Li Qiang at Asean-GCC-China Summit boosts regional cooperation

New Straits Times

23-05-2025

KUALA LUMPUR: Chinese Premier Li Qiang's presence at the inaugural Asean-Gulf Cooperation Council (GCC)-China Summit in Kuala Lumpur next week reflects China's strong commitment to regional cooperation.
President of the Asean Development Partnership Chamber of Commerce Datuk Tee Siew Kiong said Li's attendance is also expected to inject fresh impetus into Asean-China economic and trade relations.
According to Tee, in the current climate of global economic uncertainty, countries are actively seeking new strategic partners to reduce reliance on a single economic bloc and to enhance economic resilience.
"China's rise as a global economic power has opened significant opportunities for regional countries," he told Bernama.
Tee said China's proposed "dual circulation" development strategy, which combines domestic market development with international cooperation, has immense potential for Asean member countries.
He said China could increase investment in technology and resources in Asean, using local raw materials to produce goods and subsequently export them to the Chinese market, fulfilling domestic demand while driving mutual economic growth.
For example, he noted that agricultural cooperation between Malaysia and China has a promising future.
In addition to importing durians and young coconuts from Malaysia, both countries could expand collaboration in agricultural technology and green agriculture.
Through technological innovation, the value add from agriculture can be improved, and a sustainable supply chain can be established.
"As Asean economies grow, they will also import more products from China. If these transactions are conducted using the renminbi, it will strengthen regional financial cooperation," he said.
Tee also emphasised that Asean-China cooperation should be mutually beneficial based on win-win outcomes, and not via the influx of cheap goods that harm local retail industries.
"Healthy cooperation boosts mutual competitiveness and brings prosperity to both sides," Tee said.
He added that Asean's economic rise will amplify its voice and influence on the international stage, making the region more resilient in facing global economic uncertainties.
Therefore, Tee is hopeful that the summit will stimulate the Malaysian and regional economy.
"Leaders must reach consensus on strengthening intra-Asean trade, harmonising regulatory frameworks, and reducing trade barriers to build a more robust and resilient regional economic system," he added.