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MANILA, Philippines—China is investing big in the integration of Asean, committing $10 billion for the China-Asean Investment Cooperation Fund and $15 billion in credit support for the 10 member-states of the regional bloc, it was learned over the weekend.
Chinese Premier Wen Jiabao also declared that China will provide $200 million for the regional Credit Guarantee and Investment Mechanism to enhance the ability of the region of jointly guarding against crisis.
These commitments were made in meetings with Asean leaders this year, Chinese Ambassador to the Philippines Liu Jianchao told reporters over the weekend.
“Those policy measures will undoubtedly provide timely help to the Asean members which have suffered a lot from the international financial crisis,” the ambassador said.
But aside from helping Asean respond to the crisis, China’s commitments are also meant to strengthen its position in the region.
“China is one of the earliest countries advocating and supporting East Asian cooperation. Premier Wen elaborated China’s position and proposition on East Asian cooperation,” the envoy said, stressing that the 10+3 mechanism must be the main channel and the East Asia Summit must be the key strategic forum toward the long-term goal of building an East Asian community.
In the recently concluded East Asia Summit in Thailand, Chinese Premier Wen Jiabao said China has raised the first-phase $1 billion for the $10-billion investment fund and will start investment activities before the end of the year.
This is a follow-up to the April 2009 announcement that China has established the $10-billion China-Asean Investment Cooperation Fund. In that same April meeting, China also provided Asean with a $15-billion credit support, and offered 270-million renminbi (about $39.54 million) of special assistance to the less developed members of Asean.
Of the $15 billion of credit support, China has decided to add another $5 billion to the $1.7 billion of concessionary credit line which had been announced earlier to enhance support for Asean members, the ambassador said.
As the China-Asean Free Trade Area (FTA) is expected to be completed in 2010 as scheduled, China’s top envoy in the country said the parties should make best use of the FTA to boost bilateral exchanges and cooperation.
China’s Premier has raised many suggestions on speeding up the development of interconnected infrastructure network in the region, deepening agricultural and rural cooperation, and enhancing cooperation in ecological environment, A(H1N1) influenza prevention and control, and social and cultural fields, according to a briefer from the Chinese embassy.
Chinese Premier Wen said activities in these fields do not only help enhance the development capacity of Asean members but also boost the all-round and sustainable development of China-Asean relations.
His other proposals to the Asean leaders were: the signing of the Chiang Mai Initiative Multilateralisation agreement, the creation of the regional foreign exchange reserve pool within this year, the establishment of an independent regional surveillance unit, and the advancement of the development of Asian Bond Markets.
Asean groups together Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
Veronica Uy
