China-ASEAN cooperation to unleash growth potential

Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics in Beijing:

The ever-strengthening economic and trade cooperation between China and the Association of Southeast Asian Nations will further unleash the growth potential of the regional economy to improve the welfare of local people, while also injecting new development impetus to the world economic recovery that is still suffering from the COVID-19 pandemic and rising protectionism.

The ASEAN countries, with different levels of development and resources, have strong economic and trade complementarity with China and have long been a destination of priority for China's foreign trade and outbound investment activities.

The free trade agreement and its upgrades between China and ASEAN countries, together with the RCEP signed last year, have provided a solid foundation of institutions and rules for the two sides to advance their economic and trade cooperation to new heights.

The RCEP, to take effect in six ASEAN countries (Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam), and four non-ASEAN countries, China, Japan, Australia and New Zealand, at the start of next year, will significantly promote the free flow of production factors and investment among member countries, and strongly boost integration of regional industrial and supply chains to tighten economic and trade ties in the region.