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China : China-ASEAN Free Trade Agreement leads to new business opportunities.

With the establishment of the China-ASEAN Free Trade Area, there will be a new tide of investment in ASEAN countries, said Gu Xiaosong, vice president of the Guangxi Academy of Social Sciences.

"Agricultural project cooperation is taking the lead in investment and building factories in ASEAN countries," Gu said.

After the establishment of the China-ASEAN Free Trade Area in January 2010, 90 percent of trade products now enjoy zero tariffs.

In the first half of this year, the total value of China-ASEAN two-way trade reached 136.5 billion U.S. dollars, growing by nearly 55 percent compared with the same period last year. Exports to ASEAN countries reached 64.6 billion U.S. dollars, up by more 45 percent, and imports from ASEAN countries reaching nearly 72 billion U.S. dollars, up by 64 percent.

From 2003 to 2008, China's direct investments in ASEAN rose from 230 million U.S. dollars to nearly 2.2 billion U.S. dollars, increasing nearly nine-fold. By April 2010, the total cumulative value of China-ASEAN two-way investments had reached 70 billion U.S. dollars, of which, China's investments in ASEAN accounted for 10 billion U.S. dollars.

At present, ASEAN has become the largest overseas partner of Guangxi State Farms. Yang Haikong, deputy director of the Guangxi State Farms Bureau, said that these outreach projects mainly include the China-Indonesia Economic and Trade Zone, which has a usable area of 5 square kilometers and investments of about 650 million yuan for the first stage.

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Date:Jul 26, 2010
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