The future of Asia looks bright. Defying the still-lingering negative effects of the global COVID-19 pandemic and regressive protectionist moves by some countries, China-ASEAN (Association of Southeast Asian Nations) bilateral trade volume grew vigorously from $641.5 billion in 2019 to $975.3 billion in 2022. 

Not many people know that since 2020, the economically rising ASEAN has already eclipsed the European Union to emerge as China’s biggest trading partner, while China has also been ASEAN’s largest trading partner for 14 consecutive years. China and ASEAN combined represent a consumer market of 2 billion people. 

We are now already in a multipolar world. As Bloomberg, on Sept 5, reported: “China’s largest export market is no longer the US and Europe. They’ve been overtaken by Southeast Asia.”

I believe that despite some post-pandemic slowdowns and global uncertainties, innovative China and resilient ASEAN will in the coming years of the 21st century be the leaders and dynamic catalysts of world economic growth. Among the many areas for growing cooperation between ASEAN and China are finance, digital cooperation, infrastructure, electric vehicles and the green economy. 

After the recent 26th China-ASEAN Summit hosted by Jakarta in Indonesia, the next big events promoting cooperation between the two regions are the 20th China-ASEAN Expo and the China-ASEAN Business and Investment Summit to be held in Nanning in the Guangxi Zhuang autonomous region, southern China, Sept 16-19.

The following factors are behind the resilience, dynamism and continued bullish future of the China and ASEAN economies:

First, tradition of trade. The long history of vibrant, mutually beneficial trade links and economic cooperation between China and the ASEAN countries predates by centuries the arrival of Western colonizers.   

Second, human resources. Southeast Asian people are naturally artistic and diligent, while Chinese are hardworking, innovative and entrepreneurial.  

Third, regional peace and stability. Decades of peace and stability have prevailed in East Asia since the end of the Japanese invasions during World War II; this environment has allowed the economies of China and ASEAN to flourish as never before. Let us vigilantly safeguard peace and oppose militarization in Asia.  

Fourth, ASEAN’s and China’s economies are complementary. While nonstop reforming in China has led to its industrial, infrastructural and technological prowess and generated abundant financial resources, the economic bloc of ASEAN possesses rich and diverse natural, mineral, agricultural and human resources. Lower wages in ASEAN countries also make ideal manufacturing bases for the Chinese mainland’s export firms, which seek to avoid anti-China trade restrictions or higher tariffs imposed by the United States.   

ASEAN can also be a major food supplier to China. In 2022 alone, China imported 246.86-billion-yuan ($34-billion) worth of ASEAN agricultural products, representing a 21.3 percent increase. Among them were bananas from the Philippines, durians from Thailand and Malaysia, longans from Cambodia, and passion fruits from Laos. 

Fifth, cultural links. Southeast Asians and Chinese people have enjoyed many generations of cultural exchanges and share many Asian cultural similarities. 

Sixth, geography is destiny. There are various sayings in different cultures which remind us that a neighbor is often more important than a relative who is located far away. Fortunately for ASEAN, our neighbor to the north is the world’s rising new economic superpower, China, with 1.4 billion increasingly affluent people. Let us ASEAN countries benefit from and ride the crest of the wave of China’s economic and cultural renaissance.  

Seventh, strategic location. Both ASEAN and China are located in mainland Asia and also maritime Southeast Asia, vital strategic crossroads in global trade. 

Eighth, infrastructure links. ASEAN and China are interlinked by numerous infrastructure projects, such as the Laos-China Railway which opened in 2021, plus more seaports and airports. Currently upgrading links between both regions is China’s Belt and Road Initiative, which seeks to modernize infrastructure and upgrade connectivity across continents in order to boost trade networks and expand economic potential. 

Ninth, the Regional Comprehensive Economic Partnership. The world’s biggest free trade agreement, RCEP, has further accelerated ASEAN-China trade, cooperation and economic integration, lowering the costs of trade and increasing efficiencies. 

The future of the ASEAN-China economic partnership is bright and solid — all the more so if we can bolster goodwill and stability, and if a code of conduct for the South China Sea can be formulated soon in order to lessen geopolitical misunderstandings. Other grounds for optimism include the proposed upgrading of the ASEAN-China Free Trade Agreement, which is now under negotiation. 

The 21st century is a golden age for Asia-Pacific, of synergy and partnership among Asians as exemplified by China-ASEAN cooperation. 

The author is moderator of the Pandesal Forum, multiawarded writer, columnist of the Philippine Star newspaper, an economics and politics analyst, and chairman of Anvil Business Club.

The views do not necessarily reflect those of China Daily.