e - payments, progress has been in enabling the interoperability of ewallet services offered by banks and non - bank e - money issuers. malaysia is also fostering greater retail payment linkages with the region. as malaysia lays the foundation for orderly transition to a low carbon economy, opportunities are aplenty for investments in green infrastructure. the recently announced budget 2021 continues the green tech financing scheme that would encourage private sector participation in green technology. the malaysian government also plans to issue its first sustainability bond for environmental and social initiatives next year. together with securities commission malaysia, bank negara malaysia co - chairs a joint committee comprising officials from the stock exchange and industry to collaborate on building climate resilience within the malaysian financial sector. we are currently developing a principles - based taxonomy – to guide financial institutions to classify economic activities that contribute to climate change objectives. these complement efforts by the islamic finance industry in driving the sustainability agenda through the value - based 1 / 2 bis central bankers'speeches intermediation strategy. there are many reasons to be optimistic on the future of asean - china economic ties. asean became china ’ s largest trading partner in first quarter 2020. trade and investment flows grew despite the crisis. china ’ s direct investment in asean in first three quarters this year surged 76. 6 percent year - on - year. 1 investment from asean into china increased by 6. 6 percent yearon - year, and malaysia is among the top investors. 2 many cooperative projects under the framework of the belt and road initiative resumed rapidly after the initial shock of covid - 19. i echo our prime minister ’ s call last week for asean and china to fully tap the potential of the digital economy as part of our efforts to build a stronger economic region. opportunities can also be unlocked for investments on green infrastructure – such as renewable and energy - efficient technologies, as well as addressing basic infrastructure gaps in a fiscally constrained environment. malaysia certainly welcomes china as a partner in this journey and we hope to see closer relations with chongqing. i am certain this summit will explore these further and i wish the summit success. thank you. remarks by ambassador deng xijun at the 3rd jakarta forum on asean - china relations in 2020 : “ reinforcing regional economic recovery amid covid - 19 ”, 2 november 2020. 2 malaysia is number three after singapore and thailand. 2 / 2 bis central bankers'speeches

##ute. this is well supported by the prevailing strong foundations and the tremendous growth prospects for asean in the medium to longer term. my remarks today will focus on the elements of the prospects for the asean economies, and the state of asean financial integration and its importance in enhancing the regional growth potential. my remarks will conclude with some thoughts on imperatives for the banking sector going forward into the future. prospects for asean economies asean is currently one of the most dynamic and fastest - growing regions in the world economy. the region ’ s gdp is expected to triple to usd3 trillion by 2017 relative to a decade ago. economic expansion is expected to be sustained at a rate of 5. 8 % in the next five years, significantly outpacing global growth. in tandem with this, is the notable rise of the middle class population. the asian development bank estimates that the share of asean ’ s middle class population is expected to increase to 65 % by 2030, consequently contributing to altering the global consumer landscape. with a sizeable population of 600 million people, this underscores the evolving role of asean as a significant consumer market base with distinct needs and increasing purchasing power. given that the share of the working population in bis central bankers ’ speeches asean is estimated to reach 58 % by 2050, asean will benefit from its demographic dividend and abundant workforce. an accompanying trend is the rise of entrepreneurship in the region. the emergence of home - grown businesses with prospects of becoming large national and multinational corporations has generated attention and priority to be accorded to supporting the development of small and medium scale enterprises ( smes ). currently, smes account for 50 % – 85 % of domestic employment in asean economies and 30 – 50 % to gdp. given the substantial contribution to income and employment generated by this sector, its development will be vital in creating employment and sustainable long - term growth in the asean economies. on the corporate front, local corporations and businesses have fared well in establishing a stronger footprint in the region, as evidenced by their expanding regional presence and cross - border acquisition activity which has increased from usd10. 9 billion during the first half of 2011 to usd26. 2 billion for the same period in 2012. this vibrance of economic activity has been well supported by the continued access to financing by businesses in the region and resilient and strong asean - based financial institutions. finally, asean has also become an attractive foreign direct investment destination not only due to its stable macroeconomic environment but also due to