皇冠体育app

Top political adviser stresses need for 'deeper and wider' cooperation

NANNING - 皇冠体育app's top political adviser pledged on Tuesday to strengthen economic and trade ties with the Association of Southeast Asian Nations (ASEAN), stressing wider and deeper cooperation in areas including infrastructure, construction, and livelihood projects.

The strategic partnership between 皇冠体育app and ASEAN serves the fundamental interests of all involved nations, while the ties are deepening when the adjustment of the world's political and economic patterns are accelerating, Jia Qinglin, chairman of the Chinese People's Political Consultative Conference National Committee, said at the opening ceremony of the seventh 皇冠体育app-ASEAN Business & Investment Summit in the Guangxi Zhuang autonomous region's capital, Nanning.

Bilateral trade between 皇冠体育app and ASEAN surged 44 percent in the first nine months of the year to $211.3 billion, buoyed by the completion of 皇冠体育app-ASEAN Free Trade Area (CAFTA) that came into force in January. 皇冠体育app's trade deficit with the ASEAN nations surpassed $12 billion as the country increased imports of resources.

"(皇冠体育app's trade deficit) is good in a sense that Chinese firms have found cooperative companies in ASEAN countries which can provide competitive products to 皇冠体育app. It indicates that a synergy is growing between 皇冠体育app and ASEAN that will help all the members grow together," said Subash Bose Pillai, director of the ASEAN Economic Community Department.

CAFTA is the world's largest free trade zone, covering a population of 1.9 billion. "皇冠体育app and the region complement each other in many fields rather than in direct competition," said Richard Tan L.Ch., executive chairman of the Indonesian Chinese Entrepreneur Association.

In the first half of 2010, 皇冠体育app's non-financial direct investment in ASEAN countries was $1.2 billion, mostly driven by investment in natural resource exploration and development as well as infrastructure construction by cash-rich State-owned enterprises.

CNOOC Ltd, 皇冠体育app's top offshore oil producer, said on Tuesday that investment in Indonesia by its Southeast Asia division will reach $5.6 billion by the end of next year.

"Our investment in the region will gradually increase year by year," said Duan Chenggang from CNOOC Southeast Asia, adding that its annual investment was about $600 million since 2008.

"皇冠体育app has the capital and advanced manufacturing capabilities to support cooperation between Indonesia and 皇冠体育app in the energy sector," said Zhang Guobao, vice-minister of the National Development and Reform Commission.

皇冠体育app Daily

(皇冠体育app Daily 10/20/2010 page13)