China-ASEAN trade forecast to hit $500b by 2015

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china-ASEANBilateral trade between China and the Association of Southeast Asian Nations (ASEAN) will reach $500 billion by 2015, Chinese Vice Minister of Commerce Gao Yan said at a press conference on July 23 in Beijing.

In 2012, trade stood at $400.1 billion, the minister said, up from just $54.8 billion in 2002, which makes an average annual growth rate of 22 per cent. The first half of 2013 saw a year-on-year growth of 12.2 per cent at $210.56 billion.

Currently ASEAN is China’s 3rd largest ­tra­ding partner, and the 4th largest export market. It is also the 2nd largest source of imports, as well as a major contributor of foreign tourists to China. China reached a trade surplus of $8.5 billion in 2012.

By the end of June 2013, Chinese direct investment in ASEAN countries totaled nearly $30 billion. China invested in 2,500 companies in ASEAN, creating 120,000 local jobs. Direct investment from ASEAN into China exceeded $80 billion, with $7.1 billion in 2012, according to ministry figures.

A China-ASEAN free trade agreement has been in place since January 1, 2010.

 

 

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Reading Time: 1 minute

Bilateral trade between China and the Association of Southeast Asian Nations (ASEAN) will reach $500 billion by 2015, Chinese Vice Minister of Commerce Gao Yan said at a press conference on July 23 in Beijing.

Reading Time: 1 minute

china-ASEANBilateral trade between China and the Association of Southeast Asian Nations (ASEAN) will reach $500 billion by 2015, Chinese Vice Minister of Commerce Gao Yan said at a press conference on July 23 in Beijing.

In 2012, trade stood at $400.1 billion, the minister said, up from just $54.8 billion in 2002, which makes an average annual growth rate of 22 per cent. The first half of 2013 saw a year-on-year growth of 12.2 per cent at $210.56 billion.

Currently ASEAN is China’s 3rd largest ­tra­ding partner, and the 4th largest export market. It is also the 2nd largest source of imports, as well as a major contributor of foreign tourists to China. China reached a trade surplus of $8.5 billion in 2012.

By the end of June 2013, Chinese direct investment in ASEAN countries totaled nearly $30 billion. China invested in 2,500 companies in ASEAN, creating 120,000 local jobs. Direct investment from ASEAN into China exceeded $80 billion, with $7.1 billion in 2012, according to ministry figures.

A China-ASEAN free trade agreement has been in place since January 1, 2010.

 

 

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