Industrial parks of China-Indonesia "Two Counties, Twin Parks" project in Fuzhou. [Photo by Lin Shuangwei/WeChat ID: gh_92491ea04f8f]

Since the approval of the China-Indonesia joint demonstration zone for economic innovative development in Fuzhou and the China-Philippines joint demonstration zone for economic innovative development in Zhangzhou last January, the "Two Countries, Twin Parks" initiative has continued to progress and become a focal point in the expansion of economic and trade cooperation between Fujian and ASEAN.

With regard to the China-Indonesia "Two Countries, Twin Parks" project, China has signed 36 investment projects totaling 64.85 billion yuan ($ 9.04 billion), while negotiations were made for 17 investment projects in Indonesia amounting to a total investment of 39.9 billion yuan, according to the Department of Commerce of Fujian province.

Regarding the China-Philippines "Two Countries, Twin Parks," the Chinese side has signed 24 projects worth 42.6 billion yuan.

ASEAN has been Fujian's largest trading partner for many years, with bilateral trade reaching 230.03 billion yuan in the first 11 months of last year, a 5.9 percent year-on-year increase. The accelerated construction of the "Two Countries, Twin Parks" is propelling cooperation between Fujian and ASEAN.

Over the past year, Fujian issued 15 policies to support the construction of the China-Indonesia "Two Countries, Twin Parks". These policies were related to areas like industrial support, financial and tax guarantees, and customs clearance facilitation.

The construction of the "Two Countries, Twin Parks" projects of China-Indonesia and China-Philippines is currently underway. Expectations are that these projects will become a new highland for bilateral economic and trade cooperation between the two countries. The initiative aims to leverage Indonesia's abundant marine resources to complement China's industrial chain, leading to a significant improvement in the development of the full industry chain of fisheries for both sides.

This year, Fuzhou plans to expedite the construction of the China-Indonesia "Two Countries, Twin Parks," promote the establishment of a China-Indonesia joint venture bank, and implement various industrial and supporting projects.

Fujian has already introduced measures to stabilize foreign trade and foreign investment, and intensify efforts to open up further this year. The ongoing progress of the "Two Countries, Twin Parks" construction will deepen exchanges and cooperation between Fujian and ASEAN, injecting strong impetus into Fujian's high-level opening up.