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On August 3rd, the first Brunei-China Trade and Economic Forum was successfully held online by the Chinese Enterprises Association in Brunei. H.E. Ambassador Yu Hong, Deputy Minister of Finance and Economy Dato Haji Kailuddin, and Vice President of Bank of China (Hong Kong)Wang Bing attended the forum and gave a keynote speech respectively. The theme of this forum is Opening Up and Regional Economic Cooperation. Li Feng, President of the Chinese Enterprise Association in Brunei, Dr. E Zhihuan, Chief Economist of Bank of China (Hong Kong), Yao Yinan, Bank of China Head Office, Abdul Hai Julay, Lecturer of Universiti Brunei Darussalam, Dr Koh Wee Chian, Head of economics and finance unit at CSPS, and Jackson Ting, President of Brunei-China One Belt One Road Association, each delivered a speech on subtopics of the forum. More than 150 people attended the event, including Kang Wen, Economic and Commercial Counselor of the Chinese Embassy in Brunei, representatives from major business associations, financial institutions, academic institutions and Chinese Enterprises Association in Brunei.
Ambassador Yu Hong remarked that since the establishment of diplomatic relation between China and Brunei, the relationship between the two countries has been developing healthily and rapidly throughout the past 30 years. Political mutual trust has been strengthened and the China-Brunei strategic cooperative partnership has been developed in a steady way. Pragmatic cooperation between two countries in various fields has been enhancing, bringing tangible benefits to the peoples of two sides. Meanwhile, China-ASEAN economic and trade cooperation has flourished. The two sides have become each other's largest trading partner. The bilateral trade volume has increased by 100 times compared with that of 30 years ago, and the cumulative direct investment between the two sides has exceeded 310 billion US dollars. The key reason for having achieved such brilliant development achievements is that China and regional countries have joined their efforts for maintaining regional peace and stability and adherance to open regionalism consistently. China is willing to work with all the countries in the region, including Brunei, to uphold the concepts of peace, development, independence and inclusiveness, firmly uphold open regionalism, promote regional economic integration, and provide positive and stable energy into the region’s post-COVID economic recovery.
H.E. Yu Hong pointed out that China's development is inseparable from the world, and the world's development also needs China. China will adhere to a mutually beneficial and win-win opening up strategy, adhere to true multilateralism, and promote regional cooperation. China's determination to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership (DEPA) has remained unchanged. China will continue to accelerate the implementation of the free trade zone strategy based on the surrounding areas, negotiate and sign high-standard free trade agreements with more countries, and form a globally high-standard free trade zone network. China will implement the Regional Comprehensive Economic Partnership (RCEP) in the most comprehensive and high-quality standards, launch a upgrade 3.0 version of the China-ASEAN Free Trade Area as soon as possible, and expand cooperation in new areas such as digital economy and green economy. China will always open its market to ASEAN countries including Brunei and import more high-quality products from ASEAN countries. ASEAN countries are also welcomed to actively participate in the construction of the New International Land-Sea Trade Corridor. China is willing to promote China-ASEAN-BIMP-EAGA cooperation, and continue to support Brunei’s efforts in building a regional transshipment hub centered on Muara Port. China is willing to work with ASEAN countries to build high-quality "Belt and Road" projects, connecting with ASEAN Outlook on Indo-Pacific, further build a "Belt and Road" demonstration area for high-efficient industrial projects through production capacity cooperation, ultimately improve the resilience of regional production and supply chains, and promote post-epidemic recovery. China is willing to work with Brunei to strengthen regional cooperation, promote the continuous development of the Brunei-China strategic cooperative partnership, and open a new chapter of Brunei-China economic and trade cooperation.
Deputy Minister of Finance and Economy Dato Haji Khairuddin said that the friendly relationship between China and Brunei has a long history, increased investments from China and enhanced bilateral trade in mutual areas of interest have contributed to the development and transformation of Brunei's economy. In 2021, total trade between Brunei and China grew by 56% compared to the previous year, accounting for 15% of Brunei's foreign trade, making China the second largest trading partner and largest source of foreign investment in Brunei. Brunei is renowned for its stable business and natural environment. To diversify its economy, Brunei encourages foreign investment in aquaculture and agriculture industries, downstream oil and gas industries, food industry, information and communication technology and tourism industry. Deputy Minister also welcomes more Chinese companies to invest in Brunei to further expand bilateral economic and trade cooperation and help to achieve inclusive and sustainable economic growth.
Vice President of BOC (Hong Kong) Wang Bing said that the Brunei Branch of Bank of China (Hong Kong) Co. Ltd. officially opened in December 2016, is the first Chinese-funded financial institution branch set up in Brunei. The Bank provides services through digitization, cross-border finance, supply chain financing and RMB business and etc. to support Brunei-China bilateral economic and trade cooperation as well as Brunei's economic and social development, ultimately will help to realize Brunei’s 2035 vision.
Dr.Li Feng, President of Chinese Enterprises Association in Brunei, analyzed the role of RCEP in promoting economic and trade between China and ASEAN. He considered that China's application to join CPTPP shows its firm determination to safeguard the multilateral trading system and desire to promote the economic integration of Asia-Pacific, which is in the interest of regional and global free trade. China's entry into CPTPP will bring opportunities to member countries. First, it will enhance the overall advantages of CPTPP, attract more foreign investment, and improve the resilience and stability of the global supply chain. Second, as an important economic and trade partner of CPTPP members, China has complementary industries to member countries of CPTPP. Thus, China's admittance into CPTPP will strengthen the supply chain between China and member countries, ultimately to achieve a win-win situation. Third, China's entry will further expand the level of opening up, reduce tariffs with CPTPP members, enable bilateral economic and trade cooperation to achieve high-quality development, and also lay a good foundation for Asia-Pacific Free Trade Area negotiations.
Dr. E Zhihuan, Chief Economist of BOC Hong Kong, explained China's current economic situation in detail, emphasizing that China's economy is fundamentally supported by its fiscal policy, monetary policy and project investment.It is expected that the economy of China will improve in the second half of the year and continue to grow in medium and long term.
Abdul Hai Julay, lecturer of Universiti Brunei Darussalam, conducted a comparative analysis of the four major regional economic cooperation mechanisms, including RCEP, CPTPP, the "Belt and Road" Initiative, and APEC, and expounded the benefits of open regional economic cooperation for the recovery of regional and global economy. Dr Koh Wee Chian, head of economics and finance unit at CSPS, shared his views on global economic situation, introduced Brunei's current economic situation and post-pandemic recovery prospects.
Mr.Jackson Ting，President of Brunei-China One Belt One Road Association, said that there are six success factors for the continuous development of Brunei-China economic and trade cooperation, namely political stability, geographical advantage, mutual respect and trust, efficient logistical, financial and legal infrastructure, capable human resources and contributions of local community.
Yao Yinan, from Department of Inclusive Finance, Bank of China Head Office, introduced major national exhibition platforms in China, among them are the China International Fair for Trade in Services(CIFTIS), China International Import Expo (CIIE), China Import and Export Fair (Canton Fair), China-ASEAN Expo (CAEXPO) and China International Consumer Products Expo, etc., stating that the BOC Brunei branch is committed to help Brunei enterprises to access Chinese market with various cross-border trade platforms, and support the development of Brunei-China bilateral economic and trade in the long run.
The participants also exchanged views on Brunei's digital economy, economic development in China and Brunei, and the role of RCEP in promoting the internationalization of Renminbi.
