VIENTIANE, Oct. 10 -- Chinese Premier Li Qiang on Thursday delivered a speech at the 27th China-ASEAN Summit.

The following is the full text of the speech:

Address by H.E. Li Qiang

Premier of the State Council

Of the People's Republic of China

At the 27th China-ASEAN Summit

Vientiane, October 10, 2024

Your Excellency Prime Minister Sonexay Siphandone,

Colleagues,

It is my great pleasure to gather with you again in the beautiful city of Vientiane. I wish to thank Prime Minister Sonexay and the Lao government for the thoughtful arrangements.

The past year has seen us making new strides in building a China-ASEAN community with a shared future. Our political mutual trust has deepened; our traditional friendship has grown stronger; and our practical cooperation has expanded. All these have brought tangible benefits to our peoples. Around the world, however, the global economic recovery remains sluggish, and rising protectionism and geopolitical turbulence are bringing more instability and uncertainty to development. As the weak global demand becomes more pronounced, the market has become the most scarce resource in economic development today.

China and ASEAN are two major markets with over 1.4 billion and 600 million people respectively. Our combined population accounts for one quarter of the global total. Market resources are our greatest advantage. What is more, our markets are upgrading across the board. Whether it's the digitalization of industries, green transformation, or the improvement of import and export structures, all these are creating new opportunities for trade and investment. Our markets are also expanding. With deepening industrialization and urbanization, and growing middle-income group, demand in all fields and at all levels will continue to be rapidly unleashed. Our markets are opening up still wider. The accelerated implementation of bilateral and multilateral free trade agreements in recent years has made the flow and allocation of production factors more efficient. The super-sized markets are the greatest underpinning for our economic prosperity, and strengthening market connectivity is an important direction for our further cooperation.

I am confident that closer and better integration and connectivity between the two major markets of China and ASEAN will result in greater economies of scale, industrial agglomeration and spillover effects of development. Today, I am pleased to announce, together with ASEAN leaders, the substantial conclusion of the China-ASEAN FTA 3.0 Upgrade Negotiations. This important outcome provides institutional safeguards for us to build our super-sized markets together. It is a significant step in spearheading East Asian economic integration. It also demonstrates our unequivocal support for multilateralism and free trade. China hopes to explore with ASEAN more ways and means to connect and share our markets, so as to generate stronger, more lasting development impetus for both sides and provide more solid support for the shared prosperity of the region and the world at large.

Colleagues,

Today, the China-ASEAN relationship has gone far beyond the bilateral scope and taken on great significance for Asia and the world at large. President Xi Jinping pointed out that China will continue to honor the principle of amity, sincerity, mutual benefit and inclusiveness, and join hands with regional countries to build a peaceful, safe and secure, prosperous, beautiful, amicable and harmonious Asian home. China would like to work side by side with ASEAN to pursue progress and development in solidarity and jointly create a better Asia in the future.

First, we need to create a multidimensional connectivity network to enable unimpeded development for Asia in the future. Efficient connectivity and smooth flows in the economy are important foundations for rapid development. China would like to enhance railway, port and other infrastructure cooperation with ASEAN, expedite the signing and implementation of the FTA 3.0, strengthen the linkage among cross-border payment systems, and scale up local currency settlement. China is willing to explore voluntary opening up to ASEAN countries and other measures to gradually move toward a higher-standard, two-way opening up and boost the integrated development of regional economies.

Second, we need to expand cooperation in emerging industries to enhance the sustainability of growth for Asia in the future. China would like to join hands with ASEAN to seize the opportunities of the new round of technological revolution and industrial transformation, and tap the cooperation potential in such areas as digital economy and green development. We need to foster a sustainable and inclusive digital ecosystem and speed up the digital transformation of traditional industries. China will implement the S&T Capacity Enhancing Initiative of AI Empowering Development for ASEAN, and stands ready to foster a partnership on blue economy with ASEAN and jointly establish a clean energy cooperation center.

Third, we need to deepen people-to-people and cultural exchanges to solidify the foundation of friendship for Asia in the future. The close bond between our peoples is a unique strength of China-ASEAN cooperation. We need to make the China-ASEAN Year of People-to-People Exchanges a full success, strengthen exchanges and cooperation on culture, tourism, youth and media, and promote the implementation of the Global Civilization Initiative in the region. China supports doubling the number of recipients of China-ASEAN Young Leaders Scholarship in the next five years and welcomes more young people from ASEAN countries to China for studies. The Chinese side will continue to make an additional contribution to the China-ASEAN Cooperation Fund.

I believe that with the concerted efforts of China and ASEAN, we will continue to make solid and sustained progress in our friendship and cooperation, and play a greater role in promoting peace, stability, prosperity and development in Asia.

Thank you.