Advancing Asian Economic Integration from the New Starting Point of Asia’s Overall Revitalization

General Secretary Xi Jinping has pointed out: “Asia is a highland of global cooperation and development, standing at a new starting point for achieving overall revitalization, facing unprecedented opportunities and challenges. China will maintain the continuity and stability of its neighborhood diplomacy policy, adhere to the principle of amity, sincerity, mutual benefit and inclusiveness and the policy of forging friendship and partnership with its neighbors, deepen friendly cooperation with neighboring countries, and jointly advance the modernization process of Asia.” [1]1 “Amity, sincerity, mutual benefit and inclusiveness” (亲诚惠容) and “forging friendship and partnership with its neighbors” (与邻为善、以邻为伴) are key principles of China’s neighborhood diplomacy, emphasizing goodwill, sincerity, shared benefits, and inclusiveness in relations with neighboring countries. The world today is undergoing changes unseen in a century. China, with a proactive stance, is strengthening economic cooperation with neighboring countries and accelerating Asian economic integration. This is an inevitable choice for breaking the impact of unilateralism and protectionism on the multilateral trading system and the global economic order, and it is also the only way to promote the building of a community with a shared future with neighboring countries, jointly advance Asia’s modernization process, and achieve Asia’s overall revitalization.

习近平总书记指出：“亚洲是全球合作发展的高地，正站在实现整体振兴新起点上，面临前所未有的机遇和挑战。中国将保持周边外交政策的延续性和稳定性，坚持亲诚惠容理念和与邻为善、以邻为伴方针，深化同周边国家友好合作，共同推进亚洲现代化进程。”当今世界正处于百年未有之大变局，中国以积极的姿态加强同周边国家经济合作，加快推进亚洲经济一体化，这是破解单边主义、保护主义冲击多边贸易体制和全球经济秩序的必然选择，也是推动构建周边命运共同体，携手推进亚洲现代化进程和实现亚洲整体振兴的必由之路。

1. Responding to the Uncertainty of the World Economy with the Way of Good-Neighborliness

1.以睦邻之道应对世界经济的不确定性

The rise and fall of nations often follow the law of the life cycle. Particularly for countries that hold global economic hegemony, their global power typically undergoes long-wave cycles of rise, maturity, and decline. This succession of economic hegemonies exhibits certain regular characteristics: when a highly developed country reaches a critical point in its development, it often finds it difficult to transcend the limit and continue to advance; its decline may lead to the disintegration of the old order. Human development will take new steps elsewhere in the world, so when a country that enjoys a dominant position and plays a leading role declines, a new country will rise; its ascendancy may lead to the formation of a new order. The new leading country typically first gains advantages in agriculture and industry, then obtains advantages in commerce and finance; its higher efficiency in these fields is the material basis for gaining global leadership. A leading country on the rise often pursues free trade and multilateralism, while a leading country in decline often practices protectionism and erects trade barriers.

国家的兴衰往往遵循着生命周期规律，特别是拥有世界经济霸权的国家，其全球权力往往经历崛起、成熟和衰落的长波周期。这种经济霸权的更迭表现出一些规律性特征：发达程度较高的国家，当其发展达到临界点的时候，往往难以超越界限而继续向前发展，随着它的衰落可能导致旧秩序的解体；人类发展将在世界的其他地方迈出新的步伐，所以当一个享有优势地位和发挥领导地位的国家衰落之后，新的国家将会崛起，随着它的兴盛可能导致新秩序的形成；新的拥有领导权的国家通常率先在农业和工业领域取得优势，然后在商业和金融领域获得优势，它在这些领域的更高效率是获得全球领导权的物质基础；走向兴盛的领导权国家往往奉行自由贸易和多边主义，而走向衰落的领导权国家往往实行保护主义，设置贸易壁垒。

