The month’s latest events

CHINESE MEDIA

Third BRF ushers in brighter prospects of development

The third Belt and Road Forum for International Cooperation (BRF) was held successfully on October 17 and 18 in Beijing.It was attended by over 10,000 registered representatives from 151 countries and 41 international organizations,which showcased the tremendous appeal and global influence of Belt and Road cooperation.

During this Forum,458 outcomes were reached,far exceeding the number of the last Forum.These tangible cooperation outcomes were recognized and commended by attendees and international personages.

In his keynote speech delivered at the opening ceremony of the third BRF,Chinese President Xi Jinping announced eight major steps China will take to support the joint pursuit of high-quality Belt and Road cooperation,including building a multidimensional Belt and Road connectivity network,supporting an open world economy,carrying out practical cooperation,promoting green development,advancing scientific and technological innovation,supporting peopleto-people exchanges,promoting integrity-based Belt and Road cooperation and strengthening institutional building for international Belt and Road cooperation.

Standing at a new historical starting point,China looks forward to working with all parties to carry forward the Silk Road spirit,embark on a new journey of Belt and Road cooperation,and usher in a better future of joint progress toward global modernization.

Chinese hospital provides assistance to Lao hospital on treating thalassemia

Staff members from the First Affiliated Hospital of Guangxi Medical Universityin China have worked in Mittaphab Hospital in Lao capital Vientiane to assist with the treatment of thalassemia,helping strengthen the skills of Lao medical staff.

Deputy Director General of Mittaphab Hospital,Ketmany Phetsiriseng,on October 16 spoke highly of the results of cooperation projects between the two hospitals,saying this has brought practical benefits for the local people,including in the diagnosis and treatment of thalassemia.

Thalassemia is an inherited blood disorder that causes anaemia and can be fatal.Some people who suffer from this condition need monthly blood transfusions.

The two hospitals signed a cooperation agreement in 2019 on treating thalassemia.In 2022,some 300 Lao people suffering from thalassemia visited Mittaphab Hospital seeking advice and treatment,according to the newspaper report.

China’s leading PV manufacturer launches new plant in Malaysia’s Selangor state

LONGi Green Energy Technology Co.,Ltd.,a leading enterprise in the solar photo-voltaic (PV)industry in China,launched a new factory in Malaysia’s Selangor state on October 17 as it expands its manufacturing base in the Southeast Asian country.

The Serendah Module Plant will boost Malaysia’s efforts towards implementing sustainable,green energy production,Investment,Trade and Industry Ministry deputy secretary-general Bahria Mohd Tamil said in her remarks at the launch.She said close collaboration with the Chinese manufacturer will enable Malaysia to tap into the surging PV sector which is expected to grow exponentially.

The plant sits on a 140-acre site and will employ some 2,000 Malaysians upon completion with an investment value of 1.8 billion ringgit (US$380 million).

Thailand enters quality tourism agreement with Chinese business partners

Thailand is keen on promoting high quality tourismfor incoming Chinese travellers with a new agreement with Chinese businesses.

Thailand’s Prime Minister Srettha Thavisin presided over the signing ceremony of a letter of intent (LOI) between the Tourism Authority of Thailand (TAT) and eight leading tourism players in China during his first official visit to China.

At the signing ceremony on October 19,Srettha said the Thai government places importance on reinforcing the comprehensive Thailand-China strategic partnership and strengthening cooperation in areas,such as trade and investment,education,art and culture,and tourism.

Ultimately,this will help reach the target of 4 million to 4.4 million Chinese tourists in 2023,generating over 200 billion baht (US$6.4 billion),and bringing the overall number of this year’s tourist arrivals to 25-30 million.

China-ASEAN FTA provides enormous benefits to enterprises,peoples in both regions

The China-Association of Southeast Asian Nations (ASEAN)Free Trade Area (CAFTA) agreementhas provided tremendous advantages to enterprises and peoples in both regions,a Cambodian official and experts said on October 23.

Cambodian Ministry of Commerce’s Secretary of State Tat Puthsodary said the CAFTA has greatly boosted trade and investment volumes between the two sides.Within 13 years of CAFTA implementation,bilateral trade between Cambodia and China has increased more than 10 times from US$1.25 billion in 2010 to US$11.69 billion last year.The CAFTA came into effect on January 1,2010,leading to the liberalization and facilitation of trade among the 11 countries.Currently,China and the 10-member ASEAN are actively pushing forward the version 3.0 CAFTA negotiations,which will provide new opportunities for trade and investment cooperation between both sides.

VOICES

“Together,with the contributions of the Belt and Road Initiative,we can turn the infrastructure emergency into an infrastructure opportunity,supercharge the implementation of the sustainable development goals,and deliver hope and progress for billions of people and the planet we share.”

— United Nations Secretary-General António Guterressaid at the Third Belt and Road Forum for International Cooperation on October 18

“The BRI is an important initiative that benefits all humanity by strengthening infrastructure construction,trade and investment,cultural and people-to-people exchanges.”

— Thai Prime Minister Srettha Thavisinsaid during an interview with Xinhua in Bangkok,Thailand,on October 15

“I am confident [that] Malaysia can draw invaluable insights from China’s experience in economic development,rooted in factors such as strong government commitment to economic growth,exportoriented manufacturing,a large and educated workforce,a thriving entrepreneurial culture,and attracting FDI.”

