Core Insights - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol aims to enhance regional and global economic cooperation, providing greater certainty amid rising global trade protectionism and unilateral measures [1][2] Group 1: Economic Development Initiatives - Guangxi is focusing on key industries such as electronic information and new energy vehicles to build resilient cross-border industrial chains [1] - The region is accelerating the establishment of a higher-level open economic system, positioning itself as a crucial hub for domestic and international dual circulation, as well as a new high ground for open cooperation with ASEAN [1] Group 2: Support for Enterprises - Guangxi plans to introduce supporting measures to enhance policy interpretation and training, improving enterprises' ability to apply the new rules [1] - The establishment of the China-ASEAN Free Trade Area 3.0 service station aims to provide comprehensive consulting services, including policy interpretation, information dissemination, and case guidance for enterprises looking to expand into the ASEAN market [2] Group 3: Regional Cooperation - The signing of the upgrade protocol is expected to create a more stable development environment, promoting sustainable cooperation between China and Vietnam [2] - Guangxi is anticipated to play a leading role in advancing regional digital trade and green economic cooperation [2]

商务部国际司司长林峰称："签署议定书体现了双方以实际行动坚定支持多边主义和自由贸易，对各国共同抵制单边主义、保护主义，携 手应对国际经贸挑战，作出了重要示范。签署议定书也标志着双方自贸合作将朝着更深层次迈进，有利于推动区域经济深度融合，共同建设开 放、包容、以规则为基础的区域一体化大市场，有力促进中国—东盟命运共同体建设。" 中国—东盟自贸区是双方对外商谈和建立的第一个自贸区，2002年，中国—东盟自贸区建设开始；2010年，中国—东盟自贸区1.0版全面 建成；2019年2.0版升级议定书全面生效实施。2022年，3.0版升级谈判启动，直到今年5月全面完成3.0版谈判。 央视网消息：记者从商务部了解到，28日，中国和东盟在马来西亚吉隆坡签署了中国—东盟自贸区3.0版升级议定书。商务部有关负责人 表示，议定书签署后，双方将分别履行各自核准程序，推动议定书尽早生效实施。 3.0版升级议定书共涵盖9大领域，新增了数字经济、绿色经济、供应链互联互通、竞争和消费者保护、中小微企业5个领域，体现了双方 积极引领国际规则制定、推动新兴领域合作的共同意愿和行动。在货物、服务、投资市场准入已达到较高开放水平的基础上，3.0版聚 ...

Market Performance - The Shanghai Composite Index officially broke through the 4000-point mark, marking the third time in history and the first time in the last 10 years [1] - As of the midday close, the Shanghai Composite Index was at 4005.44 points, with a gain of 0.21% and a trading volume of approximately 588.4 billion yuan [2] - The Shenzhen Component Index rose by 0.52% to 13559.57 points, while the ChiNext Index increased by 1.35% to 3277.97 points [2] Sector Performance - The top-performing sectors included the Fujian Free Trade Zone and superconducting concepts, with significant gains in Hainan, communication equipment, family doctor services, software services, military trade concepts, and organic silicon concepts [1] - Conversely, sectors such as coal, paper, and wind power experienced notable declines [1] Company Insights - The technology sector's leading stocks, including Zhongji Xuchuang, Xinyisheng, Sanhua Intelligent Control, Industrial Fulian, and Zhaoyi Innovation, reached new historical intraday highs [1] - The upcoming quarterly reports are expected to influence short-term stock volatility, particularly for individual stocks [1] Institutional Perspectives - According to China Merchants Securities, the focus for November will be on the quarterly report performance and the "14th Five-Year Plan" guidance, with expectations of marginal improvement in A-share earnings growth [3] - Guojin Securities highlighted strong demand for ASICs driven by downstream demand, with several AI-PCB companies experiencing robust orders and production [3] Trade Agreements - China and ASEAN signed the upgraded version of the China-ASEAN Free Trade Area 3.0 agreement, which includes nine major areas of cooperation, such as digital economy and green economy [4] New Listings - The first batch of newly registered companies in the Sci-Tech Innovation Board's growth layer was listed, marking a significant step in capital market support for technological innovation [5] Technological Breakthroughs - A breakthrough in the domestic production of metal substrates for second-generation high-temperature superconducting tapes was reported, indicating progress in key material production [7]

相较于早期聚焦削减关税与扩大市场准入的互利合作，3.0版升级议定书标志着双方合作进入制度化的 新阶段，不仅涵盖传统贸易投资领域，还包含数字经济、绿色经济、供应链互联互通、标准技术法规与 合格评定程序、海关程序与贸易便利化、卫生与植物卫生措施、竞争和消费者保护、中小微企业、经济 技术合作等9个新增章节。 观察人士指出，从聚焦货物贸易降关税，到拓展服务贸易扩市场，再到瞄准规则标准促融合，中国-东 盟自贸区不断升级，清晰映射出区域经济合作持续深化的发展轨迹。 菲律宾"亚洲世纪"战略研究所所长赫尔曼·劳雷尔指出，3.0版升级议定书的签署是推动亚太经济一体化 的重要里程碑，标志着中国与东盟经贸关系又一次跨越式升级。"与1.0版的'降关税'、2.0版的'便利 化'相比，3.0版核心特征是'由互降关税向共建规则转变'，这为双方合作注入持久动力。" 泰国正大管理学院中国-东盟研究中心主任汤之敏表示，3.0版覆盖数字经济、绿色经济等产业制高点， 通过规则对接、标准互认、机制互通，夯实产业链供应链协作基础。从1.0版到3.0版，自贸区建设步步 升级，迈向包容、现代、全面、互利的自贸协定。 "这是双方合力推动从'量的扩张'向'质的 ...

