When China began plugging into global production networks and cross-border trade more intensely in the early 2000s, few might have foreseen it becoming one of the most important hubs for many high-tech global value chains (GVCs) by the late 2010s.
Vietnam has posted strong and robust economic growth since the opening-up of its economy in the late 1980s.
In May 2019, Malaysian Prime Minister Dr. Mahathir Mohamad stated that East Asia should ‘adopt a common trading currency, not to be used locally but for the purpose of settling of trade’ that would be pegged to gold.
The ASEAN+3 Macroeconomic Research Office (AMRO) and the International Monetary Fund (IMF) held the 6th AMRO-IMF Joint Seminar today. This seminar takes place annually, and serves as a useful platform for AMRO to consult with its stakeholders on its surveillance work, particularly studies on longer-term structural issues facing the region, as well as deepen its engagement with the IMF.
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.
China’s dramatic socio-economic transformation over the past 40 years can largely be attributed to broad and sustained economic reforms. In its transition lie many lessons for other emerging Asian economies.
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.
The AMRO-BSP Joint Seminar on the theme “Asia’s Emergence in the New World Order: Growth, Integration, and Resilience” will be held on May 3, 2018 in Manila, the Philippines.
