Latest news with #China-ASEAN
Korea Herald
10 hours ago
- Business
- Korea Herald
CGS International Accelerates Sustainability Efforts and Unveils Second Sustainability Report
SINGAPORE, July 23, 2025 /PRNewswire/ -- CGS International Securities Pte Ltd ("CGS International") has published the second edition of its sustainability report, reaffirming its commitment to sustainable practices in its business and operations. The 2024 Sustainability Report is aligned with globally recognised sustainability reporting standards, Global Reporting Initiative ("GRI"), as well as the International Financial Reporting Standards S2 on climate-related disclosures. "CGS International remains committed to future-proofing our business by embedding sustainability in our strategy. We are focused on creating long-term value for our stakeholders and giving back to the communities we serve. At the same time, we continue to facilitate capital flows between China and ASEAN, some of which could be channeled to sustainable development areas that address climate and biodiversity risks in the ASEAN region," said Ms Carol Fong, Group CEO of CGS International. Promoting Bilateral Relations and Mutual Growth In an increasingly fragmented and volatile global economy, it is important for Asian countries to forge closer regional cooperation to increase collective influence and trade resilience. The Group strengthened its role as a China-ASEAN nexus, facilitating not only capital flows, but also bilateral relations. In 2024, several high-impact conferences were organised across Southeast Asia and China, including the CGS SEA Bilateral Investment Forum 2024 in Hainan, which brought over 300 business leaders from China and ASEAN together. The Group also fostered closer relations between China and Malaysia, including a letter of intent between the governments of Hangzhou and Kuala Lumpur, and hosting high-level delegates to deepen bilateral cooperation. A notable initiative within the Group was the launch of a secondment programme between CGS International and its parent company, China Galaxy Securities, with the aim to facilitate cross-cultural exchanges and strengthen intra-group ties. Deepening ESG Integration Across the Group The 2024 report highlights meaningful progress across the Group's 8SF areas and marks a milestone in its Vision 2025 Strategy and Business Plan, the five-year roadmap that places sustainability at the heart of its strategic direction: In 2024, CGS International advanced its "Sustainable Finance" focus by introducing the ESGIF, developed and endorsed by the Group's Sustainability Committee. This framework aims to provide direction and harmonisation for the development of ESG products and services. It establishes clear mechanisms for measurement, tracking, and reporting to support strategic decision-making. Furthermore, CGS International's Malaysia office launched ESG Margin Financing to promote investment in companies with strong ESG performance. Customers investing in constituents of the FTSE4Good Bursa Malaysia Index with high ESG ratings received preferential financing rates, with total loans extended reaching RM4.88 million. The Group's presence in Shariah-compliant markets across ASEAN also drove over S$6 million in revenue from faith-based products. Fostering Collaborative Impact "At CGS International, we believe that knowledge sharing and collaboration are essential to driving meaningful progress on critical sustainability issues. By working closely with our partners and stakeholders, we aim to create a stronger collective catalyst for sustainable finance across Southeast Asia, and mobilise the industry towards greater climate action across ASEAN," said Mr Kevin Lee, Group Head of Sustainability. One such initiative is the ASEAN Institute of Carbon Neutrality ("AICN"), launched in late 2023. AICN aspires to mobilise capital towards sustainable development in the ASEAN region to address issues such as climate change. This is done through education and engagement with the business community on sustainability issues through knowledge sharing and thought leadership. The AICN has collaborated with the Sustainable and Green Finance Institute ("SGFIN") from the National University of Singapore since 2024, which resulted in two white papers published on the topics, Just Energy Transition Partnership in Indonesia and Renewable Energy Imports for Singapore. AICN also hosted two webinars on related topics in 2024, including one on nature-related risks for corporates. In the pipeline are three joint research reports with SGFIN in 2025. - END - About CGS International Securities CGS International Securities Pte. Ltd. ("CGS International") is an award-winning and market leading integrated financial services provider, ranked among the top securities houses in Asia. CGS International taps on our wealth of global and ASEAN insights to offer equities trading, leveraged products, wealth management, investment banking, equities research, Shariah-compliant financing, fixed income, currency and commodities, structured products and prime brokerage services in over 15 countries and regions. Along with its parent organisation China Galaxy Securities, a leading securities house in China, CGS International is trusted by close to 18 million customers globally.