Faced with the anomalous behavior of the United States in practicing protectionism, how should China, having become the world’s second-largest economy and an important engine of global economic growth, play the backbone role of an emerging power in participating in global economic governance, thereby making positive contributions to the stable growth of the world economy? World history shows that having good neighborly relations is conducive to a country’s development. China has many neighboring countries in the Asian region, most of which are Global South countries and emerging market countries, while some are developed countries and industrialized countries. Currently, the Asian economy has formed three trend-based characteristics: first, the rapid growth of emerging powers, with Asia’s total economic output continuously expanding; in 2024, Asia’s GDP as a share of the global total reached 49%, giving it a pivotal position in the world economic landscape. Second, the rapid growth of manufacturing in Asian countries; China, Japan, and South Korea are global manufacturing centers, while India, Vietnam, Malaysia, Indonesia, and other countries have also entered the ranks of major manufacturing countries, and a relatively complete industrial chain has been formed. Third, Asian economic integration has made significant progress; the trade dependence index of Asian countries has gradually increased, and some countries’ trade dependence on Asia even far exceeds their dependence on other economies. It is evident that relying on the advantages of Asia’s total economic output, market size, and industrial chains, seizing the opportunity presented by the shrinking trade dependence of Asian countries on European and American countries and the technological and industrial upgrading of Asian countries, accelerating the process of Asian economic integration, jointly achieving Asia’s overall revitalization, and using the stability and certainty of the Asian economy to respond to the instability and uncertainty of the world economy is undoubtedly a wise choice for solving the current economic problems of the world.

面对美国实行保护主义的反常行为，已经成为全球第二大经济体和世界经济增长重要引擎的中国，怎样在参与全球经济治理中发挥新兴大国的中坚作用，从而为世界经济稳定增长作出积极贡献？世界历史表明，拥有良好的近邻关系有利于国家发展。中国在亚洲地区拥有众多邻国，这些国家多数属于南方国家和新兴市场国家，同时也有部分发达国家和工业化国家。当前，亚洲经济已形成三个趋势性特征：一是新兴大国快速增长，亚洲经济总量持续扩张，2024年亚洲GDP规模占全球的比重达到49%，在世界经济格局中具有举足轻重的地位；二是亚洲国家制造业迅速成长，中国、日本和韩国属于全球制造业中心，印度、越南、马来西亚、印度尼西亚等国也进入全球主要制造业国家行列，而且形成了比较完备的产业链；三是亚洲经济一体化取得明显进展，亚洲各国贸易依存度指数逐渐升高，一些国家对亚洲的贸易依存度甚至远超对其他经济体的依存度。可见，依托亚洲经济总量、市场规模和产业链的优势，利用亚洲国家对欧美国家贸易依存度缩减以及亚洲国家技术和产业升级的契机，加快推进亚洲经济一体化进程，携手实现亚洲整体振兴，以亚洲经济的稳定性和确定性应对世界经济的不稳定性和不确定性，无疑是破解当今世界经济难题的明智选择。

2. Accelerating Asian Economic Integration

2.加快推进亚洲经济一体化

In the practice of promoting regional economic integration through strengthening economic cooperation with neighboring countries, the Association of Southeast Asian Nations (ASEAN) has played a typical exemplary role. The characteristic of the ASEAN Way is to adopt a pluralistic, open, and gradualist path based on “cooperation and consultation.” It is a model without a fixed dominant country, but where every country can propose issues. In recent years, the ASEAN Way has shown clear advantages in promoting the process of regional integration, indicating that it is more suitable for regional integration in a region as culturally and structurally diverse as Asia. The Regional Comprehensive Economic Partnership (RCEP), signed by 15 member states in November 2020 and officially entering into force on January 1, 2022, aims to promote common development. In terms of economic and trade rules, it adopted the “greatest common divisor” acceptable to all member states, balancing the high standards of trade and investment liberalization with the differences in the levels of economic development among Asian countries, thus possessing the advantages of universality and operability. This agreement integrated the original economic and trade cooperation mechanisms in the Asian region, including 27 free trade agreements and 44 investment agreements, and brought China, Japan, and South Korea into its framework. Currently, the trade creation effect of RCEP has initially emerged. In 2024, the total intra-regional trade volume increased by approximately 3% year-on-year, with the vast majority of members achieving year-on-year growth in intra-regional trade volume. The share of intra-regional intermediate goods trade in total trade volume increased from 64.5% in 2021 to about 66% in 2023.

