People visit the 19th China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, capital of south China's Guangxi Zhuang Autonomous Region, Sept. 16, 2022. (Xinhua/Huang Xiaobang)
BEIJING, May 24 (Xinhua) -- United Overseas Bank (China) Limited, referred as UOB China, released a research report about enterprises' business outlook related with China's market on Tuesday, which points out that both Chinese and ASEAN enterprises are more willing to invest in each other's markets, reported Chinanews.com.
The research was conducted in UOB's seven major markets including Indonesia, Malaysia, Singapore, Thailand, Vietnam, Chinese mainland and the Hong Kong Special Administrative Region (HKSAR) with more than 4,000 enterprises involved.
According to the report, the Regional Comprehensive Economic Partnership (RCEP) has injected new vitality into cross-border commerce. In the first four months of 2023, ASEAN remained China's largest trading partner, with bilateral trade value growing by 13.9 percent year on year, accounting for 15.7 percent of China's total foreign trade value.
More than 40 percent of Chinese enterprises surveyed plan to expand into Southeast Asia in the next three years, with Singapore, Thailand and Malaysia the top three destinations for investment, the research showed.
Among the enterprises surveyed from the five ASEAN countries,40 percent of them are also looking to expand business in Chinese mainland, with enterprises from Thailand and Singapore showing the strongest intention to invest in the mainland market.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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