China and ASEAN are poised to deepen their economic and trade ties as the 20th China-ASEAN Expo kicks off in Nanning, China’s Guangxi Zhuang Autonomous Region. This milestone event comes at a crucial time as the global geo-economic landscape undergoes rapid changes and Western markets face sustained weaknesses.
Chinese Premier Li Qiang will attend the opening ceremony of the expo, emphasizing its significance. Foreign leaders and senior officials from ASEAN countries, including Cambodia, Laos, Malaysia, Vietnam, Indonesia, and Thailand, will also be present.
The expo is expected to reach pre-pandemic levels in terms of scale, with nearly 2,000 businesses participating, including 750 foreign companies from 45 countries and regions. The total exhibition area will span 102,000 square meters, and project deals worth over 400 billion yuan ($54.88 billion) are anticipated to be signed, with manufacturing projects comprising over 40 percent.
This year’s expo focuses on diverse areas of cooperation, including trade in services, science and technology, and investment, reflecting the evolving trends in China-ASEAN collaboration. It highlights new growth points in both economic development and industrial structure transformation.
Over the past two decades, the China-ASEAN Expo has significantly contributed to boosting cooperation between the two sides. China-ASEAN trade has grown from over $100 billion in 2004 to $975.34 billion in 2022, with China consistently being ASEAN’s largest trading partner. As of July 2023, two-way investment between China and ASEAN has exceeded $380 billion.
The expo’s ability to adapt to new growth points has played a pivotal role in these achievements. With prevalent weaknesses in US and European markets, this year’s expo is particularly meaningful as it provides a crucial platform for developing countries to boost their economies.
The event showcases China’s commitment to fostering regional cooperation and strengthening ties with ASEAN, which is vital in the ever-changing global economic landscape.