2025年三边经济报告（英文版）-AMRO

2025

TRILATERALECONOMIC

REPORT

Trilateral

Cooperation

Secretariat

TheThirteenthTrilateralEconomicandTradeM

amongtheRepublicofKorea,JapanandthePeople'

TheEconomicandTradeMinistersofCJKandTCSSecretary-GeneralattheThirteenthTrilateralEconomicandTradeMinisters'Meeting

March30,2025,Seoul,ROK

TheTrilateralEconomicReport(TER)isaflagshippublicationoftheTrilateralCooperationSecretariat(TCS)onthestateoftheeconomyofChina,JapanandtheRepublicofKorea(ROK).Inlightofthe13thTrilateralEconomicandTradeMinisters'Meeting,thereportis

producedasanofficialjointprojectundertheministerialprocess.

ThisreportispublishedbytheTCSwithsupportfromtheeconomicministriesofChina,Japan,andtheROK,withtheaimstopromotemutualunderstandingandinformationsharingamongthegovernmentsandallstakeholders.ThereportdoesnotnecessarilyreflecttheviewsoftheTCSortherespectivegovernments;theviewsexpressedinthewritingsarethesoleresponsibilityoftherespectiveworkinggroupmembers.

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2025TrilateralEconomicReport

2025

TrilateralEconomicReport

Trilateral

Cooperation

Secretariat

2025TrilateralEconomicReport

4

Contents

ForewordsfromTCSSecretary-GeneralandAMRODirector 5

Disclaimers 7

Abbreviations 8

ExecutiveSummary 9

I.TrilateralStatistics2024 12

1.CJKEconomiesataGlance 13

2.RegionalEconomicIntegration 16

References 17

II.GlobalandRegionalEconomicDevelopment 18

1.RecentGlobalandRegionalEconomicDevelopmentandNear-termOutlook 19

2.Long-termGrowthProspectsfortheRegionandKeyImplications 28

References 36

I.High-QualityImplementationofRCEPandHigh-StandardPromotionofCJKFTA:

SynergiesandBreakthroughsinRegionalEconomicIntegration 37

1.ReviewofChina'sFTADevelopmentsandtheStatusQuoofRCEPandCJKFTA 39

2.EvaluationoftheEffectofRCEPImplementation 42

3.PolicyRecommendations 50

References 53

IV.EvolutionofFreeTradeAgreementsinEastAsia:AFocusonChina,Japan,andtheROK 54

1.Introduction:TheGrowingImportanceofFTAsintheGlobalTradingSystem 55

2.TheFirstPhase:PreludetoRegionalTradeIntegrationinthe1980sand1990s 56

3.TheSecondPhase:ActivePursuitofBilateralandMinilateralFTAsinthe2000 58

4.TheThirdPhase:EmergenceofRegionalFTAsinthe2010s 61

5.RCEPandCPTPP:AComparison 63

6.Conclusions:TheRoleofCJKinMaintainingaFreeandOpenTradingSystem 69

References 70

V.EnhancingSupplyChainResiliencethroughTrilateralCooperation:

AComparativeAnalysisoftheSemiconductorIndustries 71

1.Introduction 72

2.TradeDynamicsinMemorySemiconductors 73

3.TradeDynamicsinSystemSemiconductors 77

4.TradeDynamicsinSemiconductorManufacturingEquipment 81

5.TradeDynamicsinSemiconductorMaterialsandParts 84

6.ConclusionandPolicyImplications 87

References 89

VI.Conclusion 90

2025TrilateralEconomicReport

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ForewordfromTCSSecretary-General

Theworldtodayfacesheighteneduncertaintyandsustainedvolatility.Geopoliticalshifts,supplychainrealignments,post-pandemicimpacts,andtheongoinglow-carbontransitionarereshapingthepolicyenvironmentinanincreasinglyuncertainmanner.Rapidchangesmarkedbyglobaltradeturbulence,demographicdynamics,andacceleratedcompetitioninnewhigh-techindustriesarenotonlyglobalinscalebutdeeplyfeltinAsia,wherestructuralchallengesandnewopportunitiesarebothemerginginparallel.

