China a dynamic economy for Asian partners ( 2003-12-24 16:53) (Xinhua)
Despite the impact of SARS, exhibitions and trade forums involving China and
its neighboring economies boomed this year.
Zhang Xiaoji, director general of the Foreign Economic Relations Department
of the Development Research Center, a State Council think-tank, said that to
further economic and trade ties with surrounding countries has become a new
focus for China.
"With both bilateral and multilateral methods, China has taken measures to
actively promote trade cooperation with other countries," Zhang said.
In October, leaders of China, Japan and the Republic of Korea ( ROK) signed a
joint declaration in Indonesia to promote tri- lateral cooperation.
Chinese premier Wen Jiabao proposed a feasibility study for establishing an
eastern Asia free trade area (FTA).
China's proposal and a series of measures have shown China's sincerity and
determination in enhancing regional cooperation, Zhang said.
Among China's top ten trade partners in 2003, seven were neighboring
countries and regions, including Japan, Hong Kong, the ROK, Taiwan, Malaysia,
Singapore and Russia.
Trade volume between China and other parts of Asia climbed from less than 50
billion US dollars in 1992 to 222.4 billion US dollars in 2002, taking up one
third of China's total trade volume in 2002.
Lu Jianren, an economic researcher with the Chinese Academy of Social
Science, said the increase surpassed China's overall external trade growth
during the same period.
"That growth indicated that neighboring countries and regions have become
another emphasis besides the traditional markets of Europe and the United
States," Lu said.
Xu Changwen, director general of the Asia, Africa Department of the Chinese
Academy of International Trade and Economic Cooperation, said Chinese imports
and exports increased rapidly in 2003.
Imports and exports with eastern Asia made up nearly half of China's total
trade. Over 70 percent of foreign direct investment to China was from east Asia
countries or regions.
China's trade deficit with east Asia partners may exceed 10 billion US
dollars in 2003, Xu predicted.
"With the recovery of eastern Asia's economy, the economic and trade
relations between China and its neighboring countries and regions will maintain
increasing momentum," Xu said.
China's economic cooperation with southern and middle Asian countries also
progressed gradually along with the fast development of political relations.
Indian Prime Minister Atal Bihari Vajpayee visited China last June. The two
sides signed a declaration on bilateral relations and overall cooperation, which
provided political assurance for Sino-Indian economic and trade cooperation.
Chinese Commercial Minister Lu Fuyuan told his Indian counterpart
accompanying Vajpayee's visit that the two countries should make joint efforts
to increase annual trade volume to 10 billion US dollars in
2005.
