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China gaining power and increasing influence over ASEAN
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China-ASEAN cooperation going wider, deeper

    NANNING, Oct. 21 (Xinhua) -- Two months ahead of the establishment
of the China-ASEAN (Association of Southeast Asian Nations) free trade
area (CAFTA), the cooperation between China and the ten ASEAN
countries has already shown signs of going much wider and deeper.

    Exchanges between China and ASEAN is expected to be expanded to
more fields including finance and to be deepened in some traditional
areas including agriculture, science and technology as more special
conferences were held during the sixth annual trade and investment
event opened Tuesday in Nanning, capital of south China's Guangxi
Zhuang Autonomous Region.

    "There is huge potential for financial cooperation between China
and ASEAN as the two sides record fast development in the financial
sector and their financial ties are inadequate to keep up with their
trade exchanges," Su Ning, vice governor of China's central bank, said
at the first China-ASEAN Summit Forum on Financial Cooperation and
Development opened Tuesday afternoon, as a part of the CAEXPO.

    The CAFTA, the world's largest FTA in terms of its 1.9 billion
population and the 3rd largest in terms of trade volume, will
undoubtedly create rising mutual demand for financial cooperation,
while the global financial crisis also puts challenges ahead, said Ma
Biao, chairman of the regional government.

    Ma said the new financial forum was held at the right time when
the CAFTA is drawing near and impact of the global financial crisis is
still lingering on.

    The forum closed on Wednesday with a joint declaration, vowing to
build a new platform of financial cooperation which is suited to the
CAFTA.

    China-Asean Agricultural Cooperation Summit Forum was held for the
first time ahead of the expo in Nanning, in which the two sides
pledged to enhance agricultural cooperation to help improve economic
development and prevent food crisis.

    China and ASEAN countries inked "Nanning Consensus" on stepping up
agricultural exchange and cooperation at the forum.

    An agricultural exhibition of 600 booths was held for the first
time at the expo, which aimed at expanding opportunities for
agricultural cooperation among China and the ASEAN countries.

    The sixth exhibition of advanced and applicable technologies for
rural area had also opened during the expo.

    China and ASEAN countries have great potential for science and
technology cooperation, especially on agricultural sciences such as
genetic food, said Cao Jianlin, vice minister of science and
technology.

    The exhibitors and turnover of the technology exhibition
constantly increased in the last five years but still fell short of
the bilateral cooperation on science and technology, he said.

    Cao encouraged companies from both sides to exchange more on the
expo for better understanding and further cooperation.

    Innovation and creativity had been adopted to improve the
attraction of the CAEXPO, said Xu Ningning, executive secretary
general of China-ASEAN Business Council.

    More professional audience had been attracted to the expo but the
number still need to be increased, which is the key to make the expo
more substantial, Xu said.

    Xu suggested to increase a section of matchmaking meetings between
trade associations of different industries in an effort to attract
more professional audience.

    The China-ASEAN relation had been closer with the development of
the expo in the last five years and the sixth expo would build a good
foundation for next year's establishment of CAFTA, said Alongkorn
Ponlaboot, deputy minister of commerce of Thailand.

    CAFTA would be a new chance for both China and ASEAN to obtain
larger market shares in each other, said Pung Kheav Se, general
manager of Canadia Bank of Cambodia, which takes 21 percent of the
country's banking market. The bank plans to attract more investment
from China to Cambodia and to open branches in China in the future.

    Chinese Vice Premier Li Keqiang declared Tuesday the opening of
the sixth annual event, which attracted 2,450 exhibitors, 16.7 percent
more than last year. The exhibitors were from ASEAN, China and some
other countries including American, France and Italy.



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Anonymous

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120b fund for ASEAN set to commence

China Daily,  22 Oct 2009

A $120 billion fund that will offer loans to Southeast Asian countries
in economic straits will be ready as early as the end of the year,
Chinese officials said in Beijing yesterday.

The fund was established in May by ASEAN (Association of Southeast
Asian Nations) and China, Japan and South Korea. Zheng Xiaosong,
director-general for international affairs at the Ministry of Finance,
said the fund would be a supplement to the International Monetary
Fund, which provides financing to members in economic difficulties.

The fund can "offer loans to poorer countries" in the region if
"another crisis happened", Zheng told a briefing.

China is a major contributor to the fund. Under the initiative, the 10
ASEAN nations plus China, Japan and South Korea agreed to create a
network of currency-swap arrangements among members of the bloc to
provide emergency funds in the event of financial crisis.

