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Background: China-ASEAN economic cooperation

08-10-2011 09:28 BJT

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China's economic ties with ASEAN countries have developed at a rapid pace since the China-ASEAN Free Trade Area was established last year. The two sides hope to expand cooperation in more sectors.

Data from the Ministry of Commerce shows that bilateral trade volume between China and ASEAN countries amounted to nearly 80 billion US dollars in the first half this year. That's an increase of 25 percent, compared to last year. China has become ASEAN's largest trading partner, while ASEAN has overcome Japan to become China's third largest trading partner.

Cooperation in investment is also improving. By the end of June, as much as 80 billion US dollars have been invested bilaterally. The Ministry of Commerce says China has provided more than 12 billion US dollars to fund infrastructure construction, such as roads and power stations, in ASEAN countries. In recent years, the two sides have enhanced cooperation in financial, architecture and tourism industries.

China and ASEAN countries agreed in 2002 to launch the China-ASEAN Free Trade Area in 2010. Ten key cooperation fields were set out, including agriculture, transportation, energy and the development of the Mekong River region.

 

ASEAN flag

Editor:Li Wanran |Source: CNTV.CN

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