Businesses eye closer ties between China, ASEAN

Market participants in the business sectors of China and ASEAN expressed bullishness about closer economic and trade cooperation of the two sides, especially in the areas of smart manufacturing and green energy, as Chinese senior officials pay a visit to Malaysia, ASEAN's rotating chair, to enhance regional cooperation.

According to China's Foreign Ministry, Chinese Premier Li Qiang will attend the 28th China-ASEAN Summit, the 28th ASEAN Plus Three Summit, the 20th East Asia Summit and the fifth Regional Comprehensive Economic Partnership Leaders' Meeting in Kuala Lumpur on October 27 and 28.

Ren Hongbin, president of the China Council for the Promotion of International Trade (CCPIT), led a delegation of Chinese entrepreneurs to visit Malaysia from October 24 to 27, according to the WeChat account of the CCPIT on Monday. They attended the 2025 ASEAN Business and Investment Summit and related events of the 28th ASEAN Plus Three Summit, and visited Selangor to inspect a semiconductor industrial park and projects under construction by Chinese enterprises.

Witnessed by representatives from the government of Malaysia, the CCPIT signed a memorandum of understanding with the Malaysia-China Business Council on the establishment of the ASEAN-China-Gulf Cooperation Council (GCC) Business Council, said the account.

During the visit, Ren held talks and exchanges with Malaysian government departments, major business associations, and heads of chambers of commerce and industry from multiple ASEAN members. They exchanged views on strengthening institutional exchanges and promoting cooperation between the Chinese and ASEAN business communities, the CCPIT said.

Ren highlighted the spirit of the 4th plenary session of the 20th Central Committee of the Communist Party of China, noting that the CCPIT will work hand-in-hand with the ASEAN business community to deepen multilateral and bilateral practical cooperation, jointly maintain the stability and smooth flow of regional industrial and supply chains, and make greater contributions to building a closer China-ASEAN community with a shared future, according to the account.

"China has always attached great importance to ASEAN's market of 650 million people. The visit by senior Chinese officials has made the RCEP between China and ASEAN more concrete and deeply developed, bringing more trade opportunities to enterprises in the China-ASEAN region," Rich Too, CEO of independent think tank SEEDS Malaysia, told the Global Times on Monday.

In the new development stage where digital transformation intersects with the green and low-carbon transition, China and ASEAN are using cooperation in strategic emerging industries as a breakthrough to restructure a more resilient regional value chain system. Both sides have broad prospects for collaborative innovation in deepening areas such as digital infrastructure, smart manufacturing, and green energy, Liao Bin, executive chairman of the ASEAN-China Association for the Promotion of Industrial Cooperation and Development, told the Global Times on Monday.

On Monday, Xiamen Airlines told the Global Times that its flight MF8661 took off from Quanzhou, East China's Fujian Province, marking the official inauguration of the direct route between Quanzhou and Kuala Lumpur. The route operates four flights per week on Mondays, Wednesdays, Fridays, and Sundays, providing great convenience for travel between the two cities.

The officials' meetings in Malaysia also came as China and ASEAN countries fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA 3.0) in May. The upgraded FTA will introduce nine new chapters covering areas such as the digital economy, the green economy and supply chain connectivity, according to the Xinhua News Agency.

"The CAFTA 3.0, which has demonstrated the institutional openness between China and ASEAN, will be in the spotlight as Chinese and ASEAN leaders gather in Malaysia," said Xu Liping, director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, noting that the CAFTA 3.0 will further unleash potential cooperation in the fields of the digital economy and green development of both sides.

In an earlier interview, ASEAN Secretary-General Kao Kim Hournsaid that with the 3.0 CAFTA, economic cooperation between ASEAN and China is expected to reach new heights, particularly in new areas like e-commerce, digital trade, and digital payments, which is very important, particularly in the context of current global economic dynamics.

The China-ASEAN relationshiphas become the most successful and dynamic model of cooperation in the Asia-Pacific region, Lü Daliang, spokesperson of the General Administration of Customs (GAC), said on October 13 during a press conference in Beijing.

In the first three quarters of this year, China's total trade with ASEAN countries marked a year-on-year increase of 9.6 percent, accounting for 16.6 percent of China's total foreign trade, with ASEAN maintaining its position as China's largest trading partner, according to the GAC.

"Strengthening regional cooperation between China and ASEAN can shape a more comprehensive and consolidated economic and trade ecosystem. This enables proactive efforts amid global uncertainties to create a predictable trade environment, fostering a future for East Asia that is co-built, shared, and prosperous," Rich Too noted.

Xu told the Global Times that collaboration between China and ASEAN provides a valuable reference for global regional cooperation, especially in the current context of rising anti-globalization. "Promoting regional cooperation, upholding the banner of free trade and multilateralism, and opposing unilateralism are crucial for the stable development of the global economy," the expert noted.