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On January 1 this year, the China-ASEAN Free Trade Area was officially completed as planned. This economic integration covers a population of 1.9 billion people, with a combined GDP of $6 trillion and a trade volume of $4.5 trillion. The formation of this zone has opened up new opportunities for Chinese entrepreneurs, offering them access to one of the fastest-growing markets in the world.
"After the establishment of the free trade zone, we see countless business opportunities," said Yang Haikong, general manager of Guangxi Nongken Group Co., Ltd., who expressed excitement to reporters. "We need to build a new 'agricultural base' overseas."
In recent years, Guangxi Nongken Group has focused its overseas investments primarily on ASEAN countries. In October 2007, the company signed 42 projects with firms in Indonesia, the Philippines, and other nations, totaling 18.85 billion yuan. These collaborations span industrial park development, biochemistry, agricultural planting, and food processing.
As a major domestic diesel engine manufacturer, Guangxi Yuchai began exporting engines to Vietnam in the 1960s. With the support of the China-ASEAN Expo, the company has gained increasing recognition in Southeast Asia. Today, over 30,000 Yuchai engines are operating across ASEAN countries, with more than 13,000 units exported in 2009 alone.
"Yuchai has established offices in five key ASEAN markets, including Indonesia, Thailand, Malaysia, and the Philippines. The free trade zone will make ASEAN one of our core regional markets," said Liang Bing, deputy general manager of the Overseas Marketing Department at Guangxi Yuchai Machinery Group.
Guan Yueqing, chairman of Guangxi Investment Group, sees the completion of the free trade area as a rare opportunity for Chinese companies to restructure their industries. "Reduced tariffs and non-tariff barriers, along with easier investment and trade processes, allow us to source raw materials like coal, alumina, and pyrite from ASEAN countries. Our processed products, such as fertilizers and aluminum, can now be easily exported back, creating a win-win situation for both sides."
It's not just Guangxi companies that are excited about the ASEAN market—entrepreneurs from Shanghai and Beijing are also showing strong interest.
Yu Jianming, vice secretary-general of the Shanghai Municipal Government’s Foreign Economic Relations and Trade Commission, believes that the resource-based economies of Southeast Asian countries complement China’s ongoing economic restructuring. Additionally, many ASEAN nations are investing heavily in infrastructure, presenting significant opportunities for Shanghai-based engineering contractors.
Over the past five years, trade between Shanghai and ASEAN countries has grown by double digits annually. In terms of foreign engineering contracts, Shanghai has undertaken 54 projects in ASEAN, with a total contract value of $6.2 billion and driving $2.3 billion in exports.
"Following the completion of the free trade zone, over 90% of products will be subject to zero tariffs, significantly lowering investment costs. Our projects in ASEAN will become even more dynamic and profitable," said Luo Tao, general manager of China Nonferrous Mining Group Co., Ltd., expressing confidence in the future.