MNI China Press Digest May 28: Manufacturing, U.S., ASEAN

Highlights from Chinese press reports on Wednesday:

• China must ensure GDP has a reasonable proportion of manufacturing value added by promoting industrial upgrading and strengthening independent innovation, said the Economic Daily in a commentary. Authorities should be vigilant after manufacturing fell to 26.2% in 2023 from 28.1% in 2016,  the newspaper said, noting the sector was irreplaceable in driving economic growth and competing globally.
• Sino-U.S. economic and trade relations are expected to improve despite periodic fluctuations, according to Peng Bo, a researcher at the Institute of International Trade and Economic Cooperation at the Ministry of Commerce. However, domestic political factors in the U.S. could interfere with future talks as different factions and interest groups hold divergent views on trade policies. The two sides face the risk of tariffs being re-imposed if a new agreement cannot be reached by the end of the 90 day suspension period, Peng noted.
• Chinese Premier Li Qiang called on members of the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) to work with China on building a large shared market with open trade and investment, Xinhua News Agency reported, citing the Premier’s recent speech at the inaugural ASEAN-China-GCC summit held in Kuala Lumpur. Following the completion of China-ASEAN Free Trade 3.0 negotiations, Beijing expects a fast resolution to the China-GCC free trade area agreement talks which will help elevate trilateral trade levels, Li added.