China and Peru have seen their trade cooperation strengthened over recent years, with bilateral trade growing at an average annual rate of 14.6 percent from 2016 to 2023, official data showed Thursday.
In the first 10 months of this year, bilateral trade jumped 16.8 percent year on year to 254.69 billion yuan (about 35 billion U.S. dollars), according to data released by China's General Administration of Customs.
Between January and October, China exported 40.43 billion yuan (5.6 billion U.S. dollars) worth of mechanical and electrical products to Peru, which accounted for half of China's total exports to Peru.
China's exports of automobiles and parts, mobile phones, laptops and home appliances saw rapid growth during the 10-month period, increasing by 8.7 percent, 29.1 percent, 29.3 percent, and 34.7 percent, respectively. Exports of textiles and garments, as well as plastic products, also rose by 9.1 percent and 14.3 percent year on year respectively.
In the same period, China imported 148.95 billion yuan (20.6 billion U.S. dollars) worth of metal ore and 14.47 billion yuan (2 billion U.S. dollars) worth of agricultural products from Peru, marking an increase of 19.2 percent and 23.8 percent year on year respectively.
China and Peru established a comprehensive strategic partnership in 2013. China is currently Peru's largest trading partner, export market and source of imports.
Chinese President Xi Jinping arrived in Lima, Peru Thursday to pay a state visit to the Latin American country and to attend the 31st APEC Economic Leaders' Meeting scheduled for Friday and Saturday in Lima.
China-Peru trade ties continue to deepen over past years
China-Peru trade ties continue to deepen over past years
China's Ministry of Finance on Wednesday issued 2 billion U.S. dollars worth of sovereign bonds for international investors in Riyadh, the capital of Saudi Arabia.
Of the total, the issuance of three-year bonds stood at 1.25 billion U.S. dollars in value with an interest rate of 4.284 percent, and the issuance of five-year bonds totaled 750 million U.S. dollars with a yield of 4.340 percent.
International investors have shown strong enthusiasm, with the total subscription value amounting to 39.73 billion U.S. dollars, 19.9 times of the issuance amount. In particular, the five-year subscription multiple reached 27.1 times, the highest multiple for global sovereign bonds issued in recent years.
Among the international investors, those from Asia, the Middle East, Europe and the United States accounted for 68 percent, 8 percent, 20 percent and 4 percent, respectively, with the share of Middle Eastern investors reaching a record high.
In terms of investor types, sovereign entities, banks, fund asset management firms, insurance investors and dealer investors accounted for 9 percent, 50 percent, 37 percent, 2 percent and 2 percent, respectively.
"Throughout the issuance process, international investors have actively subscribed to the sovereign bonds. Their geographical distribution is broad, while the types of investors are varied. This fully demonstrates that international investors have high recognition for China's sovereign credit and firm confidence in the long-term high-quality development of China's economy," said Wang Jiaqiang, senior researcher at the Bank of China Research Institute.
The sovereign bonds will be listed on both the Hong Kong Stock Exchange and the Nasdaq Dubai Stock Exchange. This marks the first line of Chinese sovereign bonds to be issued and listed in the Middle East, as well as the first line of Chinese sovereign bonds priced and issued in Saudi Arabia.
Industry insiders say they believe that this issuance will further promote financial exchanges and cooperation between China and Middle East countries and encourage more Chinese institutions to engage in investment and financing activities in the region.
Sovereign bonds are issued by the central government of a sovereign state intending to raise funds to meet the government's fiscal needs. Because the bonds are backed by the credit of the sovereign state, the risk of default is typically low.
China issues 2 billion U.S. dollars of sovereign bonds in Saudi Arabia
