Home Blog Indonesia and China Cooperate on Financial Recovery in 2022 Business Setup | Company Registration | Indonesia Indonesia and China Cooperate on Financial Recovery in 2022 InCorp Editorial Team 4 June 2025 4 minutes reading time Table of Contents Indonesia’s On Track with Financial Recovery The Strategy of the Digital Economy The Indonesian Minister of Finance, Sri Mulyani, recently conversed with the Chinese Minister of Finance, Liu Kun. The bilateral meeting was held virtually, discussing the impact of the COVID-19 pandemic—especially the financial recovery strategy. They discussed how the pandemic is a major challenge for financial recovery and continues to be a threat. G20 members started to anticipate another pandemic possibility in the future by establishing a Financial Intermediary Fund. The contribution to Financial Intermediary Fund sets at USD 50 million. Liu Kun strongly supports the establishment, which acts as a funding platform for economic recovery after the pandemic. He further explains that China is also looking to contribute to the initiative. He expresses his appreciation for Indonesia for taking the initiative and paying extra attention to the issue of food security. In addition, China will actively support and assist Indonesia in the overall effort to promote global economic recovery. They plan to improve global governance to enable developing countries to play a more significant role in the future. The different sectors that China aims to focus on include the digital economy, green economy, global health, and welfare. China identifies itself as a developing nation. Due to the mutual standing between Indonesia, they also share the interest of strengthening the market in developing nations, specifically to increase trade relations between the countries. China and Indonesia have close ties, which is seen through the donation of medical equipment provided to Indonesia by China during the initial stage of the COVID-19 pandemic. Therefore, bilateral cooperation continues to become more strategic and comprehensive. In addition to the relationship between the two countries, 290 million doses of China-made vaccines have also been distributed and given to the Indonesian people. Indonesia’s On Track with Financial Recovery The National Statistics Agency reveals that the Indonesian economy is steadily recovering financially due to the increasing trade mobility amidst the ongoing tension between Russia and Ukraine. Such positive trends can arise in the economic performance of Indonesia. Indonesia’s economy is expected to gain momentum and welcome between 4.5% and 5.3% growth in 2022. The growing domestic demand and export performance sustains the financial recovery strategy. Economic growth is directly proportional to the vaccination rollout, the reopening of economic sectors, and the Indonesian government’s fiscal policies to increase the recovery rate. Revitalize Through the Digital Economy The Indonesian Ambassador to the Republic of Korea has shared how Indonesia has prepared new sectors such as digital services, health services, electronic assembly, and other novel industries. These new business sectors show potential for developing an excellent investment destination. Investing in these new sectors in Indonesia would encourage sustainable development. Indonesia also hopes to deepen its cooperation with China in trade, investment, green growth, and digital economy. The two countries must demonstrate solidarity with other developing countries in various projects. Specifically, their cooperation is expected to complete and open the Jakarta-Bandung High-Speed Railway, which is part of the cooperation conducted under the “Belt and Road Initiative” that the two heads of state have agreed upon. The Strategy of the Digital Economy Indonesia has already set up a Digital Roadmap for 2021-2024 as a strategic guide to achieving digital transformation. The initiative aims to provide equal access to high-quality telecommunication services. The strategy employed by the government is to create dependable and consistent connectivity to close the digital divide and also increase the ratio of internet connectivity across regions. Indonesia’s digital transformation puts high importance on ten sectors to speed up the realization of digital infrastructure, government, economy, and society. The sectors are as mentioned below: Digital transportation and tourism; Digital trade, digital financial services; Digital media and entertainment; Digital agriculture and fisheries; Digital real estate and urban; Digital education; Digital health; Industrial digitization; and Government digitization. There are 100 essential projects spread between the ten sectors to be implemented through coordination and collaboration between the ministries, the central and regional government, corporate actors, and the general public. The COVID-19 pandemic is one of the dominant catalysts for digital transformation. This momentum will be utilized for economic change, specifically in the digital sector. InCorp Indonesia (an Ascentium Company) provides business licenses and company registration services for companies seeking to profit from the trend and support digital transformation in Indonesia. Read Full Bio Verified by Daris Salam COO Indonesia at InCorp Indonesia With more than 10 years of expertise in accounting and finance, Daris Salam dedicates his knowledge to consistently improving the performance of InCorp Indonesia and maintaining clients and partnerships. Frequently Asked Questions How A PMA company can be eligible to conduct import activities? What licenses and procedures are necessary while engaging in import-related activities? A PMA company in Indonesia must obtain an NIB, which also functions as: Importer Identification Number (Angka Pengenal Impor or API) Producer Importer Identification Number (Angka Pengenal Impor Produsen or API-P), which is required for the import of machinery and equipment, goods, and materials used in production. General Importer Identification Number (Angka Pengenal Impor Umum or API-U), which is required for the import of specific goods for trading purposes, is grouped under one section in the Customs Classification System. Customs Identification Number (Nomor Identitas Kepabeanan or NIK), It functions as an identifying document for the applicable Customs and Excise authorities during the customs clearance process. Some goods may face limitations or restrictions on importation in Indonesia, potentially requiring additional approval from the Ministry of Trade. Recommendations from technical ministries like Industry or Agriculture may influence these approvals. Is it required to hire Indonesian staff in the PMA company? In Indonesia, the necessity of hiring Indonesian employees by foreign companies typically arises from commercial requirements, regulatory mandates in specific sectors like construction or shipping, or as part of employing foreigners to fulfill knowledge transfer obligations. Can investors own shares with preferential rights? Under Indonesian Company Law, shareholders can hold shares with various preferential rights, such as voting rights, nomination rights for board members, priority dividend or liquidation proceeds, and options for conversion or withdrawal after a set period. What kind of license does a PMA company need to get? In Indonesia, the licensing system has been updated with the implementation of the Omnibus Law. Businesses are categorized into four risk levels based on the PMA company classification. Licensing requirements vary accordingly, with three main types: Business Identification Number (NIB) Low-risk businesses needing only an NIB Standard Certification Standard Certification is necessary for medium-low and medium-high-risk businesses Licenses/Permits High-risk businesses require licenses/permits Additionally, basic requirements, including business location, must be met. Many licensing processes are facilitated through the Online Single Submission (OSS) platform managed by the Investment Coordinating Board (BKPM). Get in touch with us. 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Cekindo Business International (“InCorp Indonesia/ we”) for general purpose only and we make no representations or warranties of any kind. We do not act as an authorized government or non-government provider for official documents and services, which is issued by the Government of the Republic of Indonesia or its appointed officials. We do not promote any official government document or services of the Government of the Republic of Indonesia, including but not limited to, business identifiers, health and welfare assistance programs and benefits, unclaimed tax rebate, electronic travel visa and authorization, passports in this website. More on Business Setup Newest Regulation on Foundation Name in Indonesia Read more Bridging Batam – Singapore’s Closest Gateway to Indonesia Read more A Step-By-Step Guide for Warehousing Business in Indonesia Read more