— Malaysian Deputy Prime Minister Fadillah Yusofsaid at the opening ceremony of the Belt and Road Symposium Malaysia in Kuala Lumpur,Malaysia,on October 25

4.2million

More than4.2 millionvehicles have traveled on the Phnom Penh-Sihanoukville Expressway in the first 11 months since its official opening to the public in November last year.Invested by the China Road and Bridge Corporation (CRBC) with US$2 billion,the 187-km expressway connects the capital Phnom Penh with the international deep-water seaport province of Preah Sihanouk.The expressway was one of the fruits of cooperation between Cambodia and China under the framework of the Belt and Road Initiative (BRI).With two lanes for traffic in each direction plus an emergency lane on each side and paved with asphalt concrete,vehicles will be able to reach their destinations within two hours through the expressway instead of five hours on National Road 4.

44..66%

Economic activity in the Asia-Pacific region remains on track to contribute about two-thirds of global growth in 2023,the International Monetary Fund (IMF) said in itsOctober 2023 Regional Economic Outlook for Asia and Pacificreleased in Singapore on October 18.Growth in the region is projected at4.6 percentin 2023,an increase from 3.9 percent in 2022,and broadly as projected in IMF’sMay 2023 Regional Economic Outlook.The Asia and Pacific region remains a relatively bright spot compared to the 3-percent expected global growth this year.Its growth is projected to moderate to 4.2 percent in 2024.The boost from China’s reopening in the first half of the year was above expectations.Strengthening multilateral cooperation and mitigating the effects of fragmentation are vital for Asia’s mediumterm outlook,according to the IMF.

UUSS$$7711..99billion

Driven by the fast growth of the RCEP agreement,China and Singapore saw their trade value grow 4.4 percent year-on-year toUS$71.9 billionin the first eight months of 2023,data from China’s General Administration of Customs showed.China exports mainly construction materials,machinery,agricultural products,computers,raw materials,electronics,furniture,toys,textiles,garments and household appliances to Singapore.Supported by a strong transit trade development model,Singapore mainly ships electromechanical equipment,plastic,rubber,chemical and mineral products to China.Meanwhile,SP Group,the Singaporean national power grid operator and a wholly owned subsidiary of Temasek Holdings,Singapore’s sovereign wealth fund,plans to increase investment in China’s clean energy sector.In April 2022,Singapore surpassed Japan for the first time to become China’s largest cumulative source of foreign investment.

ASEAN MEDIA

The StarOct 21,2023

Malaysia,China to sign MOUs in creative industry,cyber security

Malaysia and China will sign several memorandums of understanding (MOU) to strengthen bilateral relations,including in the fields of content production and cyber security,says Fahmi Fadzil.

The Communications and Digital Minister said Malaysia and China signed an MOU in the field of telecommunications in September last year,but there are several other aspects where understanding can be established.

“Bilateral meetings had been held and there were a number of matters discussed,including measures for close cooperation between the two countries in several fields including content creation or co-production that focuses on content that also attracts Chinese tourists to Malaysia,” he said.

Fahmi was previously reported as saying that Malaysia would look into the action taken by the Indonesian government to ban e-commerce transactions on TikTok before devising appropriate measures.

Bangkok PostOct 20,2023

Chinese rebound could help Thailand

The Thai economy and stock market could benefit from China’s economy,which performed better than expected during the third quarter,according to analysts who expressed hopes that Beijing will launch more stimulus measures later this year.Koraphat Vorachet,head of research at Krungsri Capital Securities,said China’s GDP growth of 4.9% in the third quarter beat the market estimate of 4.5%,indicating government policies have effectively lifted the economy.

Kasikorn Research Center (K-Research) said stimulus policies,including interest rate cuts to increase consumption of goods and services as well as tax incentives for purchases of electric vehicles and new homes,prompted third-quarter GDP to beat the forecast.Beijing is likely to introduce more stimulus measures later this year,particularly fiscal policies and additional measures to revitalise the property sector.

VNAOct 20,2023

Shipments to China account for 22% of total agro-forestry-fishery exports

Agro-forestry-fishery exports reeled in about 38.48 billion USD in the first nine months,of which 22.1%came from China -Vietnam’s biggest market of the products.

According to the Ministry of Agriculture and Rural Development,the export value to China grew 13.8%year-on-year,while that to other traditional markets like the US and Japan dropped.Between the beginning of the year and now,despite decreasing-purchasingpower-affected negative impacts facing the global trade,positive growth has been logged for the turnover of Vietnamese farm produce shipped to China.

Currently,China has given permissions for 12 vegetables and fruits,over 800 seafood processing facilities,and 48 kinds of seafood from Vietnam.The nation has also allowed the pilot import of Vietnamese passion fruit and chili.

The Straits TimesOct 19,2023

S’pore stresses supply chain resilience,green financing at Beijing forum

Singapore politicians reiterated the Republic’s support for China’s Belt and Road Initiative (BRI) at a high-level forum in Beijing,while also stressing the need to strengthen global supply chains and bolster international cooperation on green financing.

Speaking at the Third Belt and Road Forum for International Cooperation on Wednesday,Acting Transport Minister Chee Hong Tat said the Covid-19 pandemic has underscored the importance of supply chain resilience.

As a trading nation,air hub and seaport,Singapore believes the way to achieve resilience is by diversifying trade links and enhancing interdependence and mutually beneficial cooperation,Mr Chee said.

The values that underpin the initiative are in line with Singapore’s objectives of developing an open,multilateral and rules-based system to strengthen global supply chains,and creating win-win outcomes for all stakeholders.