Thiseditionreflectsourcollectiveefforttomaintainthemomentumoffuture-orientedtrilateraleconomiccooperation.TCS,asakeyinstitutionalpartnerinthisinitiative,remainscommittedtoensuringcontinuedknowledge-sharingandpolicydialogueamongthethreegovernmentsbyengagingleadingregionalexperts.Iwouldliketoexpressmysinceregratitudetothefourworkinggroupmemberswhohavekindlycontributedtheirinsighttoshapethisimportantandmeaningfulendeavor.

Againstthisbackdrop,itismygreatpleasuretopresenttheTrilateralEconomicReport(TER)2025,ourflagshippublicationontheeconomiclandscapeandpolicyprioritiesofChina,Japan,andtheRepublicofKorea(ROK).Sinceitsinceptionin2012,theTERhasservedasakeyplatformforadvancingdialogueandunderstandingamongthethreeeconomies.

Sinceovercomingthe1997AsianFinancialCrisistogether,ourregionhasconsistentlydemonstratedourcapacitytoturncrisesandchallengesintoopportunities.InEastAsia,particularlywithintheASEAN+3framework,asharedrecognitionoftheneedfordeepercooperationandastrongspiritofsolidarityhavebeenkeydrivingforcesnnavigatingcrises.

Thisyear'sTERmarksasignificantmilestoneinitsdevelopmentasthe10thedition.Moresignificantly,the13thTrilateralEconomicandTradeMinisters'Meeting,heldforthefirsttimesince2019,formallyacknowledgedtheTERasavaluableassetforpolicydevelopmentandeconomiccooperation.ThissthefirsttimetheTERisanofficialjointprojectendorsedundertheministerialprocess,reflectingthereport'sgrowingsignificanceinregionaleconomiccooperation.Buildingonthemomentumrevitalizedbythe9thTrilateralSummitinMay2024,theministersaffirmed

theircommitmenttoleveragethereportasavaluableresourcetosupporteconomicexchange,cooperation,andinformationsharing.

Lookingahead,TCSwillcontinuetodeepenitsworkwiththethreegovernmentsandawideningnetworkofregionalpartnerstofurtherstrengthencooperation.Buildingonthisreportandanexpandingrosterofjointprojects,wewillfostercandiddialogue,mobilizecollectiveaction,andshapepoliciesthattangiblyimprovethelivesofpeopleinourthreenationsandbeyond.

LEHee-sup

LEEHee-sup

2025TrilateralEconomicReport

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ForewordfromAMRODirector

Itismygreatpleasuretointroducethe2025editionoftheTrilateralEconomicReport-aflagshippublicationthatprovidestimelyandcomprehensiveassessmentsofeconomicdevelopmentsandoutlooksforChina,Japan,andtheRepublicofKorea(ROK).Thereportalsoexaminesbroaderglobalandregionaleconomictrendsthatshapetheenvironmentinwhichthesethreeeconomiesoperatewhilehighlightingthegrowingeconomicinterlinkagesanddeepeningcooperation.

AsaninternationalorganizationestablishedundertheASEAN+3FinanceProcesswithamandatetostrengthenmacroeconomicandfinancialresilienceandstabilityintheASEAN+3region,AMROishonoredtocontributetothedevelopmentofthisreport.

Thecurrentglobalenvironmentismarkedbyrisinggeopoliticaltensionsandescalatingtradeprotectionism,creatingsignificantuncertaintytotheglobaleconomiclandscape.Againstthisbackdrop,China,Japan,andtheROK-togetherwiththebroaderASEAN+3region-areconfrontedwithoneofthemostsevereshockstotheglobaltradingsystemindecades.Yet,theseeconomiesarenavigatingthechallengeswithresilience,supportedbyrobustdomesticdemand,amorediversifiedexportmarket,deepeningintra-regionallinkages,andavailablepolicyspacetorespondtoshocks.

