During his speech at the business summit, Premier of the State Council of the People's Republic of China Li Keqiang said that the Association of Southeast Asian Nations (ASEAN) has become China's largest trade partner. Previously, this place was occupied by the United States. The prime minister stressed that despite the ongoing economic downturn in the world, the volume of trade with the alliance countries increased by 5%, and China's investments in ASEAN grew by 76.6% compared to last year. According to the main customs administration of the PRC, trade between China and the ASEAN countries from January to October increased by 5.1% – to $542 billion. It is noted that the European Union has become the second largest partner of China: the trade turnover between China and European countries for 10 months amounted to $517.5 billion. ASEAN consists of Vietnam, Cambodia, Laos, Thailand, Malaysia, Philippines, Indonesia, Brunei, Singapore and Myanmar.
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