The signing was completed during the 2023 ASEAN-China Greater Bay Area Economic Cooperation (Qianhai) Forum, which took place in the southern Chinese metropolis of Shenzhen from July 29 to 30 with the participation of over 150 foreign guests, including representatives from the governments of all 10 ASEAN member countries, diplomatic agencies in China, chambers of commerce, thinktanks and enterprises.
Also at the forum, the Greater Bay Area-ASEAN International Chamber of Commerce Alliance and the China-ASEAN Think Tank Partnership were established, and an initiative concerning a closer Greater Bay Area-ASEAN economic partnership launched.
The initiative proposes enhanced economic cooperation and strengthened people-to-people connections. Concrete measures include supporting the China-ASEAN Center to set up a representative office in Shenzhen, and exploring the establishment of a Greater Bay Area-ASEAN Industrial Development Investment Fund, among many others.