Againstthisbackdrop,buildingstrongandlong-lastingpartnershipsamongregionalinstitutionsisofparticularimportance.SincethesigningoftheMemorandumofUnderstandingbetweenAMROandtheTrilateralCooperationSecretariat(TCS)in2019,ourtwoinstitutionshaveworkedcloselytoadvancepolicydialogueoneconomicandfinancialissues,whilepromotingknowledgeexchangethroughvariousplatformsandforums.The2025TrilateralEconomicReportisacleartestamenttothisdeepeningcollaborationandoursharedcommitmenttofosteringsustainablegrowthandstabilityintheregion.

IwouldliketoexpressmysincereappreciationtotheTCSandallcontributorswhohavedevotedtheirtime,expertise,andnsightstotheproductionofthisimportantpublication.Thespiritofcollaborationdemonstratedthroughoutthisprocesstrulyexemplifiesourstrongcommitmenttoregionalcooperation.

Aswenavigateanincreasinglycomplexglobalenvironment,Iamconfidentthatourenduringpartnershipwillcontinuetoserveasacornerstoneforadvancingmeaningfuldialogue,strengtheningpolicycoordination,andfosteringlong-termeconomicresilienceandstabilityacrosstheregion.

Inthiscomplexandevolvingglobalenvironment,deeperregionalintegrationandstrongerpolicycoordinationaremorecriticalthanever.Strengtheningcooperationacrosstheregionwillbeessentialtonavigatingrisinguncertaintiesandunlockingnewpathwaysforsustainableandinclusivegrowth.

kougrs

LIKouqing

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2025TrilateralEconomicReport

Disclaimers

·Thisreport,inprinciple,employsthealphabeticalorderinlistingthenamesofthethreecountries;however,theordermayvarydependingonindividualChapters.

·ThisreportisthejointoutcomeofthreeexpertsrecommendedbytheeconomicministriesofChina,JapanandtheROKandoneregionalexpertrecommendedbyTCS,applyingtheTrilateral+Xcooperationframework.ChaptersI-VIarecontributedbytherespectiveworkinggroupmembers:ChapterⅢbyDr.PANYichen(CAITEC),ChapterIVbyDr.URATAShujiro(RIETI),ChapterVbyDr.JEONG(KIEP),andChaptersIlandVIbyMr.AllenNG(AMRO).

·AlthoughthewritingsarepublishedbytheTCSandsupportedbythethreeeconomicministries,theviewsexpresseddonotnecessarilyreflectthoseoftheTCSortherespectivegovernments.Thewritingsanditsviewsarethesoleresponsibilityoftherespectiveworkinggroupmembers.

·TCSdoesnotguaranteetheaccuracyofthedataincludedinthisreport.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisreportdonotimplyanyjudgmentonthepartofTCSconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.

·Thecontentofthisreportissubjecttocopyright.Yet,TCSencouragesdisseminationofitsknowledge;thisworkmaybereproduced,inwholeorinpart,fornoncommercialpurposesaslongasfullattributiontothisworkisgiven.

·ThefactualinformationcoversdatafortheperioduptoMay2025,exceptwhenstatedotherwise.

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2025TrilateralEconomicReport

