China-Indonesia trade shows strong resilience

In the face of multiple global challenges, China-Indonesia trade relations are resilient, and bilateral trade relations enjoy broad prospects, said Destry Damayanti, senior deputy governor of Bank Indonesia, during her keynote speech at a session of the Linhu Think Tank International Distinguished Lecture Series at the Yenching Academy of Peking University on March 8.

This event, titled "Synergy and Innovation for Indonesia's Economic Resilience and Revivals", was co-hosted by the Institute of Area Studies, the Office of Humanities and Social Sciences, and the Institute of Social Science Survey at Peking University.

Destry Damayanti provided an overview of Indonesia's current economic growth, emphasizing its strength and promising future. She delved into Indonesia's ongoing structural reforms and the comprehensive national policy mix, such as fiscal-monetary policy synergies, financial stability policy coordination, and acceleration of national economy and digital economy.

At the same time, she highlighted the resilience of bilateral trade between China and Indonesia, and expressed optimism for its continued growth.

"China-Indonesia bilateral relationship has never been stronger. China is Indonesia's largest trading partner and the second greatest contributor of foreign direct investment in 2023," she said.

Besides, China and Indonesia have carried out rich financial cooperation. "Local Currency Settlement cooperation between the two countries, initiated in 2020, continues to deepen," she added.

Kong Tao, head of the Research Division at the Institute of Social Science Survey, Peking University, chaired this event. Chu Xiaobo, dean of Humanities and Social Sciences, and Wang Dong, vice dean of Humanities and Social Sciences, along with Zhai Kun, deputy director of the Institute of Area Studies joined in this engaging discussion.