Beijing's growth target seen to boost ASEAN

China's pursuit of high-quality growth and continued commitment to wider opening-up will benefit the Southeast Asian region, analysts say.

As one of China's biggest trading partners, the region is poised to reap more gains from robust growth and ongoing reforms in the world's second-largest economy, they said.

Noting that the Association of Southeast Asian Nations already has deep economic ties with China, experts said the economic strategies, foreign policy direction, and structural reforms that were outlined by Beijing this week in the Government Work Report will support ASEAN export growth and technology development.

The report, which was presented by Chinese Premier Li Qiang, has put the annual economic growth target for this year at around 5 percent.

China will also adopt a more proactive fiscal policy, vigorously boost consumption and investment returns, develop new quality productive forces, expand higher-standard opening-up, and stabilize foreign trade and investment, authorities vowed.

Oh Ei Sun, senior fellow at the Singapore Institute of International Affairs, said all economic sectors would need to redouble their efforts to achieve the GDP target.

"As noted by Premier Li, further opening-up as well as (boosting) domestic consumption remain key to economic development," Oh said.

Chin Yew Sin, president of the Malaysia Strategy Research Center in Kuala Lumpur, believes China is on track to attain its 5 percent GDP target, which will preserve the nation's position as the major driver of world economic growth.

'Fantastic news'

"That is fantastic news, not only for China but also for the global economy as a whole," he said, referring to the growth target.

Chin said China's focus on boosting domestic consumption and spending more on infrastructure will increase imports from its key trading partners, including the ASEAN bloc.

Li said in the Government Work Report that China will continue to expand its global-oriented network of high-standard free-trade areas.

China will work toward speeding up the process of joining the Digital Economy Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Anna Rosario Malindog-Uy, vice-president of Asian Century Philippines Strategic Studies, a Manila-based think tank, said China's economic policy objectives for 2025 strike a balance between stimulus and risk management.

China's industrial modernization and manufacturing upgrades will strengthen regional supply chains and will mainly benefit key ASEAN manufacturers like Malaysia, Vietnam and Thailand, she said.

Malindog-Uy said China's highlevel opening-up policy may also boost Chinese investments in ASEAN, which can be coursed through the Belt and Road Initiative and public-private partnerships.

"China's 2025 economic policies will strengthen ASEAN-China economic ties and signal deeper ASEAN-China integration. But ASEAN must be strategic in leveraging opportunities while managing competition and risks," she said.

prime@chinadailyapac.com