Abbreviations

ABACAPECBusinessAdvisoryCouncil

IMF

InternationalMonetaryFund

ADBAsianDevelopmentBank

ITIndex

TradeIntensityIndex

AFTAASEANFreeTradeArea

ITI

ImportTradeIntensityIndex

AIArtificialIntelligence

JP

Japan

AMROASEAN+3MacroeconomicResearchOffice

JPN

Japan

APApplicationProcessor

KH

Cambodia

APECAsia-PacificEconomicCooperation

KOR

RepublicofKorea

APTASEANPlusThree

KR

RepublicofKorea

ASEANAssociationofSoutheastAsianNations

LA

LaoPDR

BCLMVBruneiDarussalam,Cambodia,LaoPDR,

MCP

Multi-ChipPackage

Myanmar,Vietnam

MM

Myanmar

BNBruneiDarussalam

MY

Malaysia

CEPEAComprehensiveEconomicPartnershipfor

MYS

Malaysia

EastAsia

OECD

OrganizatonforEconomicCooperationand

CHNPeople'sRepublicofChina

Development

CJKPeople'sRepublicofChina,Japan,Republic

PH

ThePhilippines

ofKorea

PPP

Public-privatepartnerships

CJKFTAChina-Japan-KoreaFreeTradeAgreement

R&D

ResearchandDevelopment

CMIMChiangMaiInitiativeMultilateralization

RCA

RevealedComparativeAdvantage

CNPeople'sRepublicofChina

RCEP

RegionalComprehensiveEconomic

CPTPPComprehensiveandProgressiveTrans-

Partnership

PacificPartnership

ROK

RepublicofKorea

CPUCentralProcessingUnit

RSCA

RevealedSymmetricComparative

CTChineseTaipei

Advantage

DEPADigitalEconomyPartnershipAgreement

SG

Singapore

DRAMDynamicRandomAccessMemory

SGP

Singapore

EAFTAEastAsianFreeTradeAgreement

SME

Smallandmedium-sizedenterprises

EMDEEmergingmarketsanddeveloping

TCS

TrilateralCooperationSecretariat

economies

TFP

TotalFactorProductivity

EPAEconomicPartnershipAgreement

TH

Thailand

EUEuropeanUnion

TPP

Trans-PacificPartnership

FTAFreeTradeAgreement

TPSEP

Trans-PacificStrategicEconomic

FTAAPFreeTradeAreaofAsia-Pacific

PartnershipAgreement

GATSGeneralAgreementonTradeinServices

TSI

TradeSpecializationIndex

GATTGeneralAgreementonTariffsandTrade

UN

UnitedNations

GDPGrossDomesticProduct

USA

UnitedStatesofAmerica

GLGrubel-Lloyd

USD

USDollar

GPUGraphicProcessingUnit

USMCA

UnitedStates-Mexico-Canada

HPCHigh-PerformanceComputing

VN

Vietnam

ICIntegratedCircuit

VNM

Vietnam

IDIndonesia

WTO

WorldTradeOrganization

2025TrilateralEconomicReport

9

ExecutiveSummary

I.TrilateralStatistics2024

·In2024,thecombinedGDPofChina,Japan,andtheROK(CJK)reachedUSD24.21tillion,upfromUSD23.58trillionin2023-anannualgrowthrateofapproximately2.7%andintotalaccountsforover24%ofglobalGDP.Thismodestyetconsistentgrowthreflectstheregion'sresilienceamidglobaleconomicuncertainties.

·TheCJKregion,hometo1.584billionpeople-nearly20%oftheglobalpopulation-facesrapidagingandlowfertility.Theelderlypopulationsexceedglobalaverages,fertilityratesarecriticallylow,andpopulationgrowthisnegativeorstagnant.Thesedemographictrendssignallong-termdeclineandlaborforcecontractionunlessoffsetbymigrationorpolicyinterventions.Despitethesechallenges,theCJKregiondisplaysstronglaborforceparticipationwithlowunemploymentandhighfemalerepresentation,allexceedingglobalaverages.Tightlabormarketsamidshrinkingworking-agepopulationsareapositivesignoftheregion'sabilitytonavigatedifficulties.

·ThevolumeoftradeingoodsalsoreachedanestimatedUSD8.93trillionin2024,representing18.8%oftotalglobalvolume.Despiteunevenexternaldemandrecovery,theregionremainscentraltoglobaltrade.StrongtiestoASEAN,theEU,andtheU.S.underscoresCJK'sroleasakeystabilizerintheglobaleconomy.

