The 2024 Greater Bay Area-ASEAN Economic Cooperation Forum Unveils Ambitious Initiatives in Qianhai
The 2024 ASEAN-Greater Bay Area (GBA) Economic Cooperation Forum launched on November 13 at Shenzhen's Qianhai International Convention Center, themed “Technological Leadership, Industrial Synergy.” Bringing together over 1,000 attendees, including top officials and industry leaders from ASEAN nations, the forum highlighted opportunities for economic synergy within the RCEP framework. Activities included keynote speeches, industry-focused forums, and cultural events aimed at solidifying ties between ASEAN and GBA economies.
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Deeper Economic Cooperation Between GBA and ASEAN
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In the opening address, Shenzhen Vice Mayor Luo Huanghao emphasized the longstanding trade relationship between ASEAN and China, which reached a record USD 911.7 billion in 2023. He underscored GBA's and ASEAN's role as each other's largest trading partners and expressed Shenzhen's commitment to leveraging digital innovation, green energy, and cross-border finance to strengthen this alliance further. ASEAN delegates echoed similar optimism, reflecting on their countries' unique economic strengths and the potential for collaboration in various sectors.
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Major Project Signings and Reports Reveal Milestones
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Key highlights included the signing of 15 cooperative projects with a total investment of approximately 300 billion yuan, showcasing mutual interests in digital transformation, smart cities, and new energy. The forum also published the 2023 GBA-ASEAN Economic Cooperation Annual Report, detailing trade progress and policy directions that underscore the effectiveness of the RCEP and GBA's strategic initiatives. The forum's outcomes reveal a robust foundation for further partnerships, with substantial government and business interest.
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ASEAN Study Support Program Enhances Educational Exchanges
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The ASEAN Study Support Program was officially launched, set to provide scholarships for eight ASEAN students annually to pursue master's degrees in Shenzhen, thus building a skilled workforce that bridges regional expertise. Qianhai, as an emerging center for talent, will leverage this program to foster deeper cultural and educational connections, contributing to the area's role as a global talent hub.
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Qianhai's Role in GBA's Economic Strategy
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As a key driver of Shenzhen's economic and international goals, Qianhai has seen a 15% rise in GDP, reaching 246.4 billion yuan in 2023, along with a 231.2% surge in cross-border e-commerce. The region’s development aligns with China's long-term strategy to open international cooperation, particularly through hubs like the Qianhai Shenzhen-Hong Kong International Financial City and the Qianhai International Talent Hub. These platforms support global integration by hosting over 424 financial institutions and 235 legal firms, reflecting Qianhai's strategic importance in fostering international collaboration.
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Future Directions: Building a Comprehensive Ecosystem
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The Forum concluded with discussions on enhancing the systemic, high-quality development of inclusive finance. Insights from both financial institutions and fintech companies underscored the importance of an inclusive ecosystem that integrates digital tools, policy support, and financial standards. Platforms like CAFI's Inclusive Finance Evaluation System aim to transform pilot experiences into industry benchmarks, offering models that could be replicated across other regions.
The 2024 ASEAN-GBA Economic Cooperation Forum successfully fostered mutual understanding, set clear directions for future partnerships, and reaffirmed the significance of the ASEAN-GBA alliance in driving regional economic growth and innovation.
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