在通过加强周边国家经济合作推动区域经济一体化的实践中，东南亚国家联盟起到了典型的示范作用。东盟方式的特点就是采取以“合作协商”为基调的多元开放和渐进性路径，是一种没有固定的主导国家，但每个国家都可以提出议题的模式。近年来，东盟方式在促进区域一体化进程中表现出明显优势，说明它更加适合亚洲这样的多元文化和多元结构的区域一体化建设。2020年11月由15个成员国签署的《区域全面经济伙伴关系协定》（RCEP），已于2022年1月1日正式生效，它以促进共同发展为宗旨，在经贸规则上采用了各成员国可接受的“最大公约数”，将较高的贸易投资自由化标准与亚洲各国经济发展水平的差异性兼顾起来，从而具有普适性和可操作性的优势。该协定整合了亚洲地区原有的经贸合作机制，包括27个自贸协定和44个投资协定，并将中国、日本、韩国纳入其中。目前，RCEP的贸易创造效应已初步显现，2024年区域内贸易总额同比增长约3%，绝大部分成员区域内贸易额实现同比增长，区域内中间品贸易占贸易总额比重由2021年的64.5%增长到2023年的66%左右。

RCEP is an important achievement of Asian economic integration. Currently, while implementing various measures, it is necessary to continue expanding the breadth and depth of Asian economic integration. First, accelerate the realization of “zero tariffs” on imported consumer goods within the region. Through negotiations and consultations among member states, implement the entry-into-force measures as soon as possible and shorten the transition period as much as possible. On the basis of fulfilling existing commitments, strive to shorten the zero-tariff transition period for important raw materials and key components to ensure the security and stability of the regional industrial and supply chains. Second, comprehensively remove constraints on non-tariff measures such as quantitative restrictions on imports and exports, import licensing procedures, and fees and procedures related to imports and exports. Encourage member states to transition to a higher-level “negative list” model, accelerate the formation of unified market rules conducive to the free and convenient flow of goods and factors, and achieve the optimal allocation of various factors within the region. Third, enhance the utilization efficiency and operability of rules of origin, and lower the threshold for utilizing rules of origin. Fourth, raise the level of RCEP rules on cutting-edge issues. RCEP has many framework and principle clauses in the rule-making for digital trade, e-commerce, and intellectual property rights, and it is particularly necessary to propose additional operational implementation details. At the same time, it is necessary to improve the policy coordination and communication channels for the full implementation of RCEP, as well as an effective dispute settlement mechanism.

RCEP是亚洲经济一体化的重要成果，目前需要在落实各项措施的同时，继续拓展亚洲经济一体化的广度和深度。一是加快实现区域内进口消费品“零关税”，通过各成员国之间的谈判磋商，尽快落实生效措施并尽可能缩短过渡期；在兑现现有承诺的基础上，争取缩短重要原材料和关键零部件的零关税过渡期，以保障区域内产业链和供应链的安全稳定。二是全面取消进出口数量限制、进口许可程序管理以及与进出口相关的费用和手续等非关税措施方面的约束，鼓励成员国过渡到更高水平的“负面清单”模式，加快形成有利于商品和要素自由便利流动的统一市场规则，实现各类要素的区域内优化配置。三是提升原产地规则的利用效率和操作性，降低原产地规则的利用门槛。四是提升RCEP针对前沿议题的规则水平，RCEP在数字贸易、电子商务和知识产权领域的规则制定上存在较多框架性、原则性条款，特别需要提出增加操作性执行细则。同时，需要健全RCEP全面实施的政策协调沟通渠道以及有效的争端解决机制。

Drawing on the ASEAN Way and utilizing the RCEP agreement to promote the construction of a China-Japan-ROK Free Trade Area is a practical topic of great strategic significance. The economic scale and market size of China, Japan, and the ROK are enormous, occupying a particularly important position in the Asian economy. Economic cooperation among the three countries will inject strong momentum into Asian economic integration. The level of economic development of China, Japan, and the ROK is at the forefront among Asian countries; they are the “lead geese” in the technological and industrial landscape. These three countries are more realistic and feasible in implementing high-level open rules. Close cooperation in the fields of digital trade, currency swaps, artificial intelligence, clean energy, and the green economy, and effectively promoting the construction of the China-Japan-ROK Free Trade Area, will inject strong momentum into the formation of a unified Asian market.

