Addressing the opening ceremony of the 5th China-ASEAN Business and Investment Summit, which also opened here Wednesday morning, Cambodian Prime Minister Hun Sen said the rampant economic crisis in the developed countries reminded him of the Great Depression in 1930.

"Although the crisis would not have major impact on ASEAN, it truly affects the manufacturing and export industries. Millions of people will be affected. A diversified export frame work will help us get through the crisis," he said.

"We need more exports to China and India, the two economic engines for our growth in the future," the Cambodian prime minister said.

Wang Qishan said at the business summit that in face of unprecedented challenges to the world economy, it is of special importance to accelerate China-ASEAN cooperation.

"The two sides need to further deepen cooperation in trade in goods and services, continue to strengthen communication and consultation on the Investment Agreement of China-ASEAN Free Trade Area (FTA), work to conclude negotiations and sign the agreement at an early date and ensure that China-ASEAN FTA will be established as scheduled," Wang added.

The China-ASEAN FTA is the first free trade area agreement signed by China. In November 2004, both sides concluded the FTA agreement on trade in goods and services, which came into effect in July 2005, reducing tariff rates on 7,000 commodities. In January 2007, the FTA agreement on trade in services was also signed.

The two sides vowed to complete the China-ASEAN FTA before 2010.

Wang also called on both sides to step up sub-regional cooperation. "As an active supporter of ASEAN economic integration, China is working with countries concerned to jointly promote the transition of the Greater Mekong Subregion (GMS) from a transport corridor to an economic corridor and explore ways to carry out economic cooperation in the Pan-Beibu Bay," he said.

The GMS is composed of countries sharing the Mekong River, including Cambodia, China, Laos, Myanmar, Thailand and Vietnam.

China's 11th five-year program for Western Development has placed the Beibu Bay economic zone as one of the three economic development zones in the west which enjoy priority in economic development.

Myanmar Prime Minister General Thein Sein said at the summit, "Our goal is to set up an ASEAN economic community in 2015 and we' re accelerating the construction of the China-ASEAN FTA."

China was the fourth largest investor in Myanmar. Bilateral trade volume stood at US$2.4 billion in 2007, accounting for 24.1 percent of the total trade volume of Myanmar. "I hope Chinese entrepreneurs could grasp more business opportunities," Thein Sein added.

China and ASEAN countries must enhance political and economic ties, help each other and work together to cope with the might- coming difficulties caused by the global financial crisis, said Prospero C. Nograles, Speaker of the House of Representatives of the Philippines.

The robust growth of China's economy has become a leading force to promote the region's economic development, Laos Vice President Boungnang Volachit said, which he believed would continue to help boost the economic development of the ASEAN countries.

(CCTV, Xinhua News Agency October 22, 2008)