Latest news with #China-ASEAN
Malaysia Sun
12 hours ago
- Business
- Malaysia Sun
China rolls out
Xinhua 03 Jun 2025, 14:46 GMT+10 BEIJING, June 3 (Xinhua) -- China has launched an "ASEAN (the Association of Southeast Asian Nations) Visa" for the 10 ASEAN countries and ASEAN observer Timor-Leste, Chinese foreign ministry spokesperson Lin Jian told a regular press briefing on Tuesday. According to Lin, China will issue the corresponding category of "ASEAN Visa" for business personnel from the 11 countries, as well as their spouses and children, who meet the requirements. The visa will allow multiple entries within five years and a maximum stay period of 180 days. Lin said the "ASEAN visa" is launched on the basis of the comprehensive mutual visa exemption with Singapore, Thailand, Malaysia and other countries and the issuance of the "Lancang-Mekong visa" to Mekong River countries, aiming to further facilitate the cross-border movement of people within the region. In recent years, the building of the China-ASEAN community with a shared future has been continuously advanced, and important achievements have been made in jointly building a common home that features peace, tranquility, prosperity, a beautiful environment, and friendship, Lin noted. Noting that China and Southeast Asian countries have frequent personnel exchanges, Lin said further facilitating personnel exchanges is a common aspiration for both sides.
Malaysia Sun
6 days ago
- Business
- Malaysia Sun
Economic Watch: China's vast market unlocks opportunities for ASEAN amid global trade headwinds
NANNING, May 28 (Xinhua) -- At a fully automated production line in south China's Guangxi Zhuang Autonomous Region, cans of energy drinks rolled off conveyors, destined for shelves across China. Operated by Thai conglomerate T.C. Pharmaceutical Industries Co., Ltd., this 1.3-billion-yuan (about 180.8 million U.S. dollars) facility with four automated production lines exemplifies the deepening foothold of Association of Southeast Asian Nations (ASEAN) in China's consumer market. Launched in January this year, the plant generated 75 million yuan in first-quarter output value, matching expectations. "China's 1.4-billion-strong market, undergoing dual upgrades in consumption and industrial chains, is unlocking opportunities for high-level opening up," said Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation. "ASEAN, as our close neighbor, is uniquely positioned to share these dividends." Despite global trade headwinds, China-ASEAN trade surged 9.2 percent year on year to 2.38 trillion yuan in the first four months of 2025, with ASEAN retaining its position as China's top trading partner, according to China's General Administration of Customs (GAC). Guangxi, the country's gateway to ASEAN, brings this partnership to life. At a center for China-ASEAN specialty commodities in Nanning, capital of Guangxi, Singaporean specialty dishes and Thai spices sit alongside Cambodian rice -- all purchasable with a quick QR code scan. Since its launch in 2022, the center has featured over 5,500 types of products, serving as a one-stop platform for cross-border trade. Malaysian durian mooncakes find their way to Chinese dining tables via promotional livestreaming, while Chinese cosmetics gain traction in ASEAN markets thanks to multilingual influencers' skillful introduction. Such centers tackled what was previously a headache for small and medium-sized enterprises (SMEs) in ASEAN -- a lack of access to efficient cross-border industrial chains and storage solutions. "By providing these solutions and value-added supporting services, the center helps SMEs in ASEAN capitalize on China's ultra-large market, facilitating smoother exchanges of high-quality products between China and ASEAN countries," said Lu Chunmei, a deputy general manager at the center. This growing trade between China and ASEAN is also reshaping careers. In the bustling cross-border e-commerce training base of Guangxi International Business Vocational College, Indonesian student Putriyani enthusiastically showcased Chinese specialty products to global buyers via livestreaming. Nearby, her classmates from Vietnam, Thailand and Laos could be seen promoting products in their native languages. As the first college in Guangxi to offer cross-border e-commerce training programs, this institution graduates some 300 professionals annually, nurturing a talent pool fluent in both ASEAN languages and digital trade. "As the combined population of China and ASEAN accounts for about a quarter of the world's total, their integrated development has continuously unleashed market potential, establishing an exemplary model of cooperation amid global headwinds," said Lyu Daliang, spokesperson for the GAC. This synergy is set to deepen with the recent completion of negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), the world's largest free trade zone among developing countries. The upgraded pact will introduce nine new chapters, including digital economy and support for micro, small and medium-sized enterprises that account for the majority of ASEAN's business entities. Feng Gui, a law professor at Guangxi University of Finance and Economics, said the conclusion of CAFTA 3.0 negotiations will significantly enhance industrial capacity, technological collaboration and trade ties between China and ASEAN, accelerating their economic growth and industrialization. "This breakthrough provides renewed support for the multilateral trading system while charting the right pathway for the majority of countries committed to preserving free trade principles," he added.
