BEIJING — The 27th ASEAN (Association of Southeast Asian Nations) Summit announced the ASEAN Community will get established on December 31, which will be the first sub-regional community formed in the continent.
As one of the most active dialogue partners, China has made significant contributions. As developing markets, China and ASEAN pursue development via regional cooperation and stability.
In 2013, Beijing proposed the China-ASEAN community of destiny. In the same year, Premier Li Keqiang called for a ‘diamond decade’ of China-ASEAN Relations.
Under the 2+7 framework that is intended to deepen strategic mutual trust focusing on economic development; all related nations have embarked on better relations in the fields of politics, trade, inter-connectivity, finance, maritime cooperation, security and people-to-people exchanges.
The ‘diamond decade’ has jumped to a good start. In 2014, trade volume between China and ASEAN reached over $480 billion with an increase of 8.3 percent and 4.9 percent higher than China’s overall foreign trade growth rates.
By the end of 2014, accumulative two-way investment between China and ASEAN countries had reached over $130 billion, of which ASEAN countries’ investment in China stood at more than $90 billion.
Trade volume is forecast to surge to $10 trillion by 2020. Li was invited to the East Asia Cooperation leaders’ serial meetings in Kuala Lumpur, Malaysia on November 20-23.
The 10+1 mechanism is the basis for China’s participation in East Asian cooperation.
Premier Li highlighted Beijing’s policies to ASEAN countries, along with describing the 21st Century Maritime Silk Road that would boost productivity and inter-operability cooperation.
The 10+3 mechanism is the main channel of East Asia cooperation.
China encourages all parties to implement the 10+3 Cooperation Work Plan (2013-2017) and the East Asia Vision Group II (EAVGII), to deepen fiscal, financial, food security and other cooperation in traditional fields.
China also encourages all parties to expand cooperation in international capacity, marine, poverty alleviation, energy, and disaster relief, to accelerate implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP) and negotiations of the Free Trade Agreement (FTA) between China, Japan and the Republic of Korea in a joint effort to establish an East Asia economic community by 2020.
The 10+8 mechanism is a platform to connect East Asia with Asia-Pacific cooperation.
Li explained Beijing’s initiatives for East Asian development, by utilizing the ‘two wheels’ strategy to maintain economic development and political security for realizing stable economic growth in the region.
China-ASEAN development momentum remains strong. China’s 13th Five-Year Plan (2016-20) and “One Belt, One Road” initiative adopted in 2013 have opened up China-ASEAN pragmatic cooperation.
China-ASEAN free trade zone negotiations are nearly completed.
In 2015, ASEAN member states and China have worked together to implement a joint declaration on the ASEAN-China Strategic Partnership for Peace and Prosperity (2016-20).
This indicates the direction of cooperation between ASEAN and China for the next five years. 2016 marks the 25th anniversary of China-ASEAN dialogue relations, which will usher in new opportunities.
The blueprint for building the ASEAN Community can inspire a new impetus to open prospects for solidarity, development and revitalization between China and ASEAN.