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Xu Bu: ASEAN, China seek beneficial cooperation

APD

APD

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XuBu,theChineseambassadortoASEAN

WelcomingthecommencementofregionalintegratedeconomysocietyofASEANEconomicCommunity(AEC)regimeslatedforlaterthisyear,aninitiativetofosterproductioncapacitycooperationbetweenASEANandChinawassoughttofurtherexpandeconomyandtradetiesbetweenthetwoeconomies.

ThethoughttofurtherexplorethecooperationwashighlightedinahighlevelforumdiscussingfuturerelationsofAECandChinainproductioncapacitycooperationheldhereonFriday,attendedbyseniorfiguresandstakeholdersofthetwoeconomies.

"TheAECwouldserveasahugeeconomicregimethatprovidesenormousopportunitiesanddeepeneconomicandtraderelations,especiallycooperationinproductioncapacitybetweenASEANandChina,"ChineseAmbassadortoASEANXuBusaidinhisremarkstoopentheforum.

TheAECregimewouldintegratealltencountrymembersofSoutheastAsianpoliticsandeconomyblocasasinglecommunitythathassinglemarket,aimedatinclusivelyimprovingeconomy,competitivenessanddevelopmentamongmembercountries.

Withtotalpopulationofmorethan600million,averageatproductiveages,theAECpromiseslucrativebusinessforeconomyentitieswillingtoestablishcooperationwith.Theblochasbeenseeingpositiveeconomicgrowthamidglobaleconomyslowdowninthelastfewyears.

HesaidthatChinahasbeenthelargesteconomicandtradepartnertoASEANinthelastfourconsecutiveyearswithtwo-waytraderecordedat483billionU.S.Dollarsasoflastyearandtargetedat500billionU.S.Dollarsthisyear.

HeaddedthatdeliberationsonFreeTradeAgreement(FTA)betweenASEANandChinawasunderwayatthemomentandexpectedtobesettledbytheendoftheyear.ShouldtheFTAbetweenthetwoeconomieswasapproved,two-waytradebetweenChinaandASEANwouldbetargetedtoreach1trillionU.S.Dollarsby2020,hesaid.

Accordingtotheambassador,productioncapacitycooperationhasbeenpartiallyappliedwithSingaporeandThailand.TheoneestablishedwithSingaporesince1994wasformedinSuzhouIndustrialPark,highlyexpectedasthemodelofsimilarcooperationwithAECinthefuture.

ChinahaspreparedmechanismtosupportpossibleproductioncapacitycooperationwithAECwithitsMaritimeSilkRoadinitiative,enablingthetwoeconomiestohaveexcellentdistributionandtransportationofresourcestoboostupthecooperation.

TheideatoestablishproductioncapacitycooperationbetweenAECandChinawashailedbyaseniorIndonesianofficial,sayingthatASEANandChinashouldcooperatecloseranddevelopnewstrategytofacethechallengestogether.

"With620millionpopulationinASEANwithmediumageof28yearsold,AECprovidesdemographicbonustothecooperation,particularlyintermsofworkforcesandproductconsumers.ASEANistherightplacetocooperatewith,"DirectorGeneraloftheResilienceandDevelopmentofInternationalIndustryAccessatIndonesia'sIndustryministryAhmadSigitDwiwahjonosaidinhisremarks.

AhmadsaidthatChina'sexcellentscaleofeconomy,politicalandeconomystabilityandhigh-skilledworkforcescouldbeusedtofurtherstrengthentheeconomycooperation.

ForIndonesia,suchacooperationwashighlyexpectedtonarrowthedeficitofitstradewithChina.HesaidthattradetiesbetweenIndonesiaandChinahasbeendemonstratingpositivetrendwith6.65percentgrowthwasseenfrom2010to2014.

Indonesiahas40percentofASEANpopulationestimatedin2015,besidesthat,thelargesteconomyinSoutheastAsiaboastsvariouskindsofnaturalresourcesfromoil,gas,gold,copperandcoal.

Hesaidthatthecurrentgovernmentwasdetermenttoseesignificantimprovementfrominvestmentsector,addingthatgovernmenthassimplifyregulationsandproceduretoinvest.