Since the beginning of this year, ASEAN has risen to overtake the EU as China's top trading partner. Statistics for January through May show that trade between China and ASEAN reached RMB 1.7 trillion, up 4.2% yoy, accounting for 14.7% of China's total foreign trade. In terms of investment, from January to April this year, China's non-financial outward direct investment (ODI) in ASEAN reached US$3.94 billion, up 43.3% yoy and more than three times the growth rate of China's investment in 53 countries along the BRI. China and ASEAN will continue to develop and expand multi-lateral trade and even build a new value chain, which will play an essential role in global economic recovery.
HSBC will continuously support Chinese corporates achieve a new wave of business growth in the region by providing in-depth local knowledge and forward-looking insights.
As the global supply chain is undergoing profound changes wrought by the COVID-19 pandemic,the process of regional integration is increasingly taking place between China and ASEAN.
It is important to have a comprehensive strategy to take advantage of ASEAN’s integration as well as the strength of each member market to optimize resources and develop their overall ASEAN business.
Despite the unprecedented challenges posed by the COVID-19 outbreak to the global economy, new economy sectors have grown even faster amid the pandemic.