China Strengthens Trade with France, Egypt
The increasing buying power of Chinese consumers has significantly boosted the domestic market in China, while at the same time providing a market for goods brought into the country. Recently, authorities from France and China held talks to strengthen trade and economic ties between the countries, noting that consumers in China would benefit from access to French products, particularly where France has advanced technology, such as in the fields of energy saving and environmental protection, as well as in the efficient processing of agricultural products.
According to a report by Xinhaunet.com, Chinese Economic Counselor Ma She noted in an interview that China views trade cooperation with France as being of great importance, particularly as the economies of the two countries complement each other. The counselor also pointed out that the two countries have enormous potential for cooperation in emerging industries, in addition to trading in the more established sectors such as aviation, transport and energy. Official data documents that China is France’s biggest trade partner in Asia, with its 2009 trade volume topping more than US$34 billion in 2009. As at the end of 2009, France had established 3,938 investment projects in China, with a further 3,968 agreements being signed by Chinese businesses to import technology from France, making France China’s fourth biggest EU trade partner.
The Invest in France Agency (IFA) confirms that China’s investment in France is approaching US$1.5 billion in the sectors of tourism, trade, communications, finance and the chemical industry. Consistent growth in bilateral trade has been achieved despite the global economic downturn and the Counselor expressed confidence that “Based on the principle of mutual win-win cooperation and common development, China and France will surely expand their cooperation to more areas and push it toward a new stage.”
On Monday July 5, a seminar aimed at strengthening trade relations between China and Egypt was held in the Egyptian city of Cairo, with more than 60 representatives from business and government sectors of both countries being present. In 2009 the bilateral trade volume reached US$ 5.86 billion, being evidence of the rapid development of trade and cooperation between the two countries.