The Version 3.0 China-ASEAN Free Trade Area will help deepen the integration of production and supply chains and promote the construction of China-ASEAN mega markets, Ministry of Commerce spokeswoman He Yongqian said Thursday in Beijing.
China and the 10 ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA). The achievement was announced during a special online meeting of economic and trade ministers from China and ASEAN on May 20.
The Version 3.0 CAFTA agreement includes nine new chapters covering areas such as digital economy, green economy, supply chain connectivity, standard technical regulations, and conformity assessment procedures, He said.
"It is conducive to comprehensively expanding cooperation in emerging fields and new quality productive forces between China and ASEAN. It will help deepen the production and supply chains of both sides and promote the construction of the super-sized China-ASEAN markets, which is of important pioneering significance," she said.
"At present, some countries are abusing unilateralism and protectionist measures, bringing major challenges to global trade. The full completion and future implementation of the Version 3.0 CAFTA agreement will inject more certainty into regional and global trade, effectively boost confidence in regional and world economic growth, and play a leading and exemplary role in promoting openness, inclusiveness, and win-win cooperation for all countries," He said.
"In the next stage, the two sides will jointly expand mutual openness through the construction of the CAFTA Version 3.0, push forward regional economic integration cooperation in a wider range and at a deeper level, and provide lasting impetus for building a China-ASEAN community with a shared future and promoting common prosperity and development of both side," He said.
Version 3.0 free trade area conducive to building China-ASEAN super-sized markets: spokeswoman
U.S. stocks finished slightly higher on Monday, staging a late-session recovery as investors navigated a volatile landscape marked by a criminal probe into the Federal Reserve leadership.
The Dow Jones Industrial Average rose 86.13 points, or 0.17 percent, to 49,590.2. The S&P 500 added 10.99 points, or 0.16 percent, to 6,977.27. The Nasdaq Composite Index increased by 62.56 points, or 0.26 percent, to 23,733.9. Despite the positive close, the market experienced significant intraday turbulence, with the Dow dropping nearly 500 points at its session lows.
Nine of the 11 primary S&P 500 sectors ended in positive territory. Consumer staples and industrials led the gainers, rising 1.42 percent and 0.75 percent, respectively. Financials and energy were the primary laggards, declining 0.8 percent and 0.66 percent.
Market sentiment was initially shaken by an announcement on Sunday from Fed Chair Jerome Powell, who confirmed that federal prosecutors are investigating him over the Fed's multi-billion-dollar project to renovate its headquarters. Powell characterized the probe as an attempt by the Trump administration to compromise the Fed's independence.
Further weighing on the financial sector was a proposal by U.S. President Donald Trump to cap credit card interest rates at 10 percent for one year, which triggered a sell-off in banking stocks amid concerns over restricted lending and reduced profitability. Capital One shares plummeted 6.42 percent, while Citigroup, JPMorgan and Bank of America also recorded losses.
In contrast, retail giant Walmart led the Dow's advance, climbing 3 percent following news of its upcoming inclusion in the Nasdaq 100 index. The company also announced a strategic partnership with Google's Gemini AI to enhance the digital shopping experience.
Investors are awaiting Tuesday's release of the U.S. consumer price index for December 2025. Following last week's cooling labor market data, market participants increasingly expect the Fed to maintain interest rates at their current levels during the upcoming January meeting.
U.S. stocks close higher amid criminal probe into Fed chair Powell
