Economic cooperation in the Gulf of Tonkin makes progress

Economic cooperation in the Gulf of Tonkin has made significant progress, playing an important role in the process of comprehensive cooperation between China and ASEAN.

Many projects have been implemented in the fields of investment, transport and distribution and become a new bright spot of cooperation between China and ASEAN. The “Nanning-Singapore economic corridor” has been basically completed to link roads from Nanning to Singapore through seven countries.

Guangxi province (China) has recently opened an international railway route from Nanning to Vietnam and upgraded the Nanning-Huu Nghi Quan-Pingxiang highway and ten of 24 roads to Vietnam.

In addition, cross-border cooperation is now in full swing after Guangxi and Quang Ninh agreed in September 2010 to build the Dongxing -Mong Cai border economic zone.

Financial cooperation in the Gulf is also increasing with the Development Bank of Singapore (DBS) establishing its branch in Nanning and Chinese financial agencies setting up 8 offices in ASEAN countries. By the end of 2010, Chinese banks in Guangxi had coordinated with ASEAN to establish 94 subsidiary banks.

Guangxi province has signed economic cooperation agreements with Vietnam, Indonesia, the Philippines, Malaysia, and Singapore and opened new sea routes for container ships. – VOV