Li pledges US$10b in loans for ASEAN
Print Edition
CHINA has pledged infrastructure loans totaling US$10 billion to Southeast Asian countries and proposed railway and production capacity cooperation.
Premier Li Keqiang announced the move at a meeting between China and the Association of Southeast Asian Nations in the Malaysian capital of Kuala Lumpur.
The relationship between China and ASEAN transcends bilateral ties, said Li, and is increasingly becoming an important cornerstone for peace, stability and development in East Asia.
Li called on the two sides to fast-track upgrading of their economic and trade cooperation so as to promote regional integration.
He urged both sides to accelerate talks on upgrading the China-ASEAN free trade agreement to further enhance trade facilitation in order to achieve US$1 trillion in bilateral trade by 2020. The China-ASEAN FTA, the largest among developing countries so far, was signed in 2004.
The two economies should also work to conclude negotiations on a Regional Comprehensive Economic Partnership at an early date, he added.
Li said China will continue advancing the construction of the pan-Asia railway network and do its best to start construction of railways linking China with Thailand and Laos by the end of this year.
China is ASEAN’s biggest trading partner while ASEAN is China’s third largest trading partner. Bilateral trade reached nearly US$400 billion in the first 10 months of this year.
Li told the meeting that his country looks forward to building synergy between China’s Belt and Road Initiative and ASEAN members’ respective development strategies to promote regional integration.
He called on China and ASEAN to explore production capacity cooperation in areas including infrastructure construction, engineering machinery, electricity, building materials, telecommunication and industrial parks.
Li also called on the two sides to lift their security cooperation level by strengthening teamwork in fields such as transnational crime, terrorism and disaster relief.
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