China and the Association of Southeast Asian Nations (ASEAN) are strengthening their partnership, focusing on the digital and green economies. This collaboration marks a significant shift from traditional sectors like infrastructure and energy to more sustainable and technologically driven industries.
From January to July this year, bilateral trade between China and ASEAN accounted for 15.8% of China's total foreign trade, outpacing both China-EU and China-U.S. trade by notable margins. ASEAN has been China's largest trading partner since 2020, while China has held the top spot for ASEAN's trade partners for 15 consecutive years.
As the global economy moves towards green and low-carbon development, China and ASEAN are expanding their industrial cooperation. In the digital economy sector, the partnership has seen robust demand and remarkable outcomes. According to the Asian Development Bank, nearly 70% of the over 670 million people in ASEAN countries were internet users as of 2022.
The e-Conomy SEA 2023 report, released by Google, Temasek, and Bain & Company, highlighted that Southeast Asia's digital economy generated $100 billion in revenue in 2023, eight times the figure from 2016. E-commerce, tourism, transportation, and media sectors alone contributed 70% of this revenue, showcasing the dynamic growth and potential of the region's digital landscape.
Reference(s):
Digital and green economy new highlights in China-ASEAN cooperation
cgtn.com
