ASEAN becomes China's largest trading partner, surpassing the EU and therefore the US

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The State Council Information Office of China held a press conference on Sunday. Li Chenggang, Assistant Minister of Commerce, revealed at the meeting that China and ASEAN countries have overcome the impact of the new crown pneumonia epidemic and their economic and trade cooperation has reversed In the first eight months of this year, the total trade value between China and ASEAN increased by 3.8% year-on-year, accounting for 14.6% of China’s total foreign trade value, surpassing the total trade value with the EU, making ASEAN historically become China’s largest trading partner.

Li Chenggang pointed out that in the face of the impact of the epidemic, China and ASEAN countries have established "fast channels" to facilitate personnel exchanges, support each other with anti-epidemic supplies and medical equipment, accelerate the resumption of work and production, strengthen interconnection, maintain the stability of the industrial chain and supply chain, and jointly promote Regional economic recovery. From January to August this year, the total value of China-ASEAN trade reached US$416.5 billion (RM173.6 billion), a year-on-year increase of 3.8%. In the first half of this year, China’s investment in ASEAN reached US$6.23 billion (RM25,973 million), a year-on-year increase of 53.1%, and ASEAN’s actual foreign investment in China also increased by 5.9%.

According to data previously released by the General Administration of Customs of China, in the first eight months of this year, the total value of trade between China and the EU was RMB 281 trillion (RMB 171,520 million), an increase of 1.4% and accounting for 14% of China's total foreign trade; The total value of Sino-U.S. trade was RMB 2.42 trillion (RM147.28 billion), a decrease of 0.4%, accounting for 12.1% of China’s total foreign trade value; the total value of trade between China and Japan was RMB 1.4 trillion (RM85.210 billion) , An increase of 1%, accounting for 7% of China’s total foreign trade value.

Li Chenggang also revealed that all parties are intensively advancing the progress of the "Regional Comprehensive Economic Partnership Agreement (RCEP)" in preparation for the signing of the agreement as scheduled during the year. He emphasized that China will continue to support ASEAN’s central position in RCEP, complete the remaining technical preparations with all parties as soon as possible, and jointly promote the signing of this agreement as soon as possible.