·CJK-ASEANtiesareasignofstronginterdependence,asdesignedbytheAPTframework.In2024,theRegionalComprehensiveEconomicPartnership(RCEP)accountedfor27.7%ofglobalGDPatcurrentprices,totalingUSD30.65tillion.WithCJKcomprisingover80%ofRCEP'sGDP,theblocplaysacentralroleindeepeningregionalintegrationandconnectingnetworks.

II.GlobalandRegionalEconomicDevelopment

·TherecentU.S.announcementofbroad-basedtariffmeasureshaveheightenedeconomicuncertaintyandvolatilityworldwide,withglobalgrowthexpectedtoremainsubdued.Asaresult,growthinboththeASEAN+3regionandCJKeconomiescoulddipbelow4percentin2025,downfrom4.3and4.1percentinthepreviousyearTheseprojectionsaresubjecttosignificantuncertaintyamidarapidlyevolvingtradeenvironment.Nevertheless,theASEAN+3regionentersthisglobaltradeshockfromapositionofrelativeresilience-underpinnedbytheincreasingimportanceofdomesticdemandandintraregionaltradeasgrowthengine,morediversifiedexportmarketswithlessrelianceontheUSmarket,andavailablemonetaryandfiscalpolicybuffers.

·Long-termglobalandregionalprospectsareincreasinglyshapedbysecularforces-includingdemographicaging,geoeconomicfragmentation,technologicalshifts,andclimatetransition-withpotentialgrowthinASEAN+3andtheCJKeconomiesprojectedtodeclinefrom4.0and4.3percentin2023to2.8and3.0percentby2050,respectively.However,well-designedpoliciestoadvanceproductivity-enhancingreformscouldunlocksignificantuntappedgrowthpotential.

·TheCJKeconomiesarewell-positionedtoleadregionalstructuraltransformationbyleveragingtheireconomicscale,technologicaledge,andtradelinkages.ThesestrengthscanfostercooperationacrossthediverseASEAN+3economies,eachwithdistinctcomparativeadvantages,inareassuchastradeintegration,infrastructureconnectivity,digitaltransformation,andgreentransitions,whichwillbecriticalforunlockingtheregion'spotentialgrowth.

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ⅢI.High-QualityImplementationofRCEPandHigh-Standard

PromotionofCJKFTA:SynergiesandBreakthroughsinRegionalEconomicIntegration

·TheimplementationofRCEPhashadamaterialimpactatregional,national,andbusinesslevels.Attheregionallevel,RCEPhaspromotedtradegrowth,raisedtheexpectationsofinvestment,andfurtherintegratedindustrialandsupplychains.Atthenationallevel,RCEPhasplayedasignificantroleinstabilizingtheindustrialandsupplychainsofthethreecountries.Attheenterpriselevel,surveyrespondentsmostlygavepositivecommentsontheimplementationofRCEP.

·However,theimplementationofRCEPhasalsofacedsomeproblemsandchallenges.TheseincludetheinabilityofsmallandmicroenterprisestobenefitfromRCEP,theinadequateutilizationoforigincumulationrules,thelowlevelofcustomsclearancefacilitationinsomemembers,andtheuncertainregionaleconomiclandscape.ThiscallsforChina,JapanandtheROKtostrengthencoordinationandcooperationwithRCEPpartners,creatingastableandpredictabledevelopmentenvironmentandprovidinganewimpetustotheRCEPregion.

·CJKareencouragedtosharebestpracticesincustomsfacilitation,leverageRCEPrulestofosterdigitalandservice-sectorcollaboration,supportmembershipexpansion,andimprovekeyprovisionstoenhanceregionalsupplychains.ItisrecommendedthatthethreecountriesaccelerateCJKFTAnegotiationsinparallelbyexpandingcooperationinareaslikehealthcare,greenenergy,intellectualproperty,andthedigitaleconomy.Inlightofgrowingglobaluncertainties,strongerregionalintegrationisneededtojointlymitigatesharedrisks,buildresilience,andpromoteeconomicstabilityandgrowthacrosstheregion.

