China supports upgrade of FTA (2)

CPC leadership in previous generations attached high importance to diplomacy with neighboring countries, raising important issues and a guiding policy, opening up a generally sound environment, and laying the foundation for diplomacy, Xi said at the conference, held on Oct 24-25.

With respect to geography, the environment and intertwined relations, Xi said the region has a major strategic significance. Dealing with neighboring countries "should have a three-dimensional, multi-element perspective, beyond time and space".

"China welcomes investment from ASEAN while encouraging domestic enterprises to go to the bloc to invest in infrastructure, including railways," Li said. "The infrastructure interconnectivity in the region greatly boosts the trade boom and flow. We will make it come true as long as we join hands and make concerted efforts."

Niwattumrong Boonsongpaisan, Thailand's deputy prime minister and minister of commerce, said that "the ASEAN welcomes China's proposal of upgrading the China-ASEAN FTA and is willing to cooperate with China in enhancing facilities of the regional infrastructure interconnectivity to build a better future for East Asia cooperation".

Zhao Jinping, a researcher at the Development Research Center of the State Council, echoed Boonsongpaisan's sentiments.

"East Asia is facing great cooperation opportunities, and strengthening infrastructure should be a top priority, which will resolve short-term challenges while setting down the foundation of long-term development.

"In addition, the establishment of the Asian infrastructure investment bank should be accelerated."

China is the fourth-largest investor in ASEAN, which in turn is China's third-largest source of foreign direct investment. Mutual cumulative investment stood at about $110 billion as of the end of August, the Ministry of Commerce says.

Boonsongpaisan said during a meeting with Chinese Commerce Ministry Gao Hucheng on Friday that next year will be another important milestone for the trade and investment relationship, since China and ASEAN have decided to upgrade the FTA by, among other means, improving market conditions and the bilateral trade balance, and expanding the scope and coverage of the Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China.