At the 9th China-Eurasia Expo in Urumqi, officials pledged to strengthen economic integration, opening new export avenues for Greater Bay Area manufacturers.
Trade between China and Central Asia gains momentum
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Senior government officials have emphasised the importance of policy coordination and industrial cooperation in trade between China and Central Asia, with the aim of fostering new growth momentum and enhancing regional connectivity.
At the opening ceremony of the 9th China-Eurasia Expo in Urumqi last week, Chinese Vice-Premier Ding Xuexiang stated that Beijing is keen to align development strategies and broaden opportunities for two-way investment. The event, which concludes today, has drawn participants from 49 countries and international organisations, according to a report in the China Daily.
The push for deeper economic integration is already yielding results for manufacturers in the Greater Bay Area, the China Daily says. Xiao Fageng, sales director at Warsonco Intelligent Technology (Guangdong), an industrial robot manufacturer based in Dongguan, noted a significant increase in orders from Central Asia.
[See more: Hong Kong secures transport links and dozens of cooperation deals in Central Asia]
As these markets accelerate their industrialisation and urbanisation, demand for technology is rising. Between January and May, Dongguan’s exports of industrial robots exceeded 160 million yuan, with shipments to emerging markets growing rapidly.
Growth of trade between China and Central Asia
Government data highlights the strength of trade between China and Central Asia. According to the Ministry of Commerce, trade between China and Central Asian countries surpassed US$100 billion for the first time last year, with China serving as a primary trading partner and investor for the region.
Regional partners are actively looking to deepen these ties, the report by China Daily says. Kyrgyzstan is currently discussing a local currency swap agreement and seeking cooperation in renewable energy, whilst Kazakhstan is eager to expand exports of agricultural and metallurgical goods to the Chinese market.
Serik Zhumangarin, Kazakhstan’s deputy prime minister, said trade between China and Kazakhstan was performing strongly despite a complex global environment.