IV.EvolutionofFreeTradeAgreementsinEastAsia:AFocusonChina,Japan,andtheROK

·EastAsialaggedinFTAdevelopmentuntilthelate1990s,withAFTAasthemainagreement.TheAsianFinancialCrisisandthesurgeofFTAsgloballyspurredJapan,theROK,andChinatoact,withbilateralandminilateralFTAsexpandinginthe2000s.ASEANwaspositionedatthecenterofthisdevelopmentwiththeformationoffiveASEAN+1FTAs.Competingregionalvisionsemerged,includingEAFTA,CEPEA,andTPP(withtheTPPevolvingintoCPTPPafterU.S.withdrawal).TheCJKFTAbeganformaltalksin2012butstalledduetotensions.BroaderinitiativesliketheTPPandFTAAPalsoevolved.Meanwhile,RCEPnegotiations,initiatedin2013,concludedin2020andtookeffectin2022,strengtheningregionalcooperation.ThesedevelopmentssignifiedagrowingpreferenceforFTAsintheregion.

·TheCPTPPandRCEPsharegoalsofpromotingtradeandintegrationbutdifferinemphasis,content,andquality.CPTPPfocusesonhigh-standardrules,strongerliberalization,andbroadissuecoverage,whileRCEPemphasizesinclusivedevelopmentandeconomiccooperation.CPTPPusesstricterrules,anegativelistforservices,andstrongerinvestoranddigitaltradeprotections.RCEPusageremainslowduetoitsrecentenactmentandcomplexnature.PositivesignsforRCEParepresentwiththerisinguptake,especiallyamongJapaneseexporters.

·AmidglobalprotectionismandaweakenedWTO,China,Japan,andtheROKmustupholdarules-basedtradingsystemvitalforEastAsia'sgrowth.TheyshouldleadWTOreform,enhanceRCEPstandards,andfinalizethelong-stalledCJKFTA.ChinaandtheROKareencouragedtojointheCPTPP,withChinaalreadyhavingbegunitsapplicationprocess.Theseeffortswillstrengthenregionalcooperation,supportopentrade,andcounterbalancerisingunilateralism.

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V.EnhancingSupplyChainResiliencethroughTrilateralCooperation:AComparativeAnalysisoftheSemiconductorIndustries

·TheROKcontinuestoleadinmemorychipssuchasDRAMandMCP,thoughChinaisrapidlyclosingthegap,leadingtomorebalancedtradeandmutualreliancebetweenthetwocountries.Incontrast,ROK-Japanmemorychiptradeisdeclining,reflectingweakerties.Forsystemchips—includingthoseusedinvehicles,powersystems,andcommunicationdevices-theROKiscompetitivebutfacesgrowingpressurefromChineseTaipeiandtheUnitedStates.Chinaisadvancingsteadilyinthisarea,whileJapanplaysalimitedroleinsystemchipproduction.

·Japanremainsdominantinmanufacturingequipmentandhigh-performancematerials,withtheROKandChinaheavilyreliantonitsadvancedtoolsandprecisioninputsforsemiconductorproduction.Whilebothaimtodevelopdomesticalternatives,progressislimited.ROK-Chinatradeinsemiconductormaterialsisbecomingmorereciprocal,reflectingcomplementaryrolesintheregionalsupplychain.Ontheotherhand,ROK-Japantraderemainslargelyone-sided,underscoringtheROK'sstructuraldependenceonJapanesetechnology,particularlyincriticalmaterialsessentialforsemiconductorproduction.

·Toaddresstheseimbalancesandstrengthenregionalsemiconductorsupplychains,thestudyproposesinstitutionalcooperationamongthethreecountries.Aformaldialogueplatform,jointR&D,andsharedtechnicalstandardswouldfosterinnovationandcross-bordercollaboration.AtrilateralconsortiumfocusedonsemiconductormaterialsandcomponentscouldcombineJapan'sengineeringexpertise,ROK'smanufacturingcapabilities,andChina'sproductionscaletodevelopnewtechnologiesandacceleratecommercialization.Co-productionandinvestmentwouldbalancetradeandreducedependency.Asharedgovernanceframeworkonexportcontrols,investmentscreening,andsupplychainsecuritywouldenhancetransparency,managerisks,andbuildtrust.