Malaysia Sun
10-07-2025
- Politics
- Malaysia Sun
Wang Yi says China dependable partner for ASEAN countries
Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee (C), is pictured at the China-ASEAN Foreign Ministers' Meeting in Kuala Lumpur, Malaysia, July 10, 2025. /China's Ministry of Foreign Affairs China has always been the most reliable stabilizing force in a turbulent world and the most dependable partner for the Association of Southeast Asian Nations (ASEAN) members to address challenges, Chinese Foreign Minister Wang Yi said during the China-ASEAN Foreign Ministers' Meeting in Malaysia on Thursday. Noting that China and ASEAN share similar development concepts, common demands, and integrated interests, Wang said China regards ASEAN as a priority direction for neighborhood diplomacy and a pioneering area for promoting the building of a community with a shared future for mankind. "We should support and achieve success for each other in promoting the modernization process of Asia," said Wang, also a member of the Political Bureau of the Communist Party of China Central Committee. Wang briefed the attendees on the achievements of China-ASEAN cooperation and put forward four proposals. First, to be a model in defending international fairness and justice, Wang said that China and ASEAN must resolutely safeguard the global system, with the United Nations at its core, and the international order based on international law. China supports ASEAN's central position in the regional architecture and its greater role in regional and international affairs. China is willing to work with ASEAN countries to practice open regionalism and true multilateralism and make greater contributions to regional and global governance. Second, to be a model for maintaining regional peace and stability, Wang said that the peace and stability in the region are extremely precious and should be firmly safeguarded. He said that geopolitical conflicts or bloc confrontations should not be introduced into Asia, adding that China is willing to take the lead in signing the Protocol to the Treaty on the Southeast Asia Nuclear-Weapon-Free Zone. Wang said that the South China Sea is the shared home of regional countries, rather than a "gladiatorial arena" for major powers and that China is willing to expand cooperation with ASEAN countries in areas such as marine environmental protection, navigation safety, maritime law enforcement and key marine infrastructure, and fully implement the Declaration on the Conduct of Parties in the South China Sea, advance consultations on the Code of Conduct in the South China Sea, and always keep the initiative on the South China Sea issue in our own hands. Third, to set an example of conducting mutually beneficial and win-win cooperation, Wang said China is willing to work with ASEAN to build the Version 3.0 China-ASEAN Free Trade Area, foster the high-quality development of the Regional Comprehensive Economic Partnership Agreement and create a high-level free trade network. China is willing to continue to take the high-quality Belt and Road cooperation as the main platform, strengthen connectivity and cooperation in production and supply chains with ASEAN, and create highlights of cooperation in areas such as artificial intelligence, digital transformation and clean energy. China speaks highly of ASEAN's firm commitment to free trade and the multilateral trading system and believes that it is necessary to resolve economic and trade differences through equal dialogue and mutual benefit, safeguard own dignity and the bottom line of principles, and must not do so at the expense of the interests of third parties, Wang said. Fourth, to set an example for promoting inclusiveness and mutual learning, China is willing to continue to advocate dialogue, exchanges and mutual understanding among different civilizations with ASEAN countries, Wang said, adding that both sides should jointly well organize the "Year of People-to-People Exchange," enhance exchanges in education, youth, think tanks, media and other fields, take concrete actions to implement the Global Civilization Initiative, and promote mutual understanding, friendship and integration among the people. The participating countries said that China-ASEAN cooperation is the most dynamic and fruitful. China has always been one of the most important dialogue partners of ASEAN, expressing gratitude to China for its support of ASEAN's central position. They said that they are willing to accelerate the alignment of development strategies with China, cooperate under the Belt and Road Initiative at a high quality, deepen all-round cooperation in trade, investment, connectivity, digital transformation, clean energy and transnational crime crackdown, and look forward to the signing of the ASEAN-China free trade area 3.0 protocol within this year to continuously promote regional economic integration. Appreciating China's willingness to take the lead in signing the Protocol to the Treaty on the Southeast Asia Nuclear Weapon-Free Zone, they said they look forward to the early conclusion of the Code of Conduct in the South China Sea by all parties. They also said that they are willing to work with China to safeguard multilateralism and the multilateral trading system, jointly address global challenges, further strengthen unity and cooperation with China, advance the modernization process in Asia, and promote regional peace, stability and prosperity. Wang also met with the foreign ministers of relevant countries during the meeting. Source: CGTN
