Initiative aims to boost China-ASEAN business under RCEP

China-ASEAN Business Council and 75 other business associations jointly issued the Chinese Business Community Initiative on Friday, aimed at promoting business cooperation under the framework of the Regional Comprehensive Economic Partnership agreement.

The initiative called on companies and associations in the commercial and business industry to explore and seize opportunities brought by opening-up, strengthen industrial cooperation, promote trade and investment, support each other on containing the COVID-19 pandemic, establish favorable conditions for an open market, and leverage the strength of enterprises in economic and trade cooperation.

Liu Xin, executive secretary-general of the China-ASEAN Business Council, said the initiative is joined by a large number of national-level industrial and commercial organizations which reached consensus rapidly, with no more than a week taken from the proposal to the joint release. The industrial and commercial organizations involved in the initiative are expected to strengthen cooperation and work hand in hand to promote global economic recovery.

Pang Guanglian, an official with the China Petroleum and Chemical Industry Federation (CPCIF), said that the CPCIF will lead China's petrochemical industry to promote international cooperation in petrochemical production capacity and equipment manufacturing under the framework of the RCEP agreement.

Gao Sumei, vice-president and secretary-general of China Information Technology Industry Federation (CITIF), said that the signing of RCEP agreement reflects economic globalization and regional economic integration and will open up more space for the sustainable development of China-ASEAN economic relations.

Gao said that over the years, China and ASEAN nations have supported and cooperated with each other in the field of electronic information. CITIF will support China-ASEAN Business Council to help China's electronic information enterprises to strengthen cooperation with ASEAN member countries, and seize the opportunity of the current global electronic information technology reform and industrial reform.