Core Points - The signing of the upgraded version 3.0 of the China-ASEAN Free Trade Area agreement marks a significant enhancement in economic cooperation between China and ASEAN, providing new momentum and confidence for regional economic development [1][2] - The upgrade reflects a shift from tariff reduction to rule-building, indicating a deeper institutionalization of cooperation that encompasses various sectors including digital economy, green economy, and supply chain connectivity [2][3] Group 1: Economic Cooperation Upgrade - The China-ASEAN Free Trade Area has evolved from its initial versions focused on tariff reduction to a more comprehensive framework that includes nine new chapters addressing modern economic challenges [2][3] - The 3.0 version is seen as a milestone for promoting economic integration in the Asia-Pacific region, emphasizing the importance of rule-building over mere tariff reductions [2][3] Group 2: Focus on Digital and Green Development - The upgraded agreement includes provisions for digital and green economies, which are crucial for sustainable development and industrial transformation in the region [4][5] - Experts believe that the 3.0 version will facilitate deeper integration in digitalization and green transitions, enhancing cooperation across diverse sectors [4][5] Group 3: Response to Global Economic Challenges - The signing of the 3.0 version sends a strong signal of commitment to open cooperation and mutual benefit amidst rising trade protectionism and geopolitical tensions [5][6] - The agreement is expected to bolster regional economic resilience and provide a stabilizing effect against external shocks [5][6]

Core Viewpoint - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol marks a significant achievement in implementing the consensus reached during the 30th anniversary summit of China-ASEAN dialogue relations, reflecting a commitment to multilateralism and free trade [2][3]. Group 1 - The protocol was signed on October 28 in Kuala Lumpur, Malaysia, by Chinese Commerce Minister Wang Wentao and Malaysian Minister Zafrul, witnessed by leaders including Chinese Premier Li Qiang and Malaysian Prime Minister Anwar [2]. - The upgrade of the China-ASEAN Free Trade Area 3.0 demonstrates a strong determination to build an open, inclusive, and rules-based regional integrated market, enhancing cooperation opportunities for businesses in both regions and globally [2][3]. - The 3.0 version upgrade encompasses nine areas, including digital economy, green economy, supply chain connectivity, standards and technical regulations, sanitary measures, customs procedures, competition and consumer protection, small and medium enterprises, and economic and technological cooperation [3]. Group 2 - The construction of the China-ASEAN Free Trade Area began in 2002, with the 1.0 version completed in 2010 and the 2.0 version in 2015; the 3.0 version negotiations are set to be completed by May 2025 [3]. - Following the signing of the protocol, both parties will undertake their respective domestic approval processes to ensure the protocol's early implementation [3].

Core Viewpoint - The signing of the China-ASEAN Free Trade Area 3.0 Upgrade Protocol marks a significant step towards deepening economic integration and cooperation in emerging fields such as digital and green economies, amidst challenges to the multilateral trading system [3][4]. Group 1: Importance of the Protocol - The protocol signifies a commitment to multilateralism and free trade, countering unilateral trade measures that threaten the international economic system [3]. - It establishes a new milestone for regional economic integration, expanding cooperation beyond traditional trade to include digital, green, and supply chain sectors [4]. - The protocol supports the construction of a China-ASEAN community of shared destiny, enhancing economic cooperation and creating a resilient regional supply chain [4]. Group 2: Background and Negotiation Process - The China-ASEAN Free Trade Area is the first free trade agreement established by both parties, with the initial agreement signed in 2002 and subsequent upgrades in 2010 and 2015 [5]. - The 3.0 version negotiations began in November 2021, culminating in the signing of the protocol after nearly two years of discussions and multiple rounds of meetings [5][6]. Group 3: Key Features of the Protocol - The protocol expands into five new areas: digital economy, green economy, supply chain connectivity, competition and consumer protection, and support for small and medium enterprises [7]. - It enhances the level of openness in trade, focusing on rules and cooperation in both traditional and emerging sectors [7][8]. - The protocol promotes inclusive development by ensuring fair competition, consumer protection, and support for small and medium enterprises [8]. Group 4: Main Content of the Protocol - In the digital economy, the protocol establishes a high-level rule system, including customs duty exemptions on electronic transmissions and enhanced data flow protections [9]. - In the green economy, it defines key areas for cooperation, including green trade and sustainable finance, aiming to eliminate trade barriers related to environmental standards [10]. - The protocol includes a dedicated chapter on supply chain cooperation, enhancing the resilience and connectivity of regional supply chains [11]. - It sets forth standards and technical regulations, encouraging mutual recognition of standards and joint development of evaluation procedures [12]. - The protocol enhances sanitary and phytosanitary measures, improving transparency and reducing compliance costs for businesses [12]. - It utilizes digital technologies to improve customs procedures and trade facilitation, aiming to streamline processes and reduce costs [13]. - It establishes a comprehensive framework for competition and consumer protection, enhancing consumer rights and promoting fair market practices [13]. - The protocol supports small and medium enterprises by providing resources and information to enhance their participation in international trade [14]. - It creates a framework for economic and technical cooperation, focusing on capacity building and support for the least developed countries [14]. Group 5: Implementation of the Protocol - Following the signing, both parties will undergo domestic approval processes to ensure the protocol is implemented as soon as possible [15].

