Although China has an overall foreign trade surplus, it had a
deficit of US$87.5 billion in 2006 with East Asian countries, said
Liao Xiaoqi, vice minister of commerce, on Saturday.
Liao said at the 3rd East Asia Investment Forum that economic
and trade exchanges between China and East Asian countries have
been growing very fast, with the combined trade volume reaching
US$502.4 billion in 2006, accounting for 32.5 percent of China's
foreign trade for the year.
He said that China mainly imports raw materials and parts from
East Asia, and exports the processed or assembled products to
European and American markets.
China has become the largest export market for the Republic of
Korea, the No. 2 export market for Japan, the No. 3 export market
for Thailand, and the No. 4 export market for Indonesia, Singapore,
the Philippines and Malaysia.
"China's development has brought about growth opportunities for
East Asian countries," he said.
He said that China pays close attention to regional economic
cooperation, has signed a number of agreements with the Association
of South East Asian Nations (ASEAN), and will set up free trade
zone with ASEAN in 2010.
A total of 11 free trade zones have so far been set up or are
being negotiated with foreign partners, he said, involving 28
countries and regions and accounting for a quarter of China's
foreign trade.
More than 300 officials, scholars and entrepreneurs from China,
Japan, ROK and ASEAN are participating in the 3rd East Asia
Investment Forum, which focuses on overseas development strategies
for Chinese enterprises.
(China.org.cn by Staff Reporter Wang Ke July 15, 2007)
