Timor-Leste makes its debut at the expo in Nanning, capital of south China's Guangxi Zhuang Autonomous Region, as Asean's 11th member and an official co-host this year.
Notably, an exhibition area has been set up for the first time to present the technological and application demands of Asean countries. As a new frontier for win-win cooperation, artificial intelligence has emerged as a key focus.
China has remained the largest trading partner of Asean for 17 straight years, and Asean has been China's largest trading partner for six years in a row. Bilateral trade exceeded US$1 trillion last year. Also worth noting is that two-way cumulative investment has exceeded US$510 billion.
Such booming economic and trade cooperation, exemplified by landmark cross-border industrial parks across the region, has created local jobs and delivered tangible welfare gains.
Fresh dynamism will further boost China-Asean cooperation and there is no lack of such momentum.
Tailored to the characteristics and needs of this region, the China-Asean Free Trade Area 3.0 Upgrade Protocol, which has incorporated high-standard trade and economic rules and explored ways to build more robust cooperation frameworks and institutionalized arrangements, will deliver sustained tailwinds for economic development.
The Pinglu Canal, a 134.2-kilometre waterway linking Nanning with the Beibu Gulf, officially opened to navigation on Sept. 16, providing a new corridor for the two-way flow of goods between Chinese and Asean markets. The waterway will also spur cross-border investment and industrial cooperation.
Firm supporters of multilateralism and free trade, China and Asean have steadfastly endeavored to deepen the integration of industrial and value chains.
Also, higher-standard commitments and arrangements for trade and investment liberalisation and facilitation demonstrate both sides' confidence and determination in navigating shared headwinds in the economy and international trade. - Xinhua
