Digital economy, green transition, and global Chinese diaspora to contribute to ASEAN’s growth

China’s pivotal role and advancements in global digitalization and sustainable development, particularly in cooperation with Malaysia and the Association of Southeast Asian Nations (ASEAN) member states, were emphasized at a key regional summit.

The Global Chinese Economic and Technology Summit 2025 (GCET 2025), themed “Global Leadership and Partnership in the Age of Digital and Green Transformation”, was held in Kuala Lumpur on Nov 19.

The event attracted over 400 participants — including policymakers, diplomats, business leaders, and members of the global Chinese diaspora — to discuss significant economic and technological trends shaping the future of international investment and innovation.

Malaysian Deputy Prime Minister and Minister of Rural and Regional Development Ahmad Zahid Hamidi said that his country, as the 2025 chair of ASEAN, stands at the heart of the global transformation, adding, “One fact is clear: The countries that act fastest will lead the next decade.”

Ahmad Zahid said that China has remained Malaysia’s top trading partner for 16 consecutive years, driven by mutual trust, stable policies, a strong talent pool, and clear economic direction. By May 2025, bilateral trade exceeded 200 billion ringgit ($48.2 billion).

He highlighted three sectors that will drive ASEAN’s future growth — the digital economy, green transition, and global Chinese diaspora — while underscoring development opportunities in artificial intelligence (AI), smart manufacturing, and green technology.

KSI Strategic Institute for Asia Pacific President Michael Yeoh addressed the summit’s opening, saying there is a need to prepare for a new economy driven by digitalization, green energy, and shared prosperity through peace, dialogue, and collaboration, amid increasingly complex geopolitical tensions and uncertainties.

Chinese Ambassador to Malaysia Ouyang Yujing said that China’s economy has reached a new level, noting its GDP exceeded 134 trillion yuan ($18.8 trillion) in 2024 with an average annual growth of 5.5 percent. China’s contribution to global economic growth remains around 30 percent.

Ouyang said that the number of new energy vehicles in China reached 31.4 million by the end of 2024, which means more than half of the world’s NEVs are in China. “In 2024, the export of electric vehicles, lithium batteries, and photovoltaic products increased by 2.6 times compared with 2020,” he added.

The ambassador said long-standing economic cooperation between China and ASEAN countries has contributed to universally beneficial and inclusive economic globalization.

He stressed that sectors such as AI, blockchain, green technology, and renewable energy are key areas and directions of cooperation between China and Malaysia, as well as between China and ASEAN.

Ouyang added that these areas showcase China’s new quality and productive forces in leading global scientific and technological progress.

Malaysian Chinese Association President Wee Ka-siong, a former Malaysian transport minister, said that China is not only applying technology but also inventing new technology, especially in the field of AI.

For ASEAN, with a young population attracted to the latest technology, synergy with China in terms of technological development is significant. “China has the technical know-how to develop this innovative ecosystem, which is what we need to learn from China,” he added.

China Development Institute President Fan Gang said the challenges to the international economy include trade conflicts, policy changes, supply chain relocations, global warming, and technological breakthroughs.

He said there is potential for economic cooperation and expansion among countries in the Global South, particularly in AI.

The one-day summit covered a wide range of topics, including the latest developments in China-ASEAN economic relations, the digital economy, technological innovation, and the role of global Chinese entities in future investments.

GCET 2025, the 17th edition of the annual event, was organized by KSI Strategic Institute for Asia Pacific, the Institute of Strategic Analysis and Policy Research, and the China Development Institute, with China Daily as a media partner.

Contact the writers at irismuk@chinadailyhk.com