ASEAN surpasses Japan as China's 3rd largest trading partner

15:08, June 18, 2010      

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In the first five months of this year, total bilateral trade between China and ASEAN nations reached 112 billion U.S. dollars, an increase of nearly 58 percent, meaning the ASEAN nations have collectively surpassed Japan to become China's third largest trading partner.

China's Deputy Secretary-General of China-ASEAN Business Council Xu Ningning said the China-ASEAN Free Trade Area has greatly promoted bilateral economic, trade and investment cooperation in recent years. On Jan. 1 of this year, the China-ASEAN Free Trade Area went into full swing and the implementation of the zero-tariff policy greatly promoted bilateral trade and cooperation in various fields.

Since 2001, when China and ASEAN agreed to establish the China-ASEAN Free Trade Zone, China's trade with ASEAN increased rapidly. It more than quadrupled from 41.6 billion U.S. dollars in 2001 to 213 billion U.S. dollars in 2009. Despite the global financial crisis, in 2009, trade between China and ASEAN fell by 7.8 percent from the previous year, but it was still lower than China's 13.9 percent overall decline in foreign trade

By 2009, investment between China and ASEAN countries reached more than 60 billion U.S. dollars, of which ASEAN investment in China totaled about 500 billion U.S. dollars, and the top five ASEAN investors in China are Singapore, Malaysia, Indonesia, Thailand and the Philippines. Singapore is China's third largest foreign investor.

By People's Daily Online


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