On November 13, 2024, the 2024 ASEAN-China Greater Bay Area Economic Cooperation (Qianhai) Forum was held in Qianhai, Shenzhen City, China. The theme of the forum was “Technological Leadership, Industrial Synergy.” This year’s forum included five sub-forums, enterprise exchange exhibitions, and industrial cooperation matchmaking events. This year is the second consecutive year of the forum.
Last year, the first forum took place under the theme, “Science, Technology, and Industry Cooperation.” Last year’s forum also successfully debuted the launch of the Greater Bay Area-ASEAN Association of Chambers of Commerce, and the ASEAN-China Think Tank Cooperation Partnership. Likewise, the 2024 forum unveiled economic and social initiatives that demonstrate the critical role of the relationship between China’s GBA and ASEAN countries towards meeting China’s growth initiatives.
This year’s forum announced the launch of the 2024 ASEAN-China GBA Overseas Study Support Program. The goal of this program is to establish the Qianhai International Education Foundation, as instituted by the Qianhai Institute for International Affairs. Overall, the aim is to strengthen Qianhai’s role in promoting international exchange, attracting overseas talent to Shenzhen, energizing the educational exchanges and cooperation between the two sides, and cultivating talent with an international perspective and cross-cultural communication skills.
This initiative seems to echo the aims of the ASEAN-China Year of People-to-people Exchanges, launched in Fuzhou in February 2024. The initiative strove to tighten cultural ties, consolidate the foundation of public opinion, and provide lasting momentum for the development of China-ASEAN relations.
These initiatives take place amid the wave of Western-based multinational companies’ trend of near-shoring and friend-shoring, effectively moving their operations out of China in favor of localizing operations closer to home, or in countries more politically aligned with their home government. In contrast, China’s initiatives to strengthen its own regional alliances may serve to broaden consumer markets and investment opportunities within Southeast Asia, particularly through the development of the next-generation of Asia-borne innovators.
The major outcomes of the 2023 ASEAN-China GBA Economic Cooperation Forum and the 2023 Report on ASEAN-China GBA Economic and Trade Cooperation were released at this year’s forum. According to survey results, attendees found that the forum offered profound insights into the status of cooperation between China and ASEAN countries, but also outlined prospects for cooperation and potential opportunities to broaden international cooperation and seek potential trade partners in the future.
At the closure of the 2024 forum, it was announced that representatives from enterprises and business associations between GBA and ASEAN signed into effect 15 projects with a total contract value of 29.99 billion yuan. To date, the forum has driven total investment of close to 5 billion yuan and facilitated trade between the two regions exceeding 30 billion yuan.
The forum hopes to provide an opportunity for the expansion of exchanges and cooperations in various fields including digital economy, cross-border finance, and international trade; ultimately developing cross-border e-commerce in the GBA with ASEAN countries.
China’s current development initiative, Made in China 2025, strives to secure China’s top position in high-tech manufacturing. This initiative will ultimately be superseded by China Standards 2035, which will lay out the blueprint for leading technology companies and the Chinese government to set the standards for emerging technologies around the world. The themes of the forums in 2023 and 2024 illustrate the development of Made in China 2025 on its way to China Standards 2035. The 2024 theme, “Technological Leadership, Industrial Synergy”, demonstrates the goal of China to develop into the leader of emerging technologies. However, the environment of the ASEAN- China GBA Economic Cooperation Forum also indicates the preference for a regional approach with closer ties with ASEAN countries to facilitate the growth of China into the global standards setter for industrial technology.
Sources:
http://www.asean-china-center.org/english/2024-11/14206.html
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On November 13, 2024, the 2024 ASEAN-China Greater Bay Area Economic Cooperation (Qianhai) Forum was held in Qianhai, Shenzhen City, China. The theme of the forum was “Technological Leadership, Industrial Synergy.” This year’s forum included five sub-forums, enterprise exchange exhibitions, and industrial cooperation matchmaking events. This year is the second consecutive year of the forum.
