China targets Beibu Gulf as next driver of development

China targets Beibu Gulf as next driver of development
By Fu Jing (China Daily)
Updated: 2006-07-21 09:22

"I agree that infrastructure should be the priority as the region's development is not even," Rita Nangia, an Asia Development Bank official in charge of major infrastructure investment, told China Daily.

She said the expressway would become another planned link between China and ASEAN members. Under the previous initiative called Co-operation in the Greater Mekong Sub-region, under the China-ASEAN framework, an expressway linking Kunming in Yunnan Province and Singapore was planned in 2004. The Mekong River runs through China, Laos, Myanmar, Thailand, Cambodia and Viet Nam.

"Both links are big projects consisting of parts of the Asian expressway network, and our goal is to link Beijing and Singapore by road," said Nangia.

Sudrajat, Indonesian ambassador to China, said the initiative could help deepen economic ties between the two countries. He said coastal areas in China, including Fujian, Guangdong, Guangxi and Hainan, are already major investment targets for Indonesians, and the new development plan would expand economic and trade activities between the two sides.

Cao Yushu, deputy director of the Office of the Leading Group for Western Region Development of the State Council, said the blueprint could help China's western regions reach markets in the Beibu Gulf.

"It's a plan indicating China's increased commitment to opening up to the world, especially through co-operative relations with the 10 ASEAN member countries," said Cao. "It's a landmark event aimed at promoting the construction of the China-ASEAN Free Trade Area."

With the establishment of the strategic partnership, the two sides have made substantial progress in a variety of fields, including trade.

In 2005, trade volume between China and ASEAN member countries reached US$130.3 billion, increasing 23 per cent year-on-year. The figure is expected to reach US$200 billion by 2010.

Page:

(For more biz stories, please visit Industry Updates)