On September 17,the 23rd China-ASEAN Expo and the China-ASEAN Business and Investment Summit opened in Nanning,Guangxi.(Photo by Wang Yizhao)
(By Miao Chao and Du Xiaoxiao)
The 23rd China-ASEAN Expo opened on September 17 in Nanning, capital of south China’s Guangxi Zhuang Autonomous Region.The event also saw the release of Vision on China-ASEAN Economic and Trade Cooperation (hereinafter referred to as the“Report”). The Report projects that in 2027, cooperation between China and ASEAN will expand beyond traditional trade and investment liberalization and facilitation into emerging areas such as digitalization, green development and standards.
With the further implementation of the China-ASEAN Digital Economy Partnership, cooperation between the two sides is expected to continue expanding in areas including the development of 5G communication networks, data center deployment, cloud computing services and artificial intelligence applications.
The Report projects that cross-border financial services will experience rapid growth. ASEAN is one of the world’s fastest-growing regions in digital finance,with the adoption of mobile payments continuing to rise and emerging sectors such as digital banking, insurtech and cross-border payments developing rapidly. Chinese fintech companies are expected to promote the wider application of services such as mobile payments, digital lending and robo-advisory in ASEAN markets. In addition,digital content services, including online literature, online games and digital music, will become new growth drivers for bilateral trade.
The implementation of the Green Economy Chapter of Version 3.0 of the China-ASEAN Free Trade Area will provide strong institutional support for bilateral green trade. According to the Report, trade between China and ASEAN in products such as new energy vehicles,lithium batteries and photovoltaic products is expected to continue expanding.
The Report also notes that China's exports of complete sets of equipment, including high-capacity wind turbines, high-efficiency solar panels, ultra-high-voltage power transmission components and large-scale energy storage systems, will benefit from more convenient market access conditions in ASEAN. Environmental protection equipment, such as industrial wastewater treatment systems and air purification equipment, will also become a new growth area in bilateral trade in industrial capital goods.
In terms of green trade, the Report states that China and ASEAN will promote the mutual recognition of standards and conformity assessment results in areas including carbon footprint accounting,green manufacturing evaluation, new energy vehicles and power batteries. This will significantly reduce the costs associated with repeated testing and certification of green products traded between the two sides.
The Report was jointly compiled by the Secretariat of the China-ASEAN Expo and Guangxi University,with the aim of helping businesses identify new business opportunities. (End)
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