Pan-Beibu Gulf Economic Co-op Forum begins

The seventh Pan-Beibu Gulf Economic Cooperation Forum kicked off in Nanning, Guangxi Zhuang autonomous region Wednesday.

The two-day event will hold four parallel summits to further tap the potential for cooperation among Pan-Beibu Gulf countries. Topics including PBG regional cooperation, urban development, electronics information industry, and China-Malaysia industrial cooperation will be covered.

China-Malaysia industrial cooperation has become a highlight at the forum.

The upcoming China-Malaysia Qinzhou Industrial Park, a cooperative project between the Chinese and Malaysian governments, has secured 54 billion yuan from China Development Bank for future development, according to Chen Ruixian, deputy director-general of the Planning, Construction and Administration Commission of Guangxi Beibu Gulf Economic Zone.

Infrastructure construction for the park has started, and it is ready for global business promotion, according to Chen.

As the PBGEC Feasibility Study Report was approved at the 14th ASEAN-China Summit last year, PBG cooperation has been officially included into the framework of ASEAN-China overall cooperation, Chen said.

A joint expert group will discuss the PBGEC Action Roadmap at the forum, and will submit the improved edition to the China-ASEAN Economic Ministers' Meeting and the 15th ASEAN-China Summit later this year, he said.

China has become the largest trade partner of the ASEAN. Trade volume between China and the ASEAN reached $362.9 billion in 2011, up from the $160.8 billion in 2006, representing an annual growth of 17.7 percent, according to Ma Biao, governor of Guangxi Zhuang autonomous region.

Guangxi benefits from the trade boom, as its trade volume with the ASEAN grows 40.9 percent year-on-year on average, according to Ma.

The province's cross-border yuan settlement exceeded 50 billion yuan in 2011, making Guangxi the top province among China's eight border provinces and regions in this respect, Ma said.

The PBG Economic Zone covers the Chinese provinces of Guangxi, Guangdong and Hainan, and Vietnam, Malaysia, Singapore, the Philippines, Indonesia and Brunei.