VI.Conclusion

·TheCJKeconomies,attheheartoftheASEAN+3region,facemajorglobaltradedisruptionsamidsubsequentshiftsanduncertaintiesinU.S.tradepolicy.Despiteexternalshocks,theregiondemonstratesrelativestrengthinthepastdecadesduetostrongdomesticdemand,diversifiedexportmarkets,technologicaladvancements,andstrengthenedinstitutionalcooperation.CJK'sstrengthsinintra-regionaltrade,macroeconomicpolicies,andinnovativetechnologieshavebufferedimpacts,andongoingeffortslikeRCEPandCJKFTAreinforceeconomicstability.Leveragingtheseassetsiskeytonavigatingfutureturbulenceandsecuringregionalgrowthandintegration.

·Althoughtheregionisbuiltonstrongfoundations,CJKandASEAN+3facekeychallengestoregionalresilience.Intra-CJKtradeintegrationremainslimited,andsupplychains-asseeninthecaseofsemiconductors-showstrategicvulnerabilities.Regulatoryfragmentation,unevenfinancialdevelopment,andunderutilizedsafetynetshinderdeeperintegration.Risingglobaltradeandtensionsinthetechnologysectorfurtheramplifyrisks,underscoringtheurgentneedforstrongerregionalcooperationtoclosestructuralgapsandensuresustainablegrowth.

·Tofortifyregionalresilienceandsustainablegrowth,CJKandASEAN+3shoulddeepenintegrationthroughahigh-standardCJKFTA,harmonizeregulations,andenhancedigitalutilizations.Strengtheningsupplychainsinkeyindustriesandadvancingfinancialsafetynetsarevital.Drivingdigitalandgreentransitionsandexpandingglobalpartnershipswillbooststructuraltransformationandresilience,enablingCJKandASEAN+3toleadinamorefragmentedglobaleconomy.

工

TrilateralStatistics2024

111.CJKEconomiesataGlance

142.RegionalEconomicIntegration

15References

2025TrilateralEconomicReport|Chapterl.

13

Chapterl.

TrilateralStatistics2024ofChina,Japan,andtheROK¹

1.CJKEconomiesataGlance

PERCENTOFWORLDGDP

24.11%

million

O

o

PERCENTOFWORLDEXPORT

21.0%

trilliontrillion

自

MERCHANDISEEXPORT

4.97

PERCENTOFWORLDPOPULATION

19.4%

PERCENTOFWORLDIMPORT

16.5%

TOTALGDP

24.21

trillion

MERCHANDISEIMPORT

3.96

TOTAL

POPULATION

1584

1ThischapterispreparedbyXIETianyi,underthesupervisionofXUHongdaandtheConsultativeBoardoftheTrilateralCooperationSecretariat(TCS).ThedatausedinthisChapterisbasedontheTrilateralStatisticsHub(TSH),unlessotherwisestated.

2025TrilateralEconomicReport|Chapterl.

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1.1GrossDomesticProduct(GDP)

In2024,thecombinedGDPofChina,Japan,andtheROK(CJK)reachedUSD24.21trillion,risingfromUSD23.58trillionin2023.Thisaccountsformorethan24%ofglobalGDP.

ThepercapitaGDPforCJKin2024reflectedamodest1.5%increasefrom2023.ThissteadygrowthunderscorestheresilienceofEastAsia'smajoreconomiesamidongoingglobaluncertainty.TheCJKeconomiescontinuetoserveaskeyanchorsinglobalsupplychainsandremainattheforefrontofinnovationacrossmanufacturing,semiconductors,cleanenergy,anddigitalindustries.

Figurel.1CJKGDPannualgrowthrate

10

5

0

201620172018201920202021202220232024

-5

ChinaJapan一Korea…World

Fi