The bilateral trade volume between China and Mongolia increased by 62.6% year-on-year in the first half of the year, creating a new situation in China Mongolia economic and trade cooperation

Erenhot is the largest land port city opened by China to Mongolia, and also the most active place for border trade between China and Mongolia. Since the beginning of this year, the import and export freight volume through the Erenhot Port has shown a steady growth trend. The picture shows workers loading goods ready for export in the import and export logistics park next to the Erenhot port.
Photographed by Xinhua News Agency reporter Peng Yuan

Recently, the Ministry of Commerce held a special press conference to introduce the Fourth China Mongolia Expo and the relevant situation of China Mongolia economic and trade cooperation. It is understood that the 4th China Mongolia Expo (referred to as the China Mongolia Expo) will be held from September 6th to 10th in Hohhot, Inner Mongolia Autonomous Region. The theme of this Expo is "Jointly Building a New Pattern of Opening up and Sharing New Opportunities for Development". During this period, more than 10 trade and investment promotion and conference forum activities will be held.

Vice Minister of Commerce Li Fei said that in recent years, bilateral economic and trade cooperation between China and Mongolia has achieved fruitful results, and the comprehensive strategic partnership is constantly deepening.
The scale of bilateral trade continues to expand. According to Chinese statistics, the bilateral trade volume reached 12.2 billion US dollars in 2022, a year-on-year increase of 34%. In the first half of this year, the bilateral trade volume increased by 62.6% year-on-year, continuing to maintain a strong growth momentum. China has been Mongolia's largest trading partner for many years.
The bilateral trade structure is becoming increasingly perfect. In the first half of this year, China's exports of mechanical and electrical products to Mongolia grew rapidly, while imports of mineral products from Mongolia remained stable. Mongolia's agricultural and pastoral products such as wool, nuts, and rapeseed were deeply loved by Chinese consumers.
China's investment in Mongolia has increased. According to preliminary statistics, as of June 2023, China's direct investment in Mongolia reached nearly 1.7 billion US dollars, involving mining, manufacturing, animal product processing, construction, catering and other fields, and gradually expanding into areas such as deep processing of mineral products and green energy.
Economic and technological cooperation is constantly deepening. Over the years, China has provided assistance within its capabilities to Mongolia, helping it build a number of infrastructure, productive and livelihood projects, and training over 8900 talents in various fields.
According to Yang Jin, Vice Chairman of Inner Mongolia Autonomous Region, the China Mongolia Expo has been successfully held for three sessions, creating a new situation in China Mongolia cooperation, expanding the circle of friends for open cooperation, promoting high-quality economic development, and achieving gratifying results. The exhibition highlights of the 4th China Mongolia Expo are numerous, with a main exhibition area of 92000 square meters, the largest in history; It is expected that there will be over 3000 participating enterprises, with the highest number in history; At present, the number of participating countries and regions has reached 35, setting the highest number in history.
In recent years, the pace of opening up to the north in Inner Mongolia has been continuously accelerating, the quality and efficiency of investment attraction have been continuously improving, the quality of foreign trade development has been continuously improving, and the modernization construction of ports has been continuously advancing. The overall level of open economy has significantly improved, and the spillover effect of the China Mongolia Expo on the high-quality development of Inner Mongolia's economy is constantly emerging, "said Yang Jin.
Mongolia's Deputy Minister of Food, Agriculture, Animal Husbandry, and Light Industry, Gang Hulge, said that the China Mongolia Expo is an important platform for promoting Mongolia's foreign trade. At present, various departments of both sides are working together to achieve the goal of increasing trade volume to 20 billion US dollars. I believe that the China Mongolia Expo will continue to play an important role in the development of Mongolia China economic and trade relations.
The China Mongolia Expo has continuously increased its international influence, built a platform for promoting China Mongolia economic and trade cooperation, and played an important role in promoting regional economic and trade exchanges, "said Li Fei.