China looks to deepen trade with South Asia at upcoming expo

China said it is looking to expand and deepen its economic ties with South Asian countries, as it prepares to host a number of Indian business houses in next month's China-South Asia Expo.
The Expo will be held from June 6 to 10 in Kunming, capital of southwest China's Yunnan Province.
The Chinese government has approved plans to revamp the event in order to meet the need of growing economic and trade ties between China and South Asian countries, Li Jinzao, China's Vice Minister of Commerce, told reporters here today.
The value of trade between China and South Asian countries has increased from USD 5.7 billion in 2000 to USD 93 billion in 2012, or an average growth rate of 26 per cent annually. Trade with India alone amounted to over USD 66 billion last year, state-run news agency Xinhua quoted Li as saying.

China's imports from these countries increased by 23 per cent on an average annually over the same period, from USD 1.9 billion to USD 22.6 billion.
By the end of 2012, China's non-financial direct investment in South Asian countries reached nearly USD 4 billion, Li added.

The name of the expo has been changed from the South Asian Countries Commodities Fair, giving more countries the opportunity to be involved and increasing its size, he said.
According to the official, China is now a major trading partner and investor for South Asian nations, who are also important markets for engineering contract business and key investment destinations for China.

In addition to growing the volume of trade, China will also make efforts to achieve balanced trade, Li said
The 21st Kunming Import and Export Commodities Fair will be held simultaneously with the expo. Some 1,139 companies from 32 countries or regions have registered to participate in the two events, according to organisers.