Upgraded fair to deepen China-South Asian ties

BEIJING, May 7 (Xinhua) -- Economic ties between China and South Asian countries will be expanded and deepened with the upgrading of a regional fair, said a senior Chinese commerce official on Tuesday.

Li Jinzao, Vice Minister of Commerce, told reporters that the China-South Asia Expo will be held from June 6 to 10 in Kunming, capital of southwest China's Yunnan Province.

China's State Council, or the Cabinet, last October approved plans to revamp the event in order to meet the need of growing economic and trade ties between China and South Asian countries, said Li. Its name was changed from the South Asian Countries Commodities Fair, giving more countries the opportunity to be involved and increasing the fair's size.

The launch of the expo is a new step by the Chinese government to develop relations with South Asian countries, enhance mutual understanding and friendly exchanges and deepen cooperation in various economic and trade sectors, he said.

According to the official, China is now a major trading partner and investor for South Asian nations, who are also important markets for engineering contract business and key investment destinations for China.

The value of trade between China and South Asian countries increased from 5.7 billion U.S. dollars in 2000 to 93 billion U.S. dollars in 2012, or an average growth rate of 26 percent annually, he said.

China's imports from these countries increased by 23 percent on average annually over the same period, from 1.9 billion U.S. dollars to 22.6 billion U.S. dollars.

By the end of 2012, China's non-financial direct investment in South Asian countries reached nearly 4 billion U.S. dollars, Li added.

Economic and trade relations between China and these countries have built up a good foundation and have great potential for expansion, he believes.

In addition to growing the volume of trade, China will also make efforts to achieve balanced trade, said Li. The official added that he sees good prospects for economic and trade ties between the two sides.

The 21st Kunming Import and Export Commodities Fair will be held simultaneously with the expo.

Some 1,139 companies from 32 countries or regions have registered to participate in the two events, according to organizers.

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