Illustration: Liu Xiangya/GT

The annual China-ASEAN Expo will be held in Nanning, South China's Guangxi Zhuang Autonomous Region, from Tuesday to Saturday. It will showcase the outcomes of fruitful cooperation between the two major economies and highlight the potential for more in-depth cooperation in emerging sectors such as green energy and AI. The expo has been successfully held for a total of 20 years, and has witnessed the rapid development of the friendship between China and ASEAN.

The expo will feature a special exhibition area dedicated to advanced technologies, showcasing high-end equipment, new materials, and innovative products in advanced manufacturing from China and ASEAN countries, with an emphasis on promoting win-win development in the technology and industry sectors.

As an important and indispensable platform for economic and trade cooperation between China and ASEAN, the expo has played a significant role in cementing a close partnership between the two major economies, particularly in high-tech fields, which contributes greatly to ASEAN economy's sustainable growth.

The success of closer China-ASEAN cooperation is attributed not only to their geographic proximity and cultural affinity but also to their shared aspirations for equality, inclusive growth, and prosperity. This stands in sharp contrast to the exploitation and colonization of ASEAN lands by Western powers about 100 years ago.

Over the past 30 years, China and ASEAN have joined hands to promote economic integration and globalization, responded collectively to the evolving international landscape, and forged a comprehensive strategic partnership. Now, with a greater confluence of interests, the two economies can align their future development strategies to explore new fields of cooperation.

Currently, China and ASEAN are negotiating the upgraded Free Trade Agreement 3.0. With this new trade arrangement, an increasing number of products from ASEAN countries will enter the Chinese market. This will greatly contribute to the development of the ASEAN economy and prosperity of its people. 

China has been ASEAN's largest trading partner for 15 consecutive years, while ASEAN has been China's biggest trading partner for four years in a row. Two-way trade rose by 10.5 percent year-on-year in the first half of 2024. Last year, China's investment in ASEAN increased by 44.6 percent, and two-way investment has accumulated to more than $380 billion. 

The successful and vibrant China-ASEAN relationship has brought growing tangible benefits to the 2 billion people in this bustling region. Over the past decade, multiple landmark Belt and Road projects, such as the China-Laos Railway and Indonesia's Jakarta-Bandung High-Speed Railway, have been completed, delivering concrete benefits to local communities and garnering public support from ASEAN peoples.

In contrast to concepts like the "clash of civilizations" proposed by alienation-minded Western pundits, China has always upheld the principles of amity, sincerity, mutual benefit, and inclusiveness in its neighborhood diplomacy. By cooperating with regional partners, China has consistently endeavored to uphold regional peace, stability, unity, and joint development. 

As China and ASEAN are poised to forge closer economic, trade and investment relations, more local communities in ASEAN countries will enjoy greater development opportunities. These multiple and prolific cooperation results will further consolidate the foundation of China-ASEAN relations and friendship.

China-ASEAN cooperation in facilitating the green transition has continued to gain momentum in recent years. In 2023, Chinese brands accounted for 67 percent of electric vehicles sold in ASEAN countries, significantly contributing to the energy transition and industrial upgrading in the region, according to media reports. 

Both China and ASEAN face challenges related to environmental protection and sustainable development, with significant room for cooperation in expanding green infrastructure, clean energy, and smart ways of transportation. Moreover, there is huge potential for bilateral cooperation in e-commerce, clean and intelligent cars, big data, AI and smart cities.

From January to July this year, the China-ASEAN trade volume reached $552 billion, an increase of 7.7 percent year-on-year, accounting for 15.8 percent of China's total foreign trade during the period. 

The world has witnessed an increasingly dynamic and flourishing ASEAN. China believes that once the negotiations on Version 3.0 of the ASEAN-China Free Trade Area are concluded and implemented, the level of regional trade and investment liberalization and facilitation will see another marked improvement.

The author is an editor with the Global Times. bizopinion@globaltimes.com.cn