China News Agency, Beijing, December 6th. Title: Interview with the Executive Chairman of the China-ASEAN Business Council: The ASEAN economy is recovering this year
Author Liu Wenwen
In the past three years, China and ASEAN, which live next to each other, have become each other's largest trading partner and important investment partner.
The end of 2022 is approaching, what is the economic situation of ASEAN this year?
How is the trade situation between China and ASEAN?
China News Agency recently interviewed Xu Ningning, executive chairman of the China-ASEAN Business Council, chairman of the RCEP Industrial Cooperation Committee, and China's chief ASEAN business expert.
Talking about the overall economic situation in the ASEAN region this year, he said that the economic growth rate in the ASEAN region will be -3.2% in 2020 and 3.0% in 2021, and it is expected to reach 4.9% and 5.2% this year and next.
Vietnam, the Philippines, and Malaysia are expected to be at the forefront of economic growth among the ten ASEAN countries this year.
Let’s talk about Vietnam first. Xu Ningning mentioned that the Vietnamese government predicts that Vietnam’s economy will grow by 8% this year.
In the third quarter, Vietnam’s GDP growth rate exceeded expectations, with a year-on-year increase of 13.67%, making the GDP growth rate in the first nine months reach 8.83%.
In the first 11 months, Vietnam's macro economy remained stable, and the core inflation rate was controlled below the set target of 4%.
In the first 11 months, Vietnam's trade in goods reached US$673.82 billion, an increase of 11.8% year-on-year.
In terms of countries, China is Vietnam's largest importer, and the United States is Vietnam's largest exporter.
He also revealed that Vietnam is one of the countries in ASEAN that has signed the most free trade agreements, second only to Singapore.
Currently, Vietnam has participated in 15 free trade agreements, creating favorable conditions for Vietnam's economic recovery.
Speaking of the Philippines, Xu Ningning introduced that the Philippine economy grew faster than expected in the third quarter, with an increase of 7.6%; in the first nine months, it increased by 7.7%.
It is expected to exceed the Philippine government's annual growth target of 6.5-7.5% for the full year.
But he also reminded that despite the better-than-expected economic performance in the third quarter, the Philippines still faces the headwinds of soaring inflation and rising interest rates. The inflation rate reached 7.7% in October, the highest in 14 years.
Referring to Malaysia, Xu Ningning introduced that the economy grew by 14.2% in the third quarter, and the economy grew by 9.36% year-on-year in the first nine months. The main drivers of economic growth are private consumption and investment growth, large exports and a favorable base effect.
Malaysia's economic growth is expected to reach 7% this year.
When talking about the trade situation between China and Vietnam, the Philippines and Malaysia, he said that in the first 10 months, the trade between China and Vietnam increased by 3.5%, the trade between China and the Philippines increased by 10.0%, and the trade between China and Malaysia increased by 20.1%.
Represented by Vietnam, the Philippines, and Malaysia, ASEAN is currently showing signs of economic recovery and has become a stable region in the global economy.
However, the current situation of slowdown in global economic growth, blockage of global industrial and supply chains, increasing global and regional inflationary pressures, energy crisis and food crisis and other multiple negative factors has caused the export-oriented ASEAN economy to face challenges. With a severe test.
Xu Ningning further said that, for this reason, ASEAN is working hard to promote the construction of the community, implement the "Regional Comprehensive Economic Partnership Agreement" (RCEP) and improve the level of openness of relevant multilateral and bilateral free trade agreements, create a new growth space for the digital economy and green economy, and deepen cooperation with China. Dialogue partner cooperation.
He emphasized that the ASEAN region has an important position in China's implementation of the joint construction of the "Belt and Road" and "dual circulation" economic development and external circulation.
At present, China and ASEAN countries are promoting economic cooperation and joint development in the construction of China-ASEAN comprehensive strategic partnership.