BEIJING, March 15 (Xinhua) --- The China-proposed Belt and Road Initiative (BRI) has presented opportunities to ASEAN countries, and countries such as Indonesia, the Philippines have enjoyed an incomparable advantage in grasping it, according to Economic Daily report.
China's capital has contributed to Indonesia's economic growth, especially to its industrial upgrading in recent years. The Morowali Industrial Park has just witnessed a foundation ceremony of a lithium battery plant. The plant was co-funded by Chinese enterprises with a total investment of 4.3 billion U.S. dollars. After completion, it will greatly enlarge Indonesia's share in global lithium battery market.
The year of 2018 saw fruitful results between China and the Philippines, another important node on the 21st Century Silk Road route and an important partner for Belt and Road construction. China has become the Philippines' largest trading partner, the largest export destination and the largest imports source, with bilateral trade value reaching 30 billion U.S. dollars in 2018.
As an important part of China's opening-up policy, Belt and Road construction has provided new opportunities for involved countries. It is estimated that by 2035, China's GDP will reach 30 trillion U.S. dollars of which consumption will account for 60 percent, making China a huge market for ASEAN countries.
(Edited by Bao Nuomin, baonuomin@xinhua.org)
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