China's role set to help grow economy

Opening up market among efforts to connect world, says Thai deputy PM

China's decision to further open its market to the world and transform its role from "world factory" to "world market" demonstrates its broad mind as a major power and will ultimately benefit the global economy, said Phumtham Wechayachai, deputy prime minister of Thailand.

"China is offering opportunities to foreign enterprises by allowing them to access its large market and the country's decision to open its market and implement the Belt and Road Initiative reflects a coordinated effort to connect the world to the global economy," he said in a recent interview with China Daily.

As the minister of commerce, Phumtham led a delegation to China to attend the 6th China International Import Expo, or CIIE. He also chaired the Thailand Pavilion's inauguration, which featured a series of Thai culinary knowledge.

The expo held between Nov 5 and Nov 10 in Shanghai attracted attendees from 154 countries, regions and international organizations, including the least developed, developing and developed nations. About 200 companies had committed to participating in the event for the sixth consecutive year.

"The Thai Ministry of Commerce is actively responding to the Thai government's policies to advance international trade promotion and the CIIE is a vital opportunity to promote economic cooperation between Thailand and China," said Phumtham.

The private sector from Thailand could help to study China's market trends and present the opportunity for the export of Thai goods, which will in turn be the engine for Thai economic growth, he said.

During his trip to China, Phumtham also met with Chinese provincial leaders and businesspeople to discuss the opportunity to take forward economic cooperation between Thailand and China in several business sectors, including oil and gas, electric vehicles, artificial intelligence, health, renewable energy and entertainment.

He said the expo reflected the strengthened cooperation among China, Thailand and other participating countries.

"It also served the goal of importing various products and expanding relationships," he said.

'Important sign'

Moreover, Phumtham stressed that international trade events such as CIIE allow smaller and less influential countries to grow together, noting that China treats other countries equally and emphasizes the importance of fostering cooperation.

"One thing that impressed me most is that China has changed its previous identity of 'world factory' to the 'world market'. This is an important sign showing that the country, with its market of great potential, will further open up and welcome more cooperation with international partners," he said.

China has been Thailand's largest trading partner for years. In the first nine months of this year, the total value of Thailand's exports to China was $38.52 billion, according to statistics from China's General Administration of Customs.

Over the past years, the two countries have witnessed great achievements in strengthening bonds via infrastructure construction. For example, the first phase of the China-Thailand high-speed railway projects is expected to be completed in 2026, and the second phase will be completed in 2028.

Thailand has also promoted the construction of the third phase of Laem Chaban Port, linking the seaports with the countries taking part in the Belt and Road Initiative.

"Participating in such a trade expo … would increase economic development opportunities …especially in future commodities and in sectors where both sides have potential," Phumtham said.

He said the expo has built on Thai-Chinese friendship more concretely and the two countries have formed a comprehensive strategic cooperative partnership, which will help to deepen cross-border trade and cooperation in various fields.

"In addition, we hope to foster cooperation between small and medium-sized enterprises between the two sides as those enterprises play vital roles not only in bolstering national economies but also in strengthening societal foundations and enhancing the well-being of the majority of the people," he added.

Xinhua contributed to this story.