The average annual growth rate is 8.3%, and the trade scale between China and South Asian countries continues to expand

At the press conference of the China South Asia Expo on July 25th, Vice Minister of Commerce Li Fei introduced that the 7th China South Asia Expo will be held in Kunming, Yunnan from August 16th to 20th, with the theme of "Unity, Cooperation, and Joint Development". He also provided a set of data. When the first China South Asia Expo was held in 2013, the total trade volume between China and South Asian countries was less than 100 billion US dollars. In 2022, the total trade volume between China and South Asia was close to 200 billion US dollars, with an average annual growth rate of 8.3%.
Li Fei said that China is a major trading partner of South Asian countries and has become the largest trading partner of countries such as Pakistan, Bangladesh, and Maldives for many consecutive years. The exports of aquatic products, tea, nuts, and other products from South Asian countries to China are constantly increasing, and are deeply loved by Chinese consumers.
In addition to the record high trade volume, in recent years, China, together with South Asian countries, has promoted the docking of the "the Belt and Road" initiative with the development strategies of South Asian countries in the spirit of openness, cooperation and inclusiveness, and achieved a series of results.
Li Fei, for example, said that the China–Pakistan Economic Corridor has cumulatively brought $25.4 billion in direct investment to Pakistan, created 192000 jobs, added 6000 megawatts of electricity, 510 kilometers of expressways and 886 kilometers of national core transmission network. Sri Lanka has built its first highway, Bangladesh has built the Kanapuri River Tunnel, Maldives has built its first cross sea bridge in history, and Nepal's Bokra International Airport has been put into operation. These are all shining business cards of China's economic and trade cooperation with South Asia
Looking forward to the next step, Li Fei said that the Ministry of Commerce will continue to take the strategic consensus of the leaders of both sides as the guide, further promote the "the Belt and Road" initiative, take high standards, benefit people's livelihood, and sustainability as the goal, focus on the key points, deepen and refine, constantly expand the economic and trade cooperation cake, explore new cooperation growth points, and strengthen the economic and trade mechanism construction, give play to local regional advantages Promoting regional economic integration and other aspects to push China's economic and trade relations with South Asian countries to a new level.
Among them, in strengthening the construction of economic and trade mechanisms, we will continue to play the role of bilateral economic and trade joint committees and other mechanisms with South Asian countries, strengthen economic and trade policy coordination, promote communication and exchange, gather more cooperation consensus, and safeguard the cooperation between the two sides. Continue to open up trade and investment channels through platforms such as exhibitions and cross-border e-commerce, enhance the level of liberalization and facilitation, promote the integrated development of trade and investment, expand policy benefits, and enhance the sense of gain for both sides.
In terms of leveraging local location advantages, we support Yunnan and other regions to play a leading role in radiation, carry out cooperation with South Asian countries in various fields such as economy, trade, and humanities, promote industrial integration, enrich the connotation of cooperation, and promote common development. At the same time, seize the opportunity of Digital transformation and the window period of carbon reduction, expand the cooperation of "Silk Road E-commerce", promote the deep integration of digital economy and real economy, and jointly create a mutually beneficial and mutual trust cooperation environment.
In promoting regional economic integration, we adhere to the spirit of open and inclusive cooperation, and promote international organizations such as the Shanghai Cooperation Organization and the BRICS Cooperation Mechanism to play a greater role in promoting economic development in South Asia. Join hands to address various risks and challenges, jointly support the multilateral trading system, seek common ground while reserving differences, seek common development, and promote the development of open regional economies. At the same time, we adhere to inclusive balance, coordination and inclusiveness, win-win cooperation, and common prosperity, work together with South Asian countries to implement global development initiatives, carry out policy exchanges and experience sharing in the field of poverty reduction, and achieve common development.
At the same time, China is also committed to strengthening cooperation with South Asian countries in the industrial chain supply chain. Wang Liping, Director of the Asia Department of the Ministry of Commerce, introduced that China and South Asian countries account for one-fifth of the world's total economic output. This is not only the largest emerging market in the world, but also the fastest growing and most dynamic region in the world. Trade and investment are active, and cooperation potential is constantly unleashed. An industrial chain supply chain system of "you have me, I have you" has been initially formed.
At present, we are facing a new round of technological revolution and industrial transformation, with emerging industries such as digital technology and green low-carbon thriving, bringing new opportunities for industrial chain supply chain cooperation. Wang Liping said that China is willing to work with South Asian countries to jointly build a safe, stable, efficient, open, inclusive, and mutually beneficial regional industrial chain supply chain system.