Japan and China will each contribute $38.4 billion. South Korea will
provide $19.2 billion. ASEAN nations will contribute the rest.

The fund is a major force in China's ties with the ASEAN, said Su Hao,
an international relations professor at the China Foreign Affairs
University.

"The financial crisis makes the ASEAN countries feel that they must go
to East Asian countries like China and Japan, rather than relying on
assistance from those out of the region, like the IMF, the United
States or Europe," he said.

For China, "enhancing ties with ASEAN is Beijing's most important
strategic direction in its cooperation with the East Asia region," Su
said.

Chinese officials also revealed yesterday that the China-ASEAN Free
Trade Area (CAFTA) will be established by early next year. The
announcement comes just two days ahead of Premier Wen Jiabao's trip to
Hua Hin, Thailand to attend the 15th ASEAN summit and a series of
regional summits this weekend.

China and six ASEAN nations (Brunei, Indonesia, Malaysia, the
Philippines, Singapore and Thailand) would charge no tariff on 93
percent of goods exchanged among them, according to the CAFTA
agreement.

Zhang Kening, counselor from the International Department of the
Commerce Ministry, said that "tariffs will no longer be a barrier" for
China's trade with ASEAN countries." Zhang noted that CAFTA would be
"the biggest" free trade zone by developing countries.

ASEAN also includes Vietnam, Myanmar, Laos, and Cambodia. The nation-
bloc is China's fourth biggest trade partner with a total volume
reaching $230 billion in 2008.

CAFTA would cover an area with 1.9 billion people and a total gross
domestic product reaching $6 trillion.

Foreign Minister Yang Jiechi, Trade Minister Chen Deming and Finance
Minister Xie Xuren will all accompany Wen this weekend.

Xue Hanqin, China's ambassador to ASEAN, is also part of the
delegation. She said yesterday that China Import-Export Bank would
disburse $1 billion as the first part of its $10 billion development
funds, promised by Wen in this April, to Southeast Asia.

"We hope it will help Southeast Asia develop infrastructure and
promote balanced development," she said.


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Anonymous

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FACTBOX: China's investment in ASEAN countries

    NANNING, Oct. 21 (Xinhua) -- China and the member states of the
Association of Southeast Asian Nations (ASEAN) pledged here Wednesday
to enhance economic ties at a forum of the ongoing 6th China-ASEAN
Expo held from Oct. 20 to 24.

    The following are facts about China's investment in some of the
ASEAN members:

    Direct investment from China to ASEAN countries in 2008 totaled
2.18 billion U.S. dollars, up 125 percent from 2007.

    By the end of 2008, Chinese enterprises had invested 2.75 billion
U.S. dollars in Singapore, and almost 300 Chinese enterprises had been
established there.

    By the end of 2008, China had directly invested 590 million U.S.
dollars in Vietnam, of which 200 million was newly invested in2008.

    By the end of June, 2009, contracted investment from Chinese
enterprises to Laos had amounted to 2.14 billion U.S. dollars over the
years and went into 303 projects. Currently, China is the third
biggest foreign investor in Laos, and Chinese enterprises have mainly
invested in hydroelectric exploitation, mining and agriculture.

    By the end of 2008, China had invested a total of 1.33 billion
U.S. dollars in Myanmar and become the fourth biggest foreign investor
of the country.


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Anonymous

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China attracts $52 bln investment from ASEAN

    NANNING, Oct. 21 (Xinhua) -- China had attracted 52 billion U.S.
dollars of investment over the past 30 years from the member states of
the Association of Southeast Asian Nations (ASEAN), said an official
with the China-ASEAN Business Council Wednesday.

    As of the end of 2008, the bilateral investment reached 60 billion
U.S. dollars, of which the ASEAN investment in China was 52 billion,
taking six percent of world's total investment in China, the official
said.

    The top five investors in China were Singapore, Malaysia,
Indonesia, Thailand and the Philippines in 2008, of which Singapore
had become the world's third largest investor in China, the official
said.

    The bilateral investment is obviously unbalanced, reasons are that
ASEAN countries eye China as a huge market while Chinese companies
lack experience in ASEAN, and that they already have China as a huge
market, the official said.

    Statistics from the China customs show that the trade volume
between China and ASEAN reached 231 billion U.S. dollars in 2008, with
an annual increase rate of 21.6 percent since 2004.


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Anonymous

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Why are you so surprise ? I'm not,

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Tobias G


Senior Member

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Posts: 128
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No surprise! China increasing influence over the world not only ASEAN

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niya


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