The fact that China becomes the world's second largest economy in 2010, with expectations to be a major driver for the world economy in 2011 has highlighted their development that should be monitored, particularly for China's 12th Five-year Plan (2011-2015) that has just been put into effect. This plan aims to strengthen growth with a concept of ;stable economy, better living standards and sustainable industrial development” as well as tightening the trade and investment relationships with ASEAN members through the Pan-Beibu Gulf Economic Cooperation (PBG) framework, that China made with neighboring countries around the Beibu Gulf (Gulf of Tonkin) in the South China Sea (with Chinese three provinces involved, i.e., Guangdong, Guangxi and Hainan).
As a result, it is expected that their latest economic development plan will certainly affect cooperation on trade and investment of Thailand and ASEAN. Thus, Thai businesspersons should brace for changes caused by this plan.
Thai manufacturers should study to adjust their business plan to become more compatible with the Chinese business sector by using proactive strategies that support surging consumption there. This would benefit both Thai businesses conducting trade with China and the Thai economy overall because China is a major export market that has attained a significant driving role for Thai exports. China's 12th five-year plan that outlines further development of the Chinese economy will help ensure their more stable status in the global market. Nevertheless, this may turn to be challenges for Thailand in the future. Thus, Thai manufacturers should urge to develop their production to respond to these changes.
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