Friday, 24 September, 2021

China, ASEAN move towards deeper economic

BEIJING: Economic and trade cooperation between China and the Association of Southeast Asian Nations (ASEAN) has been continuously deepening since the two sides established a dialogue relationship in 1991. Experts said that the China-ASEAN relationship has grown into the most successful and vibrant model for cooperation in the Asia-Pacific region.

Trade between China and ASEAN increased from $8.36 billion in 1991 to $685.28 billion in 2020, representing an average annual growth rate of 16.5 percent, according to recent customs statistics. The growth rate was 3.4 percentage points higher than the overall average annual growth rate of China’s foreign trade during the same period, report agencies.

Last year, ASEAN became China’s largest trading partner. Meanwhile, China has remained ASEAN’s largest trading partner for the past 12 consecutive years. Between January and August, China’s imports and exports to ASEAN reached $553.92 billion, an increase of 33.3 percent, accounting for 14.5 percent of China’s total foreign trade during the same period.