NANNING, Sept. 20 (Xinhua) -- Many "firsts" at the ongoing 23rd China-ASEAN Expo give a glimpse into the potential and vitality of economic and trade cooperation that has already substantially propelled common development in this region.
Timor-Leste makes its debut at the expo in Nanning, capital of south China's Guangxi Zhuang Autonomous Region, as ASEAN's 11th member and an official co-host this year. Notably, an exhibition area has been set up for the first time to present the technological and application demands of ASEAN countries. As a new frontier for win-win cooperation, artificial intelligence has emerged as a key focus.
China has remained the largest trading partner of ASEAN for 17 straight years, and ASEAN has been China's largest trading partner for six years in a row. Bilateral trade exceeded 1 trillion U.S. dollars last year. Also worth noting is that two-way cumulative investment has exceeded 510 billion U.S. dollars.
Such booming economic and trade cooperation, exemplified by landmark cross-border industrial parks across the region, has created local jobs and delivered tangible welfare gains.
Fresh dynamism will further boost China-ASEAN cooperation and there is no lack of such momentum.
Tailored to the characteristics and needs of this region, the China-ASEAN Free Trade Area 3.0 Upgrade Protocol, which has incorporated high-standard trade and economic rules and explored ways to build more robust cooperation frameworks and institutionalized arrangements, will deliver sustained tailwinds for economic development.
The Pinglu Canal, a 134.2-kilometer waterway linking Nanning with the Beibu Gulf, officially opened to navigation on Sept. 16, providing a new corridor for the two-way flow of goods between Chinese and ASEAN markets. The waterway will also spur cross-border investment and industrial cooperation.
Firm supporters of multilateralism and free trade, China and ASEAN have steadfastly endeavored to deepen the integration of industrial and value chains.
Also, higher-standard commitments and arrangements for trade and investment liberalization and facilitation demonstrate both sides' confidence and determination in navigating shared headwinds in the economy and international trade.
China will stay committed to open cooperation and mutual benefit, steadfastly expand high-standard opening up, and work with ASEAN countries to promote the building of a closer China-ASEAN community with a shared future, while creating more benefits for people on both sides. ■
