KUALA LUMPUR, Oct. 13 (Xinhua) -- China and ASEAN have inaugurated a transformative phase of regional economic cooperation anchored in digital innovation, financial integration, and technological capacity building, as key agreements begin to take effect, according to a Malaysian scholar.
The fruition of the China-ASEAN Free Trade Area Version 3.0 and the ASEAN Digital Economy Framework Agreement is setting the institutional foundation for a digital economy in Southeast Asia projected to reach 2 trillion U.S. dollars by 2030, Ong Tee Keat, president of the Belt and Road Initiative Caucus for Asia-Pacific, told a recent forum.
Ong pointed out that the evolution of the Belt and Road Initiative into a high-quality, sustainable phase requires strong digital and financial integration alongside physical infrastructure, while local currency settlements, bilateral currency swap networks, and interoperable digital payment systems have proven their value in insulating cross-border trade from external shocks.
Highlighting China's AI Plus International Cooperation Initiative and mechanisms such as the World Artificial Intelligence Cooperation Organization, Ong noted that these platforms offer practical pathways for open technology transfers and equitable artificial intelligence governance.
The true measure of regional resilience lies not in how swiftly the most advanced economies leap ahead, but in our collective ability to uplift the most vulnerable, Ong said, adding that the enduring China-ASEAN partnership offers a proven template for regional economic synergy and shared prosperity. ■