China-Indonesia Cooperation Accelerates: The Two Countries' Sovereign Wealth Funds Strengthen Investment Cooperation
Malaysia will host the ASEAN-China-GCC Summit.
At the beginning of this month, Beijing and Washington reached a 90-day tariff truce agreement. Meanwhile, Indonesia has made several concessions to the US to reduce tariffs. China is Indonesia's largest trading partner.
According to Bloomberg, the central banks of China and Indonesia signed a memorandum of understanding on a framework for bilateral local currency transactions. At the same time, China Investment Corporation signed an investment agreement with Danantara Indonesia, a newly established sovereign wealth fund. Specific details have not been disclosed yet.
Since winning the presidential election, Prabowo has visited China twice - in April and November last year - one of which visits facilitated over $10 billion worth of business deals. China is also a major investor in Indonesia's commodities and infrastructure sectors, including the Jakarta-Bandung high-speed railway and nickel processing projects.
Original article: https://www.toutiao.com/article/1833110548968451/
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