借鉴东盟方式和利用RCEP协定推动中日韩自由贸易区建设，这是一个具有重大战略意义的现实课题。中日韩三国的经济规模和市场规模庞大，在亚洲经济中占据特别重要的地位，三国经济合作将为亚洲经济一体化注入强劲动力；中日韩三国的经济发展水平在亚洲国家中处于领先地位，属于技术和产业格局中的头雁，三国在实施高水平开放规则方面更加具备现实性和可行性。在数字贸易、货币互换、人工智能、清洁能源和绿色经济领域紧密合作，切实推动中日韩自贸区建设，将为形成统一的亚洲大市场注入强大动力。

3. Jointly Achieving Asia’s Overall Revitalization

3.携手实现亚洲的整体振兴

The fundamental goal of our active promotion of neighborhood economic cooperation and Asian economic integration is to achieve Asia’s overall revitalization. That is, through the free flow of goods, the optimal allocation of factors, and the construction of supply chains, industrial chains, and value chains, to promote the interconnected development and shared growth of Asian countries. As a responsible emerging power and the advocate for building an Asian community with a shared future, China will leverage its advantages in market size, technological innovation, industrial leadership, and infrastructure construction capacity to inject strong momentum into the overall revitalization of the Asian economy, benefiting Asian countries with the fruits of Chinese-path modernization.

我们积极推进周边经济合作和亚洲经济一体化，根本目标是实现亚洲的整体振兴，即通过商品自由流动、要素优化配置以及供应链、产业链和价值链的构建，促进亚洲国家经济联动和共享发展。中国作为负责任的新兴大国和构建亚洲命运共同体的倡导者，将发挥自身的市场规模优势、技术创新优势、产业头雁优势和基建能力优势，为亚洲经济的整体振兴注入强劲动力，以中国式现代化成果惠及亚洲国家。

Relying on the advantages of market scale to strengthen the momentum of Asia’s economic growth. In 2024, China’s population was 1.40828 billion, its gross domestic product reached 134.9084 trillion yuan, total retail sales of consumer goods reached 48.7895 trillion yuan, and total imports and exports of goods reached 43.8468 trillion yuan, fully demonstrating China’s super-large market advantages. In 2024, China’s total exports to ASEAN were $586.524 billion, and total imports from ASEAN were $395.811 billion, still showing a surplus. To this end, China needs to act actively within the framework of the RCEP agreement [2]2 The Regional Comprehensive Economic Partnership (RCEP), a free trade agreement among Asia-Pacific nations including China, Japan, South Korea, Australia, New Zealand, and the ten ASEAN member states, entered into force on January 1, 2022., increase imports from the RCEP region, especially ASEAN countries, and make a greater contribution to expanding Asia’s overall market; through the close connection of the markets of China, Japan, South Korea, and ASEAN, further release the potential of the Asian large market, injecting strong momentum into Asia’s economic growth.

依托市场规模优势增强亚洲经济增长动能。2024年中国人口为14.0828亿人，国内生产总值达到1349084亿元，社会消费品零售总额达到487895亿元，货物进出口总额达到438468亿元，充分展示了中国超大规模市场优势。2024年中国向东盟出口总额为5865.24亿美元，从东盟进口总额为3958.11亿美元，仍然存在顺差。为此，中国需要在RCEP协定框架下积极作为，加大对RCEP地区特别是东盟国家的进口力度，为扩大亚洲整体市场作出更大贡献；通过中国、日本、韩国和东盟市场的紧密连接，进一步释放亚洲大市场潜力，为亚洲经济增长注入强大动能。

Relying on the advantages of technological innovation to promote industrial upgrading in Asian countries. According to the 2024 Global Innovation Index released by the World Intellectual Property Organization, China ranks 11th, making it the only middle-income economy among the top 30 in the global innovation index. In the future, China will continue to implement a policy of expanding opening up, increase the export share of high-tech products to Asian countries, especially ASEAN countries, and through the export of high-tech products and outward direct investment, fully leverage the technology spillover effect, driving technological research and development and cooperative innovation in developing countries in the Asian region, and promoting technological upgrading and industrial upgrading in developing countries.

