Trade between China, Central, and Eastern Europe Strengthen Trade Bonds Through Tech Sector (CEECs) has entered a new era of expansion and dynamism, primarily driven by an influx of technology products. As key collaborators for the Belt and Road Initiative, CEECs are becoming pivotal players in China’s foreign trade network.
Li Fei, Vice Minister of Commerce, reveals that mechanical and electrical products constitute about 70% of trade goods between China and the CEECs. Since 2012, the trade growth rate has averaged 8.1% annually, with imports from CEECs witnessing an increase of 9.2%. The first quarter of this year already saw a trade volume of $33.3 billion, marking a 1.6% growth rate.
These statistics were announced ahead of the third China-Central and Eastern European Countries (China-CEEC) Expo, scheduled to take place from May 16 to 20 in Ningbo City, Zhejiang Province. The expo, attracting over 2,030 companies from CEE countries and expecting around 100,000 attendees, serves as a platform to further deepen economic and trade ties.
“High-tech products account for a substantial proportion of trade between China and the CEECs, indicating a strong trade collaboration and added value in the exchange,” Li remarked at a recent press conference. The most traded items include electrical equipment, machinery, vehicles, parts, furniture, and bedding. Imports also feature a diverse range of products, from precision optical and measuring instruments to essential oils and corn.
Yu Yuantang, Director of the European Department of China’s Ministry of Commerce, emphasized the critical role both China and the CEECs play in the global supply chain. He pointed out the economic complementarity, smooth interconnectivity, and active bilateral investment as factors contributing to the accelerated trade growth.
Aiming to utilize China’s vast market potential and CEE’s geographical advantages, Yu highlighted plans to broaden cooperation, focusing on green, low-carbon, digital, and health sectors to propel sustainable trade development.
Ningbo, the host city for this year’s China-CEEC Expo, has risen as a leading manufacturing hub in China over the past decade. Home to 83 national-level champion enterprises, Ningbo attracts numerous high-tech companies with its robust industrial base and advanced manufacturing technology. This growth narrative is exemplified by Ningbo Yongxin Optics, which transformed from an original equipment manufacturer to a producer of spaceborne optical monitoring cameras for China’s lunar probes.
As China and the CEECs continue to advance their trade relationship, the intersection of technology and commerce promises to be a key driver of future growth, fostering sustainable economic development and mutual prosperity.
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