Over the past 40 years of reform and opening-up, China has achieved remarkable economic development and it has had profound and significant impact on ASEAN. Going forward, enhanced cooperation based on good understanding of each other’s needs, strengths, capacities and priorities will help deepen regional integration and boost mutual benefits.
ASEAN-China ties go back a long way—China was the first country to sign a free-trade agreement with the bloc back in 2002, and it has been a dialogue partner of ASEAN’s since 1991.
Over the past 40 years, China’s reform and opening-up has led to leapfrogging economic development and the expansion of the country’s role at the regional and global levels, as shown by the close economic ties with its neighbours.
Driven by strong and persistent efforts on reform and opening-up over the past 40 years (1978-2018), China has upgraded itself from a low-income to an upper-middle income country, and is poised to reach high-income status in the coming years.
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Over the past four decades (1978-2018), China has transformed itself from a low-income to an upper-middle income country, with an average annual GDP growth of 9.5 percent and a per capita income that has leapfrogged many other emerging economies’ from USD156 to USD8,827.
The High-level Forum on “40th Anniversary of China’s Reform and Opening-up: Progress, Prospects and Impacts on the East Asian Region,” co-organized by the ASEAN+3 Macroeconomic Research Office (AMRO), the Ministry of Finance of China, and the People’s Bank of China will be held on October 26, 2018 in Beijing, China.
With China’s economy growing and economic restructuring further proceeding, China’s economic linkages with ASEAN countries have been rising, with potential spillover effects through different channels.
In the past four decades, China has undertaken major reforms, which have led to rapid growth and a strong leadership position in the international economic environment, yet several challenges remain to be tackled to ensure sustainability of the outcomes.