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Forum urges china-south asia export, import balance by 123wert sdfsf
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Forum urges china-south asia export, import balance |
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Business,Business News,Business Opportunities
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For the Maldives, an island nationknown for its sunny beaches, trade and tourism links with Chinahave become an important aspect of its everyday economy. Over the past few years, as China has grown richer, the resortislands have received cohorts of Chinese holidaymakers, andcommodities imported from China have gained immense popularity inthe local market. But the Indian Ocean archipelago is now expecting more from thisrelationship. With fishing one of the country's pillar industries, it isunfortunate that tuna exports from the Maldives to China haveremained scarce. But a free tariff agreement that came into effectin the last few years has sparked plans to export more fish andother products to China, according to Ahmed Mohamed, the Maldives'minister of economic development.
Furthermore, the Maldives is aiming to build itself into afavorable destination for not just Chinese tourists, but alsoChinese investors, known for bringing funds and technologies withthem as they have ventured into neighboring countries. The Maldives' appeals are not alone in South Asia, where nationshave called for China to play a bigger part in boosting the localeconomy and narrowing their trade deficit. At the 7th China-South Asia Business Forum held in Kunming, capitalof Yunnan province, on Monday, South Asian officials expressedhopes for increasing exports to China and inviting more Chineseinvestments. According to official statistics, the trade volume between Chinaand South Asian countries reached 97.43 billion U.S.
dollars in2011, marking a 20.9 percent rise year on year. But the fast growthis characterized by a rising trade imbalance. "In India, there are a lot of demands for Chinese manufacturedgoods, which boast good quality and low prices, so China's exporthas been growing up very fast, but India's export to China has notbeen expanding at the same pace," said Indra Mani Pandey, consulgeneral of India in Guangzhou, at the forum. Total India-China trade in 2011 was 73.9 billion dollars, with 50billion dollars accounted for by China's export to India and 23billion dollars by India's export to China, Pandey said.
The consul general explained that, to further unlock tradepotential, India hopes to export more IT services, pharmaceuticals,engineering goods and agricultural products to tap into China'ssurging domestic demands. Pandey and other South Asian officials also called for the arrivalof more Chinese investments. China has the capital and technology that could help Nepal exploitits abundant natural resources, said Bhaskar Raj Rajkarnikar,senior vice president of of the Nepalese Chamber of Commerce andIndustry. "China is now an important source of foreign direct investments andadvanced technology," added Munshi Faiz Ahmad, ambassador ofBangladesh to China, who noted that Chinese companies have investedbillions of dollars in local mining, electricity and chemicalindustry.
Ren Jia, vice head of the Chinese Association for South AsianStudies, agrees Chinese investments could aid South Asian countriesin improving their economic structure and increasing their exportto China. "China exports mechanical and electronic products, while SouthAsian countries rely on exports with low value added, such asmarine products; that's how the trade imbalance came into being,"Ren said. According to the academic, China has expressed interest ininvesting in local mining, energy, and high-tech sectors andhelping South Asian countries manufacture and export such goodsback to China as a way to reduce deficits. But investment moves made by Chinese companies still facerestrictions in some South Asian countries, many of which havebarred Chinese involvement in areas regarded as strategicresources, Ren said.
Wang Jinzhen, vice head of the China Council for the Promotion ofInternational Trade, suggested on Monday that South Asian countriesshould seize the vast business opportunities brought by China'songoing industrial restructuring. "China is speeding up its overseas investment. And prompted by theefforts to transform its growth pattern, it is vigorously boostingdomestic consumption and increasing imports," Wang noted. I am Lighters & Smoking Accessories writer, reports some information about refrigerator door seals , hydraulic piston seals.
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