Amid the ever-changing international situation, the 10 ASEAN countries and the 6 Gulf Cooperation Council (GCC) countries announced that they would hold the first “ASEAN-China-GCC Summit” with China at the end of May.
ASEAN is located at the “crossroads” of Asia and Oceania, the Pacific Ocean and the Indian Ocean. It is a key link connecting the Asia-Pacific region, with a large young labor market and rich natural resources, and has huge potential for economic development. The GCC countries are sitting on important global oil and natural gas resources, occupying a pivotal position in the global energy market, and have accumulated strong financial capital. China, as the world’s second largest economy, has a complete industrial system, strong scientific and technological innovation capabilities and a huge consumer market. This summit brings together these three forces, from population size to economic aggregate, and will form a force that cannot be ignored to reshape the global economic landscape.
China plays a vital and unique role in this. In the field of economic cooperation, China has long been ASEAN’s largest trading partner, with frequent trade exchanges and deep integration of industrial chains and supply chains. In recent years, China and ASEAN have fully completed the China-ASEAN Free Trade Area 3.0 negotiations and are steadily moving towards the goal of signing an upgraded protocol by the end of the year. Driven by the Belt and Road Initiative, many infrastructure construction projects have taken root in ASEAN. The opening of the China-Laos Railway is a model, which has greatly promoted regional connectivity and trade. For the GCC countries, China is an important energy export market. With the deepening of cooperation, the two sides continue to explore new cooperation models in the energy field, such as the signing of RMB-settled crude oil contracts, provides a new path for the diversification of energy trade in the GCC countries. At the same time, China’s technology and funds also help the GCC countries promote economic diversification and carry out extensive cooperation in new energy, infrastructure, digital economy and other fields. On the international political stage, China has always adhered to the Five Principles of Peaceful Coexistence, insisted on taking the path of peaceful development, and advocated the building of a community with a shared future for mankind. ASEAN countries have long been caught in the gap between the strategic game between China and the United States. In seeking strategic balance, China’s diplomatic policy and pragmatic cooperation measures oriented to win-win cooperation have made ASEAN countries feel more at ease and reliable. The convening of this summit is a high recognition of China’s ideas and practices by various countries based on their own development needs, and it is also a strong proof of China’s increasing influence in the global governance system.
Looking to the future, the “ASEAN-China-GCC Summit” is expected to achieve fruitful results in many fields such as trade and investment liberalization and facilitation, energy security cooperation, digital economy and technological innovation, set an example for cooperation among global southern countries, and promote the global economy in a more balanced, inclusive and sustainable direction. China will continue to play a constructive role, with an open mind and pragmatic actions, to work with all parties to create a more prosperous and stable world.
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