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as the economic ties between china and major developed economies weaken and the economic and trade ties between china and asean, especially vietnam, strengthen, the role of the guangdong-hong kong-macao greater bay area in connecting with the external circulation will also undergo a transformation. for a long time, the guangdong-hong kong-macao greater bay area, including the pearl river delta and hong kong and macao, has had relatively close trade and investment exchanges with vietnam. in recent years, under the influence of factors such as sino-us trade frictions, industrial substitution and complementary relations coexist between vietnam and the guangdong-hong kong-macao greater bay area.

in the future, the guangdong-hong kong-macao greater bay area can deepen economic cooperation with vietnam and turn to a new "two-end-outside" globalization model with production and consumption abroad and r&d and design in china. this model will promote the guangdong-hong kong-macao greater bay area from the low end of the global industrial chain division of labor to the middle and high end of the regional industrial chain division of labor system. on this basis, we will promote the construction of the china-vietnam coastal economic belt with the guangdong-hong kong-macao greater bay area-beibu gulf economic zone-hanoi capital economic zone as the core, and jointly build a china-vietnam economic community with a shared future.

structural transformation of the “external circulation” of the guangdong-hong kong-macao greater bay area

first, the economic and diplomatic exchanges between asean, especially vietnam and china, have been strengthened.

china-asean relations have been upgraded again. the construction of a community with a shared future in the south china sea is of great strategic significance to the geopolitical and economic security of china's surrounding areas. since 2009, china has remained asean's largest trading partner for 13 consecutive years; since 2020, asean has become my country's largest trading partner for the first time. the total trade volume between the two sides has expanded 85 times in the past three decades, and will continue to maintain a high-speed growth trend. under the impact of the covid-19 pandemic and the rise of anti-globalization thoughts, the signing and entry into force of the regional comprehensive economic partnership agreement (rcep) has further effectively enhanced the vitality and resilience of cooperation in the asia-pacific region, promoted the construction of the china-asean free trade area 3.0, and promoted the liberalization and facilitation of trade and investment. since the beginning of this year, china-vietnam economic and trade cooperation has maintained a good momentum. in the first seven months, the bilateral trade volume reached us$145 billion, an increase of more than 20% over the same period last year.