China-ASEAN Economic Relations: Significance, Prospect, and Implications

Date: 20 June 2024 (Thursday)
Time: 16:00 - 17:30
Venue: YIA_1120, CUHK
Speaker: Sarah Y. Tong
From: Senior Research Fellow East Asian Institute, National University of Singapore

Abstract:
Bilateral economic ties between China and ASEAN have been robust, extensive, and mutually beneficial. From China’s perspective, expanding external engagement has been a main driver behind its rapid expansion and structural transformation since the late 1970s. ASEAN has emerged as a key partner for China’s economic outreach. Similarly, for ASEAN, deepening economic engagement with China aligns with its longstanding commitment to economic openness and cooperation.

Going forward, strengthening economic ties with ASEAN is likely to remain pivotal aspect of China’s sustainable development. Firstly, despite significant domestic efforts, China maintains a degree of reliance on trade and trade-related economic activities, for growth and employment. Notably, ASEAN already stands among China’s top trading partners. Secondly, there exists significant complementarity among the “10 plus one” economics. Moreover, given the diversity within ASEAN, cultivating strong and varied economic connection with ASEAN member states can enhance the resilience regional production networks and supply chains. Thirdly, as ASEAN maintains enduring and robust economic relations with major economies worldwide, it could serve as a crucial gateway and strategic partner for China’s economic outreach.

Placing higher emphasis on enhancing China-ASEAN economic relations will have important implications for China’s overarching policy agenda. One example involves considering the upgrading of current trade and investment arrangements between China and ASEAN. Another strategy entails bolstering cooperation in specific areas between Chinese regions and ASEAN members, such as fostering closer collaboration in the financial sector between Hong Kong and Singapore.

Bio:
Sarah Y. Tong graduated from Beijing University of Aeronautics and Astronautics, with a Bachelor in Systems Engineering and a Master in Management, and worked at the Development Research Center of China’s State Council for several years. She obtained her Ph.D. in Economics from the University of California at San Diego. She was Assistant Professor of the Department of Economics and Research Fellow of East Asian Institute, both at the National University of Singapore. Currently, she is Senior Research Fellow of NUS’ East Asian Institute and its cluster head for the economics team. She also co-leads the institute’s research efforts on social and economic implications of population aging in China and China’s green economy. Her research interests concentrate on the development and transformation of Chinese Economy, including development in trade and foreign investment, development of regions, financial sector reforms, the reforms of state-owned enterprises, industrial policies and restructuring, and social economic impact of population aging. Her work appeared in journals such as Journal of International Economics, Global Economic Review, China: An International Journal, Review of Development Economics, China and the World Economy, Comparative Economic Studies, and China Economic Review. In addition to contributing chapters to numerous books on contemporary China, she also edited and co-edited books including China and Global Economic Crisis (2010), Trade, Investment and Economic Integration (2014), China’s Evolving Industrial Policies and Economic Restructure (2014), China’s Great Urbanization (2017), China’s Economic Transformation under the New Normal (2017), China’s Economic Modernization and Structural Changes (2019), China and Asia Economic Integration (2020), and China’s Green Economy: Commitments, Policies and Prospects (2023).

For comments and enquiries related to this message, please contact Jeffery TSE at 39431088 / jefferytse@cuhk.edu.hk