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The annual China-ASEAN Expo and the China-ASEAN Business and Investment Summit are underway in the southern Chinese city of Nanning. At the opening ceremony, China’s Vice Premier Zhang Gaoli promised more investment and said China's economic initiatives will benefit ASEAN nations.

Trade, investment, business among major economies during China-ASEAN Expo

China and its southeastern neighbors are seeking closer economic bonds. This year’s China-ASEAN Expo picks up on China’s Belt and Road initiative, an economic belt to connect the bloc with world’s second largest economy.  

“We will make China’s 21st Century Maritime Silk Road initiative serve ASEAN’s development. We call for more pragmatic cooperation to achieve a win-win relationship. We will also help to shorten economic gaps among ASEAN nations,” said Zhang Gaoli.

For 13 years, the expo has been serving as a bridge to promote ASEAN exports to China, and China’s investment in ASEAN. This year, it has attracted more than 2,600 companies.

Many ASEAN exhibitors bring their local commodities, from farming products, wooden furniture to handicrafts. And China has been pumping huge money and industrial capacity into building infrastructure in many ASEAN countries.

“To meet different needs of ASEAN nations, China is willing to do more direct investment, contract for more projects, and export more technology and industrial equipment,” Zhang said.

In the past decade, trade volume between the two sides has tripled. The economic ties are not only about exchanges of goods and money, but also about a more connective and united market.