Forum focuses on ‘10+3’ cooperation on industrial and supply chains

2022-07-28 16:15:00

The Jiangsu Provincial People’s Government and the Ministry of Commerce will host a forum for cooperation on industrial and supply chains among member states of the ASEAN, China, Japan and the Republic of Korea (10+3) on July 29, according to a press conference of the provincial government on July 27.

The forum will be held along with the Taihu East Asian Entrepreneur Forum.

This year marks the 25th anniversary of the launch of the “10+3” cooperation mechanism. Under the theme of smooth supply chains for shared prosperity, the forum will consist of a main conference and five panel discussions, which focus on different topics including implementation of the Regional Comprehensive Economic Partnership (RCEP) and digital economy.

The forum is expected to announce a joint initiative to promote cooperation on industry and supply chains.

Jiangsu has taken advantage of its geographical proximity, cultural affinity and economic complementarity with ASEAN, Japan, and the ROK in expanding cooperation.

Sun Jin, deputy director of the province’s Department of Commerce, said ASEAN, the ROK and Japan are the second, fourth and fifth largest trading partners of Jiangsu respectively. Jiangsu’s foreign trade with ASEAN, Japan and the ROK accounted for 13.1%, 18.2% and 23.2% of China’s total with the three regions respectively. In addition, ASEAN, Japan and the ROK are the second, third and fourth largest sources of foreign investment into Jiangsu.

By the end of May this year, Jiangsu was home to 6,673 Japanese-invested enterprises, which account for 6.4% of the total number of foreign-invested firms in the coastal province. Jiangsu made actual use of Japanese investment of $25.53 billion, 5.6% of the province’s total paid-in foreign investment. Jiangsu also had 6,172 enterprises from the ROK and made actual use of investment from the country totaling $18.43 billion.

ASEAN is the second largest outbound investment destination for Jiangsu. By the end of May this year, Jiangsu had 1,419 overseas enterprises and institutions established in ASEAN member states, with an agreed investment of $16.6 billion, 18.1% of the province's total outbound investment. From January to May this year, Jiangsu set up 67 overseas enterprises and institutions in ASEAN, with an agreed investment of $590 million, 31.2% of the province's outbound investment.

Jiangsu has 36 cities that have entered into sister relationship with counterparts in Japan at various levels and 31 cities in such cooperation with the ROK, both highest among provincial-level regions in China, as well 11 cities in this twin town relationship with regions in ASEAN, according to Huang Xiqiang, a first-class inspector of the provincial government’s Foreign Affairs Office.

Huang also said sister-city relationship has played an important role in enhancing mutual understanding, promoting people-to-people exchange, and facilitating “10+3” partnership.

As the RCEP agreement came into force on January 1, Jiangsu’s exports to RCEP markets in the first half of the year reached 19.5 billion yuan, ranking first in the country.