China develops cooperation with the Greater Mekong Sub-region countries
On 31 March 2018, Wang Yi, Minister of Foreign Affairs of the PRC, delivered a speech on the sidelines of the 6th Greater Mekong Sub-region (GMS) Summit. The Minister noted that the six GMS member countries, namely China, Vietnam, Laos, Thailand, Myanmar and Cambodia, showed a strong momentum of growth.
Minister admitted China’s commitment to opposing protectionism and encouraged the partners to foster integration processes and liberalize trade and economic cooperation. Among the promising mechanisms he mentioned cross-border economic cooperation zones and new industrial parks. Wang Yi underlined that the parties need to develop digital economy, sharing economy and e-commerce.
China will work on key projects to enhance infrastructure network, including the China-Laos railway, the China-Thailand railway, as well as the China-Myanmar land-water transportation facility. The PRC will work with other GMS countries “to further harmonize policies, regulations and standards and implement the Cross Border Transport Facilitation Agreement”.
At the end of the speech Minister reported that in 2017 the PRC invested a total of more than US$42 billion in the five Mekong countries, the trade turnover between the GMS members accounted for US$220 billion. The Regional Investment Framework will cover more than 200 projects in the next five years, nearly a third of which are initiated, directly undertaken or funded by China.
Further GMS development will be closely linked to Chinese business, however, third-party investors, including Russian, may participate in the projects’ implementation under the aegis of GMS alongside with other enterprises.
Press-release at the Ministry of Foreign Affairs of the PRC official web-site