China-ASEAN relationship an epitome of Asia-Pacific, world cooperation: spokesman

China-ASEAN dialogue relationship is one of the most dynamic and fruitful cooperation model in the Asian-Pacific region and beyond, said Foreign Ministry spokesman Lin Jian at a regular press conference in Beijing on Tuesday.

Lin made the comment when responding to a media inquiry about the cooperation between China and ASEAN and its relations with neighboring countries.

"Since the establishment of dialogue relations between China and ASEAN 30 years ago, the cooperation between the two sides has been firm, steady and vigorous. China-ASEAN dialogue relationship has become one of the most fruitful and dynamic cooperation model in the Asia-Pacific region and even in the world," said Lin.

According to Lin, China and ASEAN have remained each other's largest trading partner for five consecutive years. In 2024, the trade value between the two sides reached 6.99 trillion yuan (around 956 billion U.S. dollars). The 3.0 upgrade protocol for ASEAN-China Free Trade Area (ACFTA) is expected to be signed within this year.

"The relations between China and ASEAN have vividly interpreted China's consistent principle of amity, sincerity, mutual benefit and inclusiveness in neighborhood diplomacy and the policy of good-neighborliness and friendship. Additionally, China continues to deepen mutual political trust and converge interests with its neighboring countries. China has reached a consensus on building a community with a shared future with 17 neighboring countries and has signed Belt and Road cooperation documents with 25 neighboring countries. It has become the largest trading partner of 18 countries," he said.

"As the saying goes, harmony in a family makes everything successful. As a member of the big Asian family, China will adhere to the policy of developing friendship with neighbors, believe in sincerity, pursue mutual benefit and advocate inclusiveness and opening-up. China will as always take root in the neighborhood and contribute to the neighborhood, so that the principle of amity, sincerity, mutual benefit and inclusiveness will benefit more people in Asia, and the Asian community of shared destiny will provide more stability and more hope for the world," Lin said.

China-ASEAN relationship an epitome of Asia-Pacific, world cooperation: spokesman

The European Union is facing the risk of a stagflationary shock as the ongoing conflict in the Middle East is driving up energy prices and clouding the economic outlook, European Commissioner for Economy Valdis Dombrovskis said on Monday.

The European Commission's spring 2026 economic forecast, to be released later this week, will see economic growth figures adjusted down and inflation figures up, said Dombrovskis during an interview while attending a meeting of finance ministers from the Group of Seven (G7) in Paris.

With the Strait of Hormuz closed and oil prices staying above 100 U.S. dollars per barrel, fears of stagflation have risen in recent weeks, said Dombrovskis, adding that the margin of action by policymakers is "more limited" now.

The commissioner said it's important that the bloc take temporary, targeted support measures rather than measures that sustain high demand for fossil fuels.

Dombrovskis also described the EU's release of strategic oil reserves as "ongoing," while warning of concerns about shortages in areas such as innovative fuels.

The International Energy Agency Executive Director, Fatih Birol, said on Monday that commercial oil stocks are declining "rapidly", with several weeks of supply left due to the consequences of the conflict in the Middle East.

Europe could face fuel shortages by the end of this month.

EU at risk of stagflation amid Middle East conflict: commissioner