CPEC good model of socio-economic cooperation

BEIJING: Chinese Vice Premier Hu Chunhua said China Pakistan Economic Corridor (CPEC) and similar arrangements with other countries have deepened socio-economic cooperation at the regional level.

These corridors created strong bonds between South Asian and South East Asian Countries. South Asia is closed neighbor of China and an important partner of belt and road initiative, he said while addressing the opening ceremony of the 5th China-South Asia Expo in Kunming, capital of Yunnan province. The CPEC is a good model of socio-economic cooperation, he added.

The delegates from Pakistan, South Asian and South East Asian Countries and representatives of International Organizations attended the Ceremony. Pakistan's traders have established stalls in a pavilion, displaying different products including, leather, garments, decoration pieces made from marbles and brass, carpets, wood furniture and other displayed in the different stalls getting attention of Chinese customers. According to Hu Chunhua, China wants to continue to expand imports from South Asian countries amid its efforts to deepen reform and boost opening-up.

China has paid attention to the concerns of South Asian countries over trade balance, and it would like to inject impetus into trade with South Asia,

At the Communist Party of China's 19th National Congress, Xi Jinping, general secretary of the CPC Central Committee and president of China, made the commitment that China will not close its door, but open it increasingly wider, Hu said. In April, at the Boao Forum for Asia, Xi unveiled more measures to expand imports and improve the investment environment.

China will unswervingly deepen overall reform, expand opening-up, promote free trade and facilitate investment, providing important opportunities to all countries, including South and Southeast Asian nations.

China increased its imports from South Asian countries by 30.7 percent last year, Hu said, and its trade volume with South Asia grew from $91.3 billion in 2013 to $126.8 billion in 2017.

"We have a huge market with a total population of more than 3 billion, and we have a strong desire to enhance cooperation," he said.

Enterprises from the South Asian countries are welcome to participate in the first international import expo to be held in Shanghai in November, Hu said.

The vice-premier said China will boost political trust with South and Southeast Asian countries and enhance practical cooperation with them under multilateral frameworks, including the United Nations and the World Trade Organization.

China encourages domestic enterprises to expand investment in South Asia, build industrial parks there and push forward cooperation in major projects, Hu said, adding it will boost interconnectivity with South Asia through infrastructure projects.