In keeping with this notion above and probably in the near future, the Chinese government will permit the people of the Mekong region to apply for a five-year, multiple-entry business visa. Premier Li Qiang said this during the GMS Summit.
New Visa Initiative
As Li Qiang announced during the eighth Greater Mekong Subregion (GMS) Summit, guests will be offered a five-year multiple-entry business visa for China to those who come from Cambodia, Laos, Myanmar, Thailand, and Vietnam and who meet certain requirements. This initiative is aimed at strengthening the trade and commercial relations between China and Mekong nations.
Trade and Economic Impact
For the most recent three quarters of the year 2024, the outside trade of Yunnan province with the countries of the Mekong basin reached nearly 78.92 billion yuan (that is $11 billion), almost all of the foreign trade of the province with ASEAN countries. Lı stressed the need for both “hard connectivity” in terms of infrastructure as well as “soft connectivity” in terms of policy with the countries of the Mekong Basin. Today, repositioning cross-border payments, integrating the economic region, and establishing new cross-border interaction zones are among the priorities.
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Expanding Cooperation
New energy, clean energy, smart manufacturing, and big data industries will be targeted by China for further cooperation with Mekong countries. Li underscored the emphasis on the GMS mechanism for greater regional integration and sustainable development while discussing the theme of the summit, “Towards a Better Community Through Development Driven by Innovation.”
Summit Participation
The President of Asian Development Bank, along with leaders from Mekong countries were present at the event, which also underlined the importance of these initiatives towards the development of the region.
Conclusion
With the introduction of the five years multiple entry visas for business visitors from the Mekong countries, trade and economic relations are expected to grow, increasing participation at the regional level hence sustaining growth.