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ASEAN-China corridor: Trade to the left, FDI to the right

Research by: Ms. Yun Liu, ASEAN economist at HSBC Global Investment Research Bilateral trade surged to USD984bn in 2024, making ASEAN China's largest trading partner for five consecutive years Despite trade uncertainty, consistent FDI inflows continue to pour into ASEAN, capturing a 14.5% share of global FDI' In particular, Chinese investments are driving higher FDI inflows in Vietnam, Malaysia and Thailand in 2025 Stronger trade Since 2020, ASEAN has surpassed the EU to become China's largest

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