依托技术创新优势推动亚洲国家产业升级。根据世界知识产权组织发布的2024年全球创新指数，中国位居第11位，属于全球创新指数排名前30位中唯一的中等收入经济体。未来中国将继续实行扩大开放的政策，加大高新技术产品在亚洲国家特别是东盟国家的出口份额，并通过高新技术产品出口以及对外直接投资等方式，充分发挥技术外溢效应，带动亚洲地区发展中国家的技术研发和合作创新，推动发展中国家的技术升级和产业升级。

Relying on the advantages of leading industries to drive the construction of Asia’s production network. Asia’s industrial landscape has evolved from a flying-geese pattern with Japan as the lead goose to a multi-polar flying-geese pattern with countries such as China, Japan, and South Korea as lead geese. China has seen the emergence of a number of leading goose industries in labor-intensive, capital-intensive, and technology-intensive sectors. To this end, China should play the leading role of its lead goose industries in the Asian region, constructing a more complete industrial chain, supply chain, and production network through industrial division of labor, product division of labor, intra-industry division of labor, and intra-product division of labor; in particular, it should deepen cooperation in the fields of automobiles, telecommunications, high-end equipment manufacturing, the digital economy, and artificial intelligence, and through outward direct investment and intermediate goods trade, drive the tiered transfer of these industries among countries at different technological levels.

依托产业头雁优势带动亚洲生产网络的构建。亚洲产业格局已经从以日本为头雁的雁行形态演变为以中国、日本、韩国等国家为头雁的多极雁行形态。中国在劳动密集型、资本密集型和技术密集型行业均涌现了一批领头雁产业。为此，中国应发挥头雁产业在亚洲地区的带头作用，通过产业分工、产品分工以及产业内分工和产品内分工，构建更加完整的产业链、供应链和生产网络；特别是要在汽车、电信、高端装备制造、数字经济和人工智能领域深化合作，通过对外直接投资和中间品贸易，带动这些产业在不同技术层级的国家之间梯次转移。

Relying on the advantages of infrastructure capacity to promote connectivity construction in Asia. In the process of solidly advancing new industrialization, informatization, urbanization, and agricultural modernization, China has accumulated and cultivated strong infrastructure construction capabilities, including traditional infrastructure and new infrastructure, and possesses a number of world-class infrastructure enterprises and technical equipment. Since the preparation for the establishment of the Asian Infrastructure Investment Bank began in 2014, China’s cooperation in infrastructure construction in Asian countries has achieved remarkable results, mainly concentrated in high-speed railways and power systems. The construction of the Jakarta-Bandung High-Speed Railway, the China-Kyrgyzstan-Uzbekistan Railway, and the China-Thailand Railway has greatly promoted connectivity in Asia. Through key infrastructure projects such as railways, highways, and ports, China has formed closer economic cooperation relations with Asian countries. The entry into force of the RCEP has created more convenient conditions for the flow of capital, technology, and labor, as well as cross-border investment and contracting projects. China should expand the fields of infrastructure construction in the Asian region, promote the liberalization of trade and investment in Asia, and lay a solid foundation and provide an excellent environment for the overall revitalization of Asia.

依托基建能力优势促进亚洲互联互通建设。中国在扎实推进新型工业化、信息化、城镇化、农业现代化的过程中，积累和培育了强大的基础设施建设能力，包括传统基建和新型基建，拥有一批世界一流的基建企业和技术设备。自2014年开始筹建亚洲基础设施投资银行以来，中国在亚洲国家的基础设施建设合作取得显著成效，主要集中在高速铁路和电力系统，雅万铁路、中吉乌铁路、中泰铁路的建设极大地促进了亚洲互联互通。通过铁路、公路、港口等关键基础设施项目，中国与亚洲国家形成更加紧密的经济合作关系。RCEP生效为资金、技术、劳动力的流动以及跨国投资和承包工程创造了更加便利的条件，中国应拓展亚洲地区基础设施建设的领域，推动亚洲贸易投资自由化，并为亚洲的整体振兴奠定坚实的基础、提供优良的环境。

(Author: Ouyang Yao, Qiushi Distinguished Professor, School of Economics, Zhejiang University)

（作者：欧阳峣，系浙江大学经济学院求是特聘教授）

Online Editor: Tongxin

网络编辑：同心