Kyodo News
7 days ago
- Business
- Kyodo News
China, ASEAN, Arab states hold 1st summit to bolster economic ties
KYODO NEWS - 23 hours ago - 20:25 | World, All Leaders of China, Southeast Asia and six Arab nations held their first meeting Tuesday in Malaysia to bolster economic cooperation between the three parties, the population of which accounts for one quarter of the world's, amid global trade tensions over U.S. tariffs. Chinese Premier Li Qiang said at the meeting in Kuala Lumpur that his country, the Association of Southeast Asian Nations and the Gulf Cooperation Council nations should "set a fine example of opening up across regions." "Our markets, if fully connected, will generate even greater space for development," Li said, referring to China-ASEAN free trade agreement and China-GCC free trade pact, which the Asian superpower and the six Arab countries are trying to reach. Malaysian Prime Minister Anwar Ibrahim said ASEAN, GCC and China collectively represent a combined gross domestic product of $24.87 trillion, which is growing exponentially, and have a population of approximately 2.15 billion. "The collective scale offers vast opportunities to synergize our markets, deepen innovation and promote cross-regional investment," Anwar said. "I am confident that ASEAN, GCC and China can grow on our unique attributes and shape a future that is more connected," he added. The meeting was held as China aims to boost ties with other economies, following a tit-for-tat trade war with the United States that ended in a preliminary deal earlier this month to lower recently imposed tariffs on each other's imports. Southeast Asian countries are seeking to diversify their trade partners and reduce reliance on the United States after President Donald Trump announced so-called reciprocal tariffs in April, with duties ranging from 10 percent to 49 percent to be imposed on the 10 members of ASEAN. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. According to a draft joint statement of the trilateral summit, obtained by Kyodo News, the three parties recognized that the diversity of their economies "creates new opportunities for greater cross-sectoral trade, investment, and economic collaboration." ASEAN and the GCC held their second summit earlier Tuesday in Kuala Lumpur. Leaders of the two regional blocs met for the first time in 2023 in Saudi Arabia, where they agreed to meet every two years. The ASEAN members as a group represent the world's fifth-largest economy with a combined GDP of $3.8 trillion, while China remains the bloc's biggest trading partner with bilateral trade valued at $696.7 billion in 2023, according to a statement from the Malaysian Prime Minister's Office released Monday. Total trade between ASEAN and the GCC reached $130.7 billion that year, according to the statement. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Related coverage: ASEAN leaders meet as U.S. tariffs rattle regional economies Tariffs to hurt U.S. more than others: ex-Malaysia PM Mahathir ASEAN-plus-3 finance chiefs warn of protectionism after U.S. tariffs
Kyodo News
27-05-2025
- Business
- Kyodo News
China, ASEAN, Arab states hold 1st summit to bolster economic ties
KYODO NEWS - 33 minutes ago - 20:25 | World, All Leaders of China, Southeast Asia and six Arab nations held their first meeting Tuesday in Malaysia to bolster economic cooperation between the three parties, the population of which accounts for one quarter of the world's, amid global trade tensions over U.S. tariffs. Chinese Premier Li Qiang said at the meeting in Kuala Lumpur that his country, the Association of Southeast Asian Nations and the Gulf Cooperation Council nations should "set a fine example of opening up across regions." "Our markets, if fully connected, will generate even greater space for development," Li said, referring to China-ASEAN free trade agreement and China-GCC free trade pact, which the Asian superpower and the six Arab countries are trying to reach. Malaysian Prime Minister Anwar Ibrahim said ASEAN, GCC and China collectively represent a combined gross domestic product of $24.87 trillion, which is growing exponentially, and have a population of approximately 2.15 billion. "The collective scale offers vast opportunities to synergize our markets, deepen innovation and promote cross-regional investment," Anwar said. "I am confident that ASEAN, GCC and China can grow on our unique attributes and shape a future that is more connected," he added. The meeting was held as China aims to boost ties with other economies, following a tit-for-tat trade war with the United States that ended in a preliminary deal earlier this month to lower recently imposed tariffs on each other's imports. Southeast Asian countries are seeking to diversify their trade partners and reduce reliance on the United States after President Donald Trump announced so-called reciprocal tariffs in April, with duties ranging from 10 percent to 49 percent to be imposed on the 10 members of ASEAN. