China aims for mutually-beneficial ties with neighbors (2)

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China aims for mutually-beneficial ties with neighbors (2)

(Xinhua) 11:14, October 07, 2013

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ECONOMIC MUTUAL BENEFITS, COMMON PROSPERITY

Li's visits were also expected to boost trade and economic cooperation with ASEAN member states, including Brunei, Thailand and Vietnam, which have all enjoyed dynamic trade and economic ties with China.

China was the largest trade partner of ASEAN last year, and ASEAN the third largest of China.

In 2012, two-way trade between China and Brunei, which has a population of only about 400,000, reached more than 1.6 billion U.S. dollars, with cooperation in such fields as trade, economy, energy and infrastructure gradually deepened.

Meanwhile, bilateral trade volume between China and Thailand, the second largest economy in ASEAN, stood at nearly 70 billion dollars. China is the largest trade partner of Vietnam, and the two countries' trade volume reached about 50 billion dollars last year.

For ASEAN as a whole, two-way trade between China and the regional bloc rose to more than 400 billion dollars in 2012, from 55 billion 10 years ago.

Based on those achievements, analysts said, Li's visits will push forward the interconnection both between China and ASEAN members and within the regional bloc, and upgrade a free trade area between the two sides.

China and ASEAN have a "mutually-beneficial, win-win" economic relationship, said Ruan, the CIIS research fellow.

Sticking to a development theory of opening-up, mutual benefit and win-win results, China will seek common development and prosperity with ASEAN member states and other neighbors.

PROMOTING REGIONAL COOPERATION

Over the past two decades, China has put forward a series of new ideas in promoting regional cooperation, and played a leading role in developing relations with ASEAN and building the ASEAN community and the East Asia community.

China will propose a new pattern for cooperation in the region during the upcoming East Asia leaders meetings, including a free trade system with regional comprehensive economic partnership (RCEP), an Asian currency stability system, an investment and financing cooperation system and an Asian credit rating system based on the Asian bond market.

The new ideas and measures will again send a clear message that China is not only providing huge market demand and momentum of economic growth for East Asia, but also injecting fresh vitality into the region's integration.

Tao Wenzhao, a researcher at the Institute of American Studies of the Chinese Academy of Social Sciences, said China's increasing economic strength is a strong backing for building the regional integration.

China's rapid growth and structure readjustment will make great contributions to the economies of its neighbors in Southeast Asia, he said.

In a word, China and surrounding neighbors have become a community of common destiny. Beijing's pursuit of mutually-beneficial ties with neighbors not only helps China's development, but also makes contributions to regional peace and stability.