Sound development of Sino-Belgian trade
March 31, 2014 Category Foreign trade, Weekly
China-Belgium trade and investment has followed a sound track of development due to the lasting efforts by governments from both sides over the years, Sun Yongfu, Director General of the European Department of the Ministry of Commerce (MOFCOM), writes in the China Daily. Over the past decade, trade between the two countries has registered an annual growth of more than 16%, rising to almost USD30 billion in 2011 from some USD10 billion in 2005. Belgium is now China’s sixth-largest trade partner in the European Union, while China has been the second biggest trade partner-excluding EU members-to Belgium for years. Last year, bilateral trade exceeded USD25 billion, the third highest in history, despite the weak demand in Europe. Transactions in mechanical and electrical products accounted for the largest proportion of 35% among China’s exports to Belgium. Of China’s imports, diamonds and automobiles are the main focus, making up nearly one-third of the total. Belgium has become one of the top destinations in Europe for Chinese companies to invest, with a total investment of USD3 billion covering a wide range of sectors including finance, agriculture, hotels, ports and telecommunications. Belgian-funded projects in China numbered 912 by the end of last year, with a combined USD1.33 billion in investment in sectors including construction materials, energy, food and chemicals. Belgium has also consistently been one of China’s most important sources of technology with 774 technology projects involving USD3.5 billion implemented in China.
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