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. According to a draft joint statement of the trilateral summit, obtained by Kyodo News, the three parties recognized that the diversity of their economies "creates new opportunities for greater cross-sectoral trade, investment, and economic collaboration." ASEAN and the GCC held their second summit earlier Tuesday in Kuala Lumpur. Leaders of the two regional blocs met for the first time in 2023 in Saudi Arabia, where they agreed to meet every two years. The ASEAN members as a group represent the world's fifth-largest economy with a combined GDP of $3.8 trillion, while China remains the bloc's biggest trading partner with bilateral trade valued at $696.7 billion in 2023, according to a statement from the Malaysian Prime Minister's Office released Monday. Total trade between ASEAN and the GCC reached $130.7 billion that year, according to the statement. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Related coverage: ASEAN leaders meet as U.S. tariffs rattle regional economies Tariffs to hurt U.S. more than others: ex-Malaysia PM Mahathir ASEAN-plus-3 finance chiefs warn of protectionism after U.S. tariffs
Barnama
24-05-2025
- Business
- Barnama
China-ASEAN FTA Upgrade Adds More Certainty To Global Economy
BEIJING, May 23 (Bernama-Xinhua) -- Amid rising protectionism and unilateralism in the world, the upgrading of the China-ASEAN Free Trade Area (CAFTA) is a significant move in injecting confidence and certainty into the world economy, reported Xinhua. On Tuesday, economic and trade ministers from China and ASEAN (the Association of Southeast Asian Nations) member states announced the full completion of Version 3.0 CAFTA negotiations. This enhanced agreement includes nine new chapters covering areas such as digital economy, green economy, supply chain connectivity, among others. The landmark move for China and ASEAN, two major developing economies, underscores the enduring value of open markets and multilateral cooperation. By unswervingly supporting free trade, it not only provides greater certainty for regional and global trade, but also serves as a model of openness, inclusiveness and win-win cooperation. Driven by the CAFTA launched in 2010, bilateral trade has seen robust growth. China has been the biggest trading partner of ASEAN for 16 consecutive years, while the 10-nation bloc has been China's biggest trading partner over the past five years. Last year, bilateral trade value rose to nearly US$1 trillion. Fruitful economic and trade cooperation has contributed significantly to the economic growth of China and ASEAN and delivered tangible benefits to the people of these countries. The much-anticipated upgrading of CAFTA marks a significant stride toward deepening bilateral engagement and regional economic integration, which is crucial for sustained growth of both economies. It is also a joint effort by China and ASEAN in stabilising industrial and supply chains and striving for shared prosperity and development. China and ASEAN -- both members of the Global South -- account for a quarter of the global population and one-fifth of the global GDP, while contributing more than 30 per cent to global economic growth. Yet there are disparities in infrastructure development between China and ASEAN countries, with the "digital divide" remaining a major obstacle to economic integration. The new rules, set up through CAFTA 3.0 negotiations, will help ASEAN countries bridge the digital gap. Moreover, joint efforts are needed to safeguard the rules-based multilateral trading system and the development rights of Global South countries at a time when increasing unilateralism and protectionism are casting a shadow on global trade prospects and disturbing the world economy. With opening up considered a defining feature of its modernisation, China endeavours to foster a higher-standard open economy and share its development opportunities with the world. The upgrading of the CAFTA will provide a crucial institutional safeguard for building an integrated China-ASEAN mega-market.
