In the contemporary world system of financial capitalism, the "core country", the United States, must transfer its economic cost to "peripheral countries" such as China and the ASEAN countries to maintain its own survival and development. The unequal economic relationship characterized by the economic cost transferring poses a threat to the stability and development of ASEAN countries, prompting them to seek cooperation with China to resist cost transfers from the core country. China's economic diplomacy towards ASEAN countries in the new era caters to the urgent needs of ASEAN countries. The role of China's economic diplomacy in helping ASEAN countries resist economic cost transferring is evident in two aspects: on one hand, infrastructure construction cooperation under the “Belt and Road” Initiative promotes the establishment of a regional, localized, and production relations of real economy, which is distinct from the production relations established by financial capitals from the core country, which is characterized by strong liquidity and oriented towards the interests of financial capitals; on the other hand, financial cooperation promoted between China and ASEAN countries, such as local currency trade, facilitates the construction of a new type of international production relation that is "non-dollarized," to avoid cyclical shocks from the dollar cycle. Thus, China's economic diplomacy towards ASEAN countries in the new era provides a Chinese solution for ASEAN countries to resist the "core-periphery" economic cost transferring and offers a solid economic foundation for the construction of a China-ASEAN community of a shared future.

Keywords: World System Theory, Economic Cost Transferring, Economic Diplomacy, China, ASEAN

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The authors declare that they have no conflicts of interest to report regarding the present study.

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China’s Solution to Resist the "Core-Periphery" Economic Cost Transferring: China’s Economic Diplomacy in the New Era Toward ASEAN Countries in the Financial Capitalist World System