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China-Caribbean trade grows rapidly in Jan-July: ministry of commerce

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      China

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      China-Caribbean trade grows rapidly in Jan-July: ministry of commerce

      2024-09-10 17:46 Last Updated At:20:37

      China's trade with Caribbean countries remained to expand at a rapid pace in the Jan-July period, with the total trade volume reaching 7.57 billion U.S. dollars, indicating an annual growth rate of 13.3 percent, said China’s ministry of commerce on Monday.

      The fast expansion has reflected the tremendous vitality in China-Caribbean trade, said Lin Feng, director general of the American and Oceania Affairs Department of the ministry, at a press conference in Beijing ahead of the upcoming Ministerial Conference of the fourth China-Caribbean Economic and Trade Cooperation Forum.

      Briefing media on the last data released by China Customs on the country’s trade with Caribbean countries, Lin highlighted the steady expansion of bilateral trade in recent years. In 2023 alone, the total trade volume reached 11.8 billion U.S. dollars, marking an impressive 10-fold increase over two decades.

      Notably from 2018 to 2023, the bilateral trade saw an average annual rate of 10.2 percent, showcasing the resilience and vitality of economic ties between China and the Caribbean region, he added.

      At the same time, Chinese enterprises have launched a diverse range of cooperation projects in the region spanning various sectors including agriculture, processing, trade and logistics, making a considerable contribution to bolstering local employment, tax revenues and export earnings, said Lin.

      China-Caribbean cooperation under the Belt and Road Initiative (BRI) has also yielded fruitful results, according to Lin. 

      "China's cooperation with the Caribbean region in the field of infrastructure under the BRI framework has also yielded fruitful results. By end 2023, 10 countries in the Caribbean region signed BRI cooperation documents with China. Chinese enterprises have initiated a batch of landmark projects and ‘small yet beautiful’ projects covering various sectors such as transportation, energy, housing and people’s livelihood, substantially driving local economic development,” said Lin.

      Aiming to facilitate bilateral economic and trade cooperation, the Ministerial Conference of the fourth China-Caribbean Economic and Trade Cooperation Forum is set to open in south China's Hainan Province from Thursday to Saturday. 

      China-Caribbean trade remains rapid annual growth in Jan-July: ministry of commerce

      China-Caribbean trade remains rapid annual growth in Jan-July: ministry of commerce

      Next Article

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

      2025-01-20 22:37 Last Updated At:23:07

      China in 2024 saw a faster transformation and upgrading of investment in manufacturing industry, a strong growth of investment in high-tech industries, and a rebound of investment in infrastructure construction, according to the latest data released by the National Bureau of Statistics on Saturday.

      The investment in manufacturing industry grew by 9.2 percent compared to the previous year, or six percentage points higher than the growth rate of overall investment. In particular, investment in technological upgrades of manufacturing industry increased by eight percent, or 4.8 percentage points higher than overall investment growth.

      Private investment in manufacturing grew by 10.8 percent, driving up overall private investment by 5.3 percentage points.

      The structure of investment continued to optimize. Investment in high-tech industries rose eight percent compared to the previous year, which was 4.8 percentage points higher than the growth rate of overall investment. In particular, investment in high-tech manufacturing grew by seven percent, and that in high-tech service industry grew by 10.2 percent. Investments related to high-tech industries, such as aerospace equipment manufacturing and professional technical services, increased by more than 30 percent.

      In 2025, China plans to moderately increase central government budgetary investments, issue ultra-long-term special treasury bonds and local government special bonds, and enhance efforts to support projects for implementing major national strategies and building security capacity in key areas, as well as implementation of large-scale equipment upgrades and consumer goods trade-in programs, with the aim of stimulating private investment activity through various measures, effectively leveraging government investment to drive social investment, improving investment efficiency, and promoting steady growth in investments.

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

      Transformation, upgrading of China's manufacturing investment accelerates in 2024

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