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News Analysis: China and central, eastern Europe trade cooperation promising

Xinhua, November 24, 2015 Adjust font size:

The trade cooperation between China and central and eastern European (CEE) countries is promising, especially along with the China-proposed "Belt and Road" initiative.

The fourth leaders' meeting of CEE countries -- on the theme "New beginning, New fields, New vision" -- will be held in Suzhou, east China's Jiangsu Province, on Tuesday and Wednesday, the first time China has hosted the meeting.

"China and CEE countries are rediscovering each other," said Cui Hongjian, a China-Europe relations specialist at the China Institute of International Studies.

China is the largest developing country and CEE is home to many emerging economies, thus, the cooperation will be promising, said Wang Yiwei, professor at the Institute of International Affairs of Renmin University of China.

The trade volume between China and CEE countries was 60.2 billion U.S. dollars in 2014, but just 43.9 billion U.S. dollars in 2010, according to the Ministry of Commerce (MOC).

Chinese companies have invested more than 5 billion U.S. dollars in CEE countries and the 16 CEE countries have invested more than 1.2 billion U.S. dollars in China, according to the MOC.

China and CEE countries are giving full play to their advantages. Bulgaria, for example, is pushing its agriculture and Hungary is promoting its tourism, Wang said.

Infrastructure construction will facilitate the cooperation, it is hoped.

The first direct rail freight service linking China and Poland went into operation in 2013. The journey by rail takes 15 days from Chengdu in southwest China's Sichuan Province to Lodz, the third largest city in Poland.

The service is convenient for Chinese companies trying to access the Polish market, and also facilitates the import of Polish foodstuffs into China.

A direct air link between Prague and Beijing officially went into operation on Sept. 23, 2015. It is expected to boost ties between the two countries significantly and lead to more intensive trade, investment, tourism and healthcare cooperation.

CEE nations will be essential links in the Belt and Road and the initiative will boost exchanges between China and CEE countries and further tap development potentials, Wang said.

The CEE countries are Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia.

Launched in 2012, the mechanism of the cooperation between China and CEE countries, also known as the 16+1 mechanism, is expected to deepen traditional friendship, strengthen mutually beneficial cooperation and promote China-Europe ties. Endi