BEIJING : China has become the largest trading partner of 16 Asiancountries including Pakistan in the recent years.
According to the Ministry of Commerce (MOFCOM), China has strengthenedeconomic and trade integration with neighboring countries and this tradepolicy will be maintained in the years to come.
Data from the MOFCOM shows that trade between China and 25 other Asiancountries reached $1.17 trillion in the first 11 months of 2017, making upa third of regional trade. Japan, South Korea, Vietnam, Malaysia andPakistan are among China’s top ten trading partners.
A total of $10.77 billion worth of investment from 25 Asian countries wentto China, accounting for 9% of the overall foreign capital inflow, whileChina invested a similar amount in Asian countries ($10.67 billion).Singapore, South Korea, and Japan invested in China more than other Asiancountries.
Pakistan, Malaysia, Indonesia, Bangladesh, and Laos became China’s mainoverseas engineering contract markets. China signed engineering contractsworth $83.84 billion with Asian countries, and turned over $44.79 billionin 2017.
Neighboring countries remain China’s most direct route to the internationalbusiness environment, said Chen Fengying, a researcher at the ChinaInstitutes of Contemporary International Relations (CICIR), adding thatstrengthening economic and trade integration with neighboring countrieswill be conducive to creating a sound environment for China’s development.
Also, neighbors will benefit from the big country’s development, MOFCOM’ssources added.
Orignally published by INP