Strengthen alignment for regional development

In an era marked by increasing global challenges and shifting geopolitical landscapes, the fruitful outcomes of Chinese Premier Li Qiang's visit to Singapore on the weekend signal the two countries' shared commitment to strengthen their cooperation and coordination, safeguard free trade and make unremitting efforts to support the Global Development Initiative to promote stability and prosperity in the region and beyond.

Premier Li reiterated China's dedication to honoring the foundational aspirations of diplomatic ties between the two countries and nurturing their longstanding friendship. As he said, reinforced political trust, expanded pragmatic cooperation and a deepening of bilateral relations will not only advance the two countries' respective modernization goals but also contribute significantly to regional peace, stability and development.

China's cooperation with its Southeast Asian neighbor sets a good example for the region of synergizing development strategies, deepening cooperation in various fields, establishing close communication and coordination on international and regional affairs, and jointly upholding multilateralism and free trade, so as to make greater contributions to regional peace and prosperity.

After his visit to Singapore, Li is scheduled to visit Malaysia, the current rotating chair of the Association of Southeast Asian Nations, where he will participate in the 28th China-ASEAN Summit, the 28th ASEAN+3 Summit, the 20th East Asia Summit and the fifth Regional Comprehensive Economic Partnership Leaders' Meeting in Kuala Lumpur from Monday to Tuesday.

China has been ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner five years running.

Since its inception, the China-ASEAN Free Trade Area has been a cornerstone of economic relations between China and Southeast Asia. Initiated in 2002 and fully realized by 2010, CAFTA was China's first free trade area with external parties and ASEAN's first with a major economy.

China's cooperation with ASEAN countries has expanded from traditional areas to encompass the digital and green economies, supply chain connectivity and standards harmonization these years.

As the world grapples with economic uncertainty and the rise of protectionist sentiments, the completion, in May, of the negotiations on CAFTA 3.0, which is anticipated to be formally signed by the end of this year, demonstrates that by adhering to the principles of dialogue, cooperation and mutual respect, countries can achieve economic prosperity and stability.

The success of this free trade region is a testament to the commitment of China and ASEAN to free trade and multilateralism. It demonstrates how diverse economies can come together to create a framework that not only addresses current challenges but also anticipates future needs. In doing so, it provides a model for other regions and countries seeking to navigate the complexities of the modern global economy.

Also, regional cooperation between China and ASEAN has yielded fruitful results and win-win benefits under the impetus of the Regional Comprehensive Economic Partnership.

As the world's largest free trade agreement, the RCEP has structurally deepened regional economic integration through institutionalized trade and investment facilitation and regulatory coordination. Meanwhile, institutional innovations in bilateral investment, including the RCEP's negative list approach and efficient dispute resolution mechanism, have markedly boosted regional investment activity.

The world should take note of these landmark achievements, as they offer valuable lessons on the power of collaboration in an increasingly interconnected globe. Li's visit to Singapore and his participation in the ASEAN meetings in Malaysia are conducive to injecting greater certainty into regional economic development.