Malaysia Sun
08-07-2025
- Politics
- Malaysia Sun
Chinese FM to attend ASEAN Plus foreign ministers' meetings
Xinhua 08 Jul 2025, 14:47 GMT+10 BEIJING, July 8 (Xinhua) -- Chinese Foreign Minister Wang Yi will attend a series of meetings of foreign ministers in Kuala Lumpur, Malaysia from July 10 to 11, a foreign ministry spokesperson announced on Tuesday. Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, will attend the China-ASEAN Foreign Ministers' Meeting, the ASEAN Plus Three (China, Japan, the Republic of Korea) Foreign Ministers' Meeting, the East Asia Summit Foreign Ministers' Meeting and the ASEAN Regional Forum Foreign Ministers' Meeting, said the spokesperson.
The Sun
07-07-2025
- Business
- The Sun
China-ASEAN cyber defence alliance targets Night Eagle APT
THE cybersecurity landscape in Southeast Asia is rapidly evolving as China-ASEAN cooperation intensifies to combat sophisticated Advanced Persistent Threat (APT) groups. At the prestigious CYDES 2025 Cybersecurity Conference held at Putrajaya International Convention Centre, industry leaders unveiled groundbreaking strategies to counter the newly identified Night Eagle APT group. Night Eagle APT: A New Cyber Menace Gu Liang, Vice Director of PanGu Laboratory at Qi An Xin Technology Group, delivered a compelling keynote address detailing the company's successful efforts in identifying and countering Night Eagle (designated APT-Q-95). This sophisticated threat actor represents a well-organised group with suspected backing from nation-states and powerful financial entities. The Night Eagle group has demonstrated alarming capabilities, particularly in exploiting high-risk vulnerabilities within Microsoft Exchange systems. Their primary targets include government agencies, defence contractors, and high-technology enterprises across the region. Critical Infrastructure Under Siege 'Email servers serve as the backbone of communication for governments and corporations worldwide,' warned Gu Liang. 'When these systems are compromised, attackers gain access to sensitive business intelligence, financial data, project details, and client information—creating potentially catastrophic consequences.' The threat intelligence gathered by Qi An Xin reveals that Night Eagle's attacks originate from compromised Exchange mail servers, utilising critical remote code execution vulnerabilities. The company has successfully captured the exploit process in real-time, providing crucial insights into the attack methodology. AI-Powered Defence Systems The conference highlighted the transformative impact of artificial intelligence in Cyber Security Operation Centres (CSOC). According to Gu Liang, AI technology enables organisations to achieve accurate threat detection, accelerated investigation processes, and comprehensive incident response whilst reducing dependency on human cybersecurity experts. 'Major government agencies and large enterprises may encounter hundreds of thousands of cyberattacks daily,' he explained. 'AI empowers us to deliver round-the-clock precision alerts, real-time threat analysis, and automated responses to these persistent threats.' Digital Risk Protection Services Celine Xu, Global Business Director of TianJi Partners, introduced comprehensive Digital Risk Protection (DRP) services designed to safeguard brand reputation and financial assets. The company specialises in monitoring web-based threats including phishing websites, counterfeit applications, and fraudulent social media accounts. 'Our proactive monitoring capabilities span the entire web ecosystem, alerting clients to potential threats before they materialise,' Xu explained. TianJi Partners currently protects prestigious international brands including HSBC, Morgan Stanley, and LVMH Group. ASEAN Business Vulnerability The conference addressed emerging concerns regarding ASEAN companies facing cyber warfare tactics linked to business competition. Industry experts warn that rapidly developing ASEAN enterprises may become targets of cyber espionage campaigns designed to steal corporate secrets for competitive advantage. 'Cyber threats are evolving in sophistication and scope,' Xu concluded. 'We strongly encourage businesses throughout Malaysia and ASEAN to prioritise cybersecurity infrastructure investments.' The CYDES 2025 conference underscored the commitment of both governmental and private sector organisations across Malaysia and ASEAN to cybersecurity excellence. Qi An Xin expressed enthusiasm for partnering with local organisations to establish an era of Automated Cybersecurity Operations throughout the region.
