A new report from the Boao Forum for Asia confirms China's enduring position as the linchpin of regional trade, with Asian economies deepening supply chain integration despite global headwinds. Released Tuesday, the annual analysis highlights how over 68% of surveyed businesses in ASEAN countries, South Korea, and Japan prioritize the Chinese mainland as their top trading partner.
The study underscores China's dual role as both manufacturing powerhouse and consumer market, fueling growth in technology, green energy, and electric vehicle sectors across Asia. Key findings reveal cross-border e-commerce between China and Southeast Asia grew 21% year-over-year in 2023, while renewable energy component trade with South Korea surged by 34%.
Experts attribute this resilience to regional infrastructure developments like the Belt and Road Initiative and digital trade platforms. The report cautions however that inflationary pressures and geopolitical uncertainties could test regional cooperation. 'Shared economic priorities are creating new growth corridors,' the analysis notes, pointing to emerging supply chain clusters in Central Asia and the Greater Bay Area.
