LiuYing, a professor of the PUC’s Chongyang Institute for Financial Studies, saidthe development of economic and trade ties between ASEAN and China will besignificant to economic growth of each side in the years to come.
Tobring into full play their cooperation potential, Liu Ying called on ASEAN andChina to intensify their connectivity in policies, infrastructure and transportas well as cyber connectivity, along with enhancing political trust.
Theprofessor highlighted the quick formation of cross-border economic cooperationareas between China and ASEAN’s neighbouring countries like Vietnam, Laos andCambodia, saying such zones have helped with the process of industrialisation,urbanisation and informationalization in these countries.
LiuYing said both ASEAN and China should doubleefforts to improve their investment environment and propose more measures andpolicies to attract investors from the other side.
At the same time, it is necessary for them to increase the flowsof direct capital and boost infrastructure construction in the financialsector, Liu Ying said, urging China to provide moresupport for the ten-member group in the capital market and financialconnectivity.
In thecontext that the US Federal Reserve Bank raises its interest rates and tightensits monetary policies, and that President Donald Trump backs tradeprotectionism, enhancing financial collaboration between ASEAN and China will helpprevent external risks and financial crises, and stabilise the domestic currency,the professor said.
Besides,ASEAN and China should increase people-to-people exchange, especially ineducation and tourism, he added.
LiuYing highlighted the fact that China is ASEAN’s largest trade partner for eightconsecutive years and ASEAN has been China’s third largest trade partner overthe past six years.
Sincethe two sides started their dialogue mechanism in 1991, two-way trade expandedfrom 8 billion USD to 425 billion USD in 2016, up about 56 times within 15years.
The totalbilateral investment capital also increased from 500 million USD in 1991 to 180billion USD last year, up about 360 times within 15 years, he said.-VNA
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