China will take multiple measures, including further utilizing economic cooperation and cross-border e-commerce, to advance imports from Central and Eastern European countries, senior government officials said on Friday.
Speaking ahead of the third China-CEEC Expo, which will be held in Ningbo, Zhejiang province, from May 16 to 20, Li Fei, vice-minister of commerce, said China will accelerate the convening of bilateral government-level economic and trade liaison committees and other committees with CEE countries to drive bilateral trade and investment.
To strengthen coordination and consultation on trade policies between the two sides, trade facilitation-themed meetings, e-commerce working groups and other forms of communication will be held. China aims to meet export demands from CEE countries, particularly on their agricultural and food products, Li told a news conference in Beijing.
In addition to facilitating the entry of CEE countries' products into domestic e-commerce platforms, he said China is also committed to supporting its economic and trade cooperation demonstration zones to attract more CEE companies for investment. This move will help to deepen bilateral cooperation in various areas such as automobiles, digitalization, green development, healthcare, and others.
"We will also encourage and support companies of CEE countries to participate in various exhibitions held in China, such as the China International Import Expo and the China International Consumer Products Expo, to expand the visibility of products from Central and Eastern Europe in the Chinese market," said Li.
The upcoming third China-CEEC Expo will host about 3,000 exhibitors, representing a 30 percent increase from the previous edition. As of Friday, over 2,030 Central and Eastern European buyers have registered for the event, with an expected attendance of over 100,000, said Lu Shan, Zhejiang's vice-governor.
Trade and economic ties between China and Central and Eastern Europe have boomed over the past decade, with two-way investment reaching nearly $20 billion, data from the Ministry of Commerce showed.
Despite external disruptions such as geoeconomic fragmentation and a gloomy global economic outlook, China's direct investment in CEE countries rose by 148 percent year-on-year in the first quarter of the year, while the trade value between the two sides rose 1.6 percent on a yearly basis to $33.3 billion.
China will fully leverage the potential of its massive market and geographical advantages of the CEE countries to diversify their collaboration and sustain trade growth, said Yu Yuantang, director-general of the department of European affairs at the Ministry of Commerce.
As this year marks the 20th anniversary of the China-EU comprehensive strategic partnership, Li, from the commerce ministry, highlighted that China and the European Union will deepen practical cooperation in digital, green and new energy sectors.
They will also work together to safeguard the rules-based multilateral trading system, with the World Trade Organization at its core, and ensure the security and stability of the global industrial and supply chains, he said.
Chen Yudong, president for China branch at Robert Bosch GmbH, the German industrial and technology group, said China has enormous potential in the areas of artificial intelligence, electrified mobility, smart manufacturing and carbon neutrality, offering appealing business opportunities to European companies. The group will continue to invest in China in the coming years.
Erno Peto, president of the Hungarian-Chinese Chamber of Economy, said the expansion of China's economy holds great significance for the global economy, and Hungary has a unique position to contribute to Central Europe and the EU.
In the present interconnected global economy, all parties rely on each other. Therefore, promoting a healthy and mutually beneficial economic partnership is essential for success, he added.