The Diplomat
30-06-2025
- Business
- The Diplomat
Not Just Shock Absorbers: How ASEAN Is Shaping the China Trade Balance
Even as China turns to the region to manage overcapacity and geopolitical headwinds, Southeast Asia will continue to shape trade on its own terms. Leaders from China and Southeast Asian nations pose for a photo during the 27th ASEAN-China Summit in Vientiane, Laos, October 10, 2024. China's recent manufacturing resurgence – dubbed the 'Second China Shock' — has prompted fears of deindustrialization across Southeast Asia. Writing in The Straits Times last month, Ravi Velloor argued that China's dominance in sectors from textiles to EVs threatens ASEAN industries, reviving calls to revisit the assurances made by former Chinese Premier Zhu Rongji upon the signing of the China-ASEAN Free Trade Agreement (CAFTA). Yet framing Southeast Asia as a victim , as the term 'shock' implies , reflects both a misunderstanding of the region's historical autonomy and strategic agency and a misreading of China's intent. Complementarity, Not Exploitation China's trade with the region has historically been asymmetrical but stable, built on complementary strengths rather than competitive overlap. In 'The Nanhai Trade: The Early History of Chinese Trade in the South China Sea,' the historian Wang Gungwu's traces this dynamic from the Han dynasty (211 BCE) to the founding of the Song dynasty in 960 CE, highlighting both the imperial attitudes towards the region and the economic foundations of maritime commerce. Then and after, Southeast Asian kingdoms such as Srivijaya and Ayutthaya exported spices, rice, metals, and timber to China in exchange for ceramics, textiles, and manufactured goods. The modern iteration of this relationship is governed by a more institutional framework. In 2009, China overtook Japan as ASEAN's largest trading partner. Today, annual China-ASEAN trade is projected to reach $1 trillion, surpassing the combined trade volumes of the United States and the European Union with China, and making ASEAN China's largest trading partner too. These new dynamics shed light on the nature of China's trade surplus with Southeast Asia, which extends beyond conventional narratives of high-tech dominance or state-induced overcapacity. Pop Mart's soft toy, Labubu, for instance, illustrates China's expanding strength in IP-driven consumer goods, where value is derived from design, branding, and emotional appeal. Southeast Asia has emerged as the company's largest and fastest-growing international market, with revenue in the region rising 619 percent year-on-year to $336 million, nearly half of Pop Mart's overseas earnings. ASEAN Shaping Engagement Clearly, in recent years the nature of China-ASEAN trade has evolved, driven by the rising value of China's intermediate and finished goods relative to Southeast Asia's commodity exports. This shift, combined with the region's growing middle class and purchasing power, has contributed to a widening trade imbalance. Yet governments across Southeast Asia have increasingly learned to use access to their fast-growing markets as strategic leverage, positioning themselves not simply as recipients of investment and exports but as active participants capable of demanding reciprocity and shaping the terms of engagement. The clearest example of this strategic posture can be seen in the defense sector, one of the most politically sensitive domains. In 2024, Thailand opted for Sweden's SAAB Gripen fighter jet over a U.S. bid, securing not just a fighter platform but full operational control of its Link-T datalink and a 144 percent return on investment via industrial offsets. Indonesia followed suit in 2025 with its commitment to purchase 48 KAAN fifth-generation fighter jets from Turkey, securing terms for local assembly and capability transfer. ASEAN states are replicating similar leverage in civilian sectors by using market access to drive industrial upgrading through local content mandates, technology transfer, and IP