Core Points - The signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol marks a significant step in enhancing economic cooperation and addressing global economic challenges [1][2][3] - The protocol aims to transition cooperation from "factor flow-type openness" to "institutional-type openness," introducing high-level chapters on digital economy, green economy, and supply chain connectivity [1][2] - The agreement is expected to deepen regional supply chain cooperation and release new growth potential, contributing to both regional and global economic recovery [2][3] Economic Context - China has maintained its position as ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for 5 years [1] - In the first three quarters of 2025, China's total import and export value with ASEAN reached 5.57 trillion yuan, a year-on-year increase of 9.6%, accounting for 16.6% of China's total foreign trade [2] - The protocol is seen as a response to rising protectionism and global economic uncertainties, aiming to enhance collective bargaining power and resilience in supply chains [3] Strategic Implications - The upgrade protocol is viewed as a necessary step to build a more resilient and inclusive regional economic community, addressing internal barriers such as market access restrictions and high transaction costs [3] - It represents an innovative model of South-South regional economic cooperation, emphasizing mutual benefits and sustainable development [3] - The framework established by the protocol aims to enhance the voice of developing countries in global governance and promote equitable development [3]

Core Points - The signing of the China-ASEAN Free Trade Area 3.0 Upgrade Protocol marks a significant achievement in trade relations and is a response to the challenges faced by the international trade system [2][3] Group 1: Importance of the Protocol - The protocol signifies the commitment of China and ASEAN to multilateralism and free trade amidst rising protectionism and unilateral trade measures [2] - It establishes a new milestone for deeper regional economic integration, expanding cooperation into emerging fields such as digital and green economies [3] - The protocol supports the construction of a China-ASEAN community with a shared future, enhancing economic cooperation and promoting a resilient regional supply chain [3] Group 2: Background and Negotiation Process - The China-ASEAN Free Trade Area is the first free trade agreement established by both parties, with the initial agreement announced in 2002 [4] - The 3.0 version negotiations began in November 2022 and involved nine formal rounds and over 120 working group meetings [4][5] - The trade volume between China and ASEAN reached $982.3 billion in 2024, a 17-fold increase since the establishment of the free trade area [4] Group 3: Key Features of the Protocol - The protocol aims to promote open, mutually beneficial, and inclusive cooperation, adapting to new trends in international trade [6] - It expands into five new areas: digital economy, green economy, supply chain connectivity, competition and consumer protection, and support for small and medium-sized enterprises [7] - The protocol enhances the level of openness and establishes a systematic cooperation framework for both traditional and emerging fields [7] Group 4: Main Content of the Protocol - The protocol includes nine major areas of upgrade, covering both existing fields and new areas with significant cooperation potential [8] - In the digital economy, it establishes a high-level rule system and cooperation arrangements, including customs duty exemptions on electronic transmissions [9] - The green economy section defines key areas for cooperation, including green trade and sustainable finance, while committing to not use environmental standards as trade barriers [9] - The supply chain section introduces a dedicated chapter for cooperation, enhancing regional supply chain resilience and connectivity [10] - The protocol also addresses standards and technical regulations, health measures, customs procedures, competition, consumer protection, and support for small and medium-sized enterprises [11][12][13]

Core Viewpoint - The upgrade of the China-ASEAN Free Trade Area 3.0 version emphasizes a comprehensive cooperation framework in the green economy sector, aiming to promote mutual development between the environment and trade [1] Group 1: Green Economy Initiatives - The agreement establishes clear definitions for green economy, new energy, clean energy, sustainable finance, and green skills [1] - Both parties commit to not using environmental standards as a disguised form of trade protectionism, aiming to eliminate trade barriers related to environmental products and services [1] Group 2: Priority Cooperation Areas - Eight priority cooperation areas have been identified: green trade, green investment, circular economy, sustainable finance, green technology, green standards, sustainable energy, and digital-green collaborative development [1] - These areas will encompass the entire chain from research and development, financing, production, consumption, to recycling, providing significant support for building a green economic engine in the region and achieving high-quality development [1]