On August 25, during the press conference of the first China-ASEAN Industry Cooperation Conference, Sun Yuanjiang, Deputy Director of the International Department of the Ministry of Commerce, was interviewed by a reporter from the Economic Information Daily. He highlighted that China and ASEAN are actively exploring complementary factors within competitive industries to build a more integrated industrial chain. Xu Ningning, China’s Permanent Secretary General of the ASEAN Business Council, also shared insights at the event, emphasizing that strengthening industrial integration will enhance the global competitiveness of products within the China-ASEAN Free Trade Zone.
Sun Yuanjiang noted that while China and ASEAN have strong trade complementarities, some sectors like textiles previously faced competition. Before the China-ASEAN Free Trade Agreement entered the "zero tariff" phase, concerns about intense competition were common. However, both sides are now gradually developing a new model of industrial cooperation. Xu Ningning added that through deeper industrial integration, regional products can gain a stronger edge in international markets.
Recent data shows that bilateral trade between China and ASEAN reached $161 billion from January to July this year, marking a 50% increase compared to the same period last year. This growth outpaced China's overall foreign trade growth by 9 percentage points. China imported over $80 billion from ASEAN and exported over $70 billion, resulting in a small trade deficit. Investment flows have also surged, with Chinese investment in ASEAN rising by $1.2 billion in the first half of the year—up 126% year-on-year. This surpassed the growth of investments in the U.S. during the same period.
Sun Yuanjiang pointed out that the tariff reduction policy under the China-ASEAN FTA has brought significant benefits to Chinese enterprises. Last year alone, the cost savings from reduced tariffs amounted to approximately 6.1 billion yuan. However, he also mentioned that the process of tax cuts is gradual, and many companies are still not fully utilizing the preferential policies available.
Xu Ningning echoed this concern, noting that many businesses are unaware of the broader FTA policies beyond zero tariffs. They often overlook the opportunities in investment and service trade liberalization. A survey led by Zhang Yunling from the Chinese Academy of Social Sciences found that only 10% of enterprises actually use the FTA's preferential policies to cut costs and boost exports.
With growing interest from Chinese companies to invest in ASEAN, the region is witnessing new dynamics. Previously, high tariffs created barriers, but today, ASEAN has eliminated tariffs on about 91.5% of Chinese products, while China has done the same for 90% of ASEAN goods. Despite this progress, Xu Ningning warned that trade liberalization does not eliminate all challenges. Industries once protected by tariffs may face disruptions, and there are still obstacles for Chinese investors.
The four newer ASEAN members, in particular, struggle with policy transparency and consistency. Some governments lack efficiency, and the investment environment needs improvement. These challenges vary across the 10 ASEAN countries, each with different political systems, economic structures, and levels of development. As a result, Chinese companies encounter diverse hurdles when entering these markets.
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Jiangyin Minglang Textile Co., Ltd , https://www.jymltextile.com