Thanks to the Chinese leadership, the spirit of connectivity and cooperation is further enhanced through the One Belt One Road initiative. The Asian Infrastructure Investment Bank (AIIB) is an added funding impetus to ensure that there will be physical infrastructure connectivity, laying the strong foundation for shared economic prosperity. China’s growing economic ties with Thailand and ASEAN have become stronger in many aspects. China has been the largest trading partner of Thailand since 2013. Thanks to the China-ASEAN FTA, China has been ASEAN’s largest trading partner since 20092, while ASEAN has been the third-largest trading partner of China since 20113. China has been one of Thailand’s top foreign investors for the past nine years4. And in terms of tourism, almost AFCA follows the philosophy of openness and inclusiveness as well as the mission of “connectivity, cooperation, joint governance, and shared benefits” 2 ASEAN Secretariat: ASEAN Trade Balance (in $ Million) by Country. 3 World Bank: China Trade at a glance. http://wits.worldbank.org/CountrySnapshot/en/CHN 4 Foreign Direct Investment Position Classified by Country $ Combining Hong Kong and China FDI values. BOT. 1  1  nine million Chinese tourists visited Thailand last year, the highest number from any country in the world. It is clear that trade and investment connectivity between China and ASEAN have been well established and have great potential to expand much further. However, financial connectivity in our region has yet to catch up with trade and investment connectivity.
Opening Ceremony of Asian Financial Cooperation Association (AFCA) Keynote Speech by Dr. Veerathai Santiprabhob, Governor of the Bank of Thailand Beijing, July 24, 2017 Vice President Mr. Ma Kai, Vice Premier of China Mr. Guo Shuqing, Chairman of the China Banking Regulatory Commission (CBRC) Mr. Chen Yuan, Vice Chairman of the Chinese People's Political Consultative Conference Mr. Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB) Mr. Norman Chan, Chief Executive of the Hong Kong Monetary Authority (HKMA) Mr. Tian Guoli, Chairman of AFCA Excellencies, Executives of financial institutions, Ladies and Gentlemen. A very good afternoon to you all, Today’s opening ceremony of the Asian Financial Cooperation Association (AFCA) is a very auspicious occasion, and I am honoured to be a part of this historical event. I would like to congratulate the Chinese government for successfully establishing AFCA – a new forum, which I am certain, will play a significant role in enhancing financial connectivity and cooperation within Asia. I would therefore like to take this opportunity to share with you my thoughts on how we can further enhance financial connectivity to ensure sustained shared benefits – as stated in AFCA’s mission1. Ladies and gentlemen, People have long been connected by trade along the ancient Silk Road dating back more than 2,000 years ago. Today in modern times, many trade and investment agreements between China and other Asian countries have promoted close economic ties in the region.