China's trade deficit with East Asia hits $87.5b

?  ?

BIZCHINA / Center

China's trade deficit with East Asia hits $87.5b

(Xinhua)
Updated: 2007-07-15 09:45

Although China has an overall foreign trade surplus, it had a deficit of
$87.5 billion in 2006 with East Asian countries, said Liao Xiaoqi, vice
minister of commerce, on Saturday.

Liao said at the 3rd East Asia Investment Forum that economic and trade
exchanges between China and East Asian countries have been growing very
fast, with the combined trade volume reaching $502.4 billion in 2006,
accounting for 32.5 percent of China's foreign trade for the year.

He said that China mainly imports raw materials and parts from East Asia,
and exports the processed or assembled products to European and American
markets.

China has become the largest export market for the Republic of Korea, the
no. 2 export market for Japan, the no. 3 export market for Thailand, and
the no. 4 export market for Indonesia, Singapore, the Philippines and
Malaysia.

"China's development has brought about growth opportunities for East
Asian countries," he said.

He said that China pays close attention to regional economic cooperation,
has signed a number of agreements with the Association of South East
Asian Nations (ASEAN), and will set up free trade zone with ASEAN in 2010.

A total of 11 free trade zones have so far been set up or are being
negotiated with foreign partners, he said, involving 28 countries and
regions and accounting for a quarter of China's foreign trade.

More than 300 officials, scholars and entrepreneurs from China, Japan,
ROK and ASEAN are participating in the 3rd East Asia Investment Forum,
which focuses on overseas development strategies for Chinese enterprises.

(For more biz stories, please visit Industry Updates)

20071123 Extracted from http://www.hellomandarin.net