China-CEE cooperation gets on fast track
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E-mail Xinhua, November 26, 2015
Cooperative track
For China, these deals are not just about trains, but so much more.
In official political parlance, the Chinese word "train" almost always takes on an extra interpretation of being positive and cooperative.
"Welcome aboard China's train of development!" Chinese President Xi Jinping told Mongolian lawmakers in Ulan Bator last year. "You can take a ride on our express train or just make a hitchhike, all are welcome."
Li Keqiang drew a similar metaphor in Suzhou in his keynote speech to the summit on Tuesday, comparing China-CEE cooperation to a train picking up speed.
"From Warsaw to Bucharest, from Belgrade to Suzhou, we are all aboard this high-speed train," Li said with obvious pride.
There are good reasons to be proud. Trade between China and the 16 CEE countries exceeded 60 billion U.S. dollars last year, just one tenth of China-EU trade. The total amount is relatively low, but the growth rate is impressive. In 2010, the figure was only 44 billion U.S. dollars.
"Faced with a sluggish global picture, China and CEE countries have maintained good momentum on practical cooperation, with rapidly growing trade and investment, and major cooperative projects underway," Li said. China plans to double its trade with the region by 2019, and, in the current climate, the mood is comparatively upbeat. Two-way investment is up: Chinese companies have invested more than 5 billion U.S. dollars in CEE countries and more than 1.2 billion U.S. dollars in investment has come flowing back, according to China's commerce ministry.
Cross-border e-commerce means CEE-made beer, wine, chocolate and cosmetics are gaining popularity in China.
Tourism is an area with plenty of scope for improvement. Chinese tourists made over 130 million outbound trips last year, but most headed to the Republic of Korea, Japan, Southeast Asia and Western Europe.
A medium-term agenda published Tuesday agreed to link China's Belt and Road Initiative to CEE development strategies,taking advantage of China's strength in infrastructure building and finance to meet CEE countries' need for connectivity. Flagship projects, like the Budapest-Belgrade railway, are in the spotlight, but there are plenty more.
The leaders discussed the China-proposed initiative to promote cooperation among port areas in the Baltic Sea, the Adriatic Sea and the Black Sea. China also expressed willingness to participate in Slovenia's Port of Koper renovation.
The Belt and Road will benefit both China and CEE countries, Polish President Andrzej Duda said, adding that Poland, as Eurasia's logistics center, is vital in promoting China-European trade. All 16 CEE countries are on the Belt and Road.
A China-Europe land-sea express passage will strengthen connectivity and scale up trade between China and Europe.
China is considering a 3-billion-U.S. dollar investment fund and a "16+1" multilateral financing channel to reduce investment costs. "As long as CEE countries use products and equipment made by China, China will provide financing support," Li said.
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