China and the Association of Southeast Asian Nations (ASEAN) are experiencing a trade boom in 2024, with total trade volume reaching a whopping $797.63 billion in the first 10 months! 📈 This marks a 7.2% increase year-on-year, outpacing China's overall foreign trade growth.
Investment is also on the rise. In 2023, China's direct investment in ASEAN surged by 34.7% to hit $25.12 billion, with seven ASEAN countries among the top 20 destinations for Chinese investments. From January to July 2024 alone, China's foreign direct investment in ASEAN grew by 15.3%, totaling $12.96 billion.
ASEAN isn't sitting still either. Investments from ASEAN into China increased by 14.1% in the first seven months of 2024, reaching $7.3 billion. By mid-2024, the cumulative bilateral investment between China and ASEAN surpassed $400 billion, showcasing a robust and growing partnership.
Collaboration extends beyond trade and investment. The two regions are strengthening their industrial and supply chains under the ASEAN Plus Three Cooperation framework. Highlights include the adoption of the \"ASEAN Plus Three Leaders' Statement on Strengthening the Connectivity of Regional Supply Chains\" and the successful Industrial Chain and Supply Chain Partnering Conference.
The recently concluded China-ASEAN Free Trade Area 3.0 negotiations in October 2024 marked a significant milestone. Both sides agreed on high-level chapters related to the digital economy, green economy, and supply chains, paving the way for enhanced regional economic integration and setting a global example for high-standard cooperation.
Infrastructure development is also a key focus. Major projects like the China-Laos Railway and the Jakarta-Bandung High-Speed Railway are operational, with more railways under construction. Maritime and air transport connections have expanded, boasting over 150 shipping routes and direct flights to all 10 ASEAN countries, respectively. These advancements are creating seamless land-sea corridors that boost connectivity between ASEAN and Europe through the China Railway Express.
With both "soft" and "hard" connectivity on the rise, China and ASEAN are not only enhancing their economic ties but also improving the well-being of people across the region. This strong partnership is a cornerstone in building a China-ASEAN community with a shared future. 🌟🤝