enforcement. Thailand now requires electric vehicle (EV) manufacturers benefiting from government tax incentives to produce core components – such as electric motors, reducers, and inverters – locally by 2026. This local content policy has prompted major Chinese automakers, including BYD and Changan, to commit to sourcing more of their EV components from Thai suppliers. The policy is expected to boost Thailand's national EV output by 40 percent in 2025. In parallel, Vietnam has revised its 2025 feed-in tariff system for solar power to favor projects that use locally produced battery storage and polysilicon. The new tariffs provide higher rates to solar projects that meet minimum local content requirements for batteries and polysilicon, aiming to reduce Vietnam's dependence on (mostly Chinese) imports and to advance the country's position in the solar value chain. Furthermore, Malaysia, Indonesia, and other ASEAN governments have imposed a series of tariffs and trade barriers targeting Chinese goods to protect local industries from being overwhelmed by subsidized, low-priced imports. Malaysia has levied anti-dumping duties ranging from 4.48 to 20.42 percent on certain Chinese steel products and is considering broader measures to shield domestic manufacturers. Indonesia, facing a surge of cheap Chinese imports that threaten its small and medium-sized enterprises, has announced plans to impose tariffs of up to 200 percent on a range of Chinese products, including textiles, footwear, ceramics, and cosmetics. Both Vietnam and Indonesia have also launched anti-dumping investigations and duties on various Chinese goods to counteract unfair trade practices. Beyond tariffs, governments are also taking action against Chinese e-commerce platforms. Indonesia, for example, has blocked the Chinese online marketplace Temu, citing concerns over the impact on local micro, small, and medium enterprises and regulatory non-compliance. These moves reflect a broader trend across ASEAN to tighten enforcement, strengthen trade defense mechanisms, and safeguard domestic industries in the face of mounting Chinese overcapacity and aggressive export strategies. As global scrutiny of Chinese exports intensifies, ASEAN is increasingly strengthening its own trade defenses, demonstrating it is far from a passive absorber of the 'Second China Shock'; they are actively shaping the terms of engagement, an approach that in fact aligns with China's own strategic interests. China's Interest in ASEAN's Success Global trends are making reliance on single-source manufacturing untenable. According to McKinsey's 2025 survey of 400 Chinese export firms, 58 percent now use a 'China+1' strategy, with ASEAN as the leading secondary production base. Overcapacity is another driver: Factory utilization rates for China's EVs have fallen below 50 percent (a significant gap from the 80 percent breakeven point), and its solar panel industry faces declining margins due to global oversaturation. Exporting this surplus into politically neutral, fast-growing ASEAN markets is a growing strategic necessity. Finally, amid rising geopolitical pressure, China sees stable ties with ASEAN as a hedge against regional isolation. The 2024 CAFTA upgrade and the Regional Comprehensive Economic Partnership underscore Beijing's commitment to trade frameworks that bolster ASEAN's role in global supply chains – and its value to China. What most threatens ASEAN-China interdependence today is not economic logic, but growing domestic political pressure. In both regions, public opinion is increasingly shaping the boundaries of foreign policy. As such, managing ASEAN-China ties requires mutual recognition of domestic political realities and the cultivation of political capital to sustain the relationship over the longer term. This is why narratives like the 'Second China Shock,' which suggest ASEAN passivity or acquiescence, should be reconsidered. The shock, if it exists, may be real – but so is ASEAN's capacity to respond on its own terms.
