China and ASEAN remain the two major centers of trade in goods in the Asia-Pacific region(1)

On April 20, the "Asian Economic Prospects and Integration Process 2022 Annual Report" (hereinafter referred to as the "Report") was released at the Boao Forum for Asia Annual Conference 2022 Press Conference and Flagship Report Conference.

The "Report" pointed out that in 2021, Asian economic growth will rebound strongly. The weighted real GDP growth rate of Asian economies will be 6.3%, an increase of 7.6% compared with 2020. Calculated on the basis of purchasing power parity, Asia's economic aggregate will account for 47.4% of the world's total in 2021, an increase of 0.2% over 2020.

In 2020, even in the face of the impact of the global COVID-19 epidemic, China and ASEAN are still the two major centers of trade in goods in the Asia-Pacific region. In particular, China has played an important role in maintaining regional trade stability during this impact.

In 2020, facing the impact of the demand and supply contraction caused by the epidemic, the world economy will decline, and the global trade in goods will decline significantly. In this context, the trade dependence between Asian economies will remain at a high level. ASEAN and China are in Asia. The status of the goods trade center is stable. The scale of bilateral trade between Asian economies has generally shrunk, but the trade in goods with China has mostly shown positive growth. In 2021, world trade will see a strong recovery, but whether this trend is sustainable is unknown.