Business / Economy

China, southern neighbors seek trade balance

(Xinhua) Updated: 2014-06-09 10:36

KUNMING - For Sri Lanka links with China are becoming more important as China has taken significant role in South Asian region.

China now is the third largest source of tourists for Sri Lanka behind India and Britain. In addition to tourists, the island welcomes investors bringing funds and technology.

China, southern neighbors seek trade balance

China, southern neighbors seek trade balance
 Sri Lanka to intensify tourism promotion in China

Trade volume between China and South Asian countries increased from $35 billion in 2006 to about $100 billion in 2013, but the fast growth features a rising trade imbalance with China exporting more commodities.

At the ongoing second China-South Asia Expo, which kicked off Friday in Kunming, capital city of Southwest China's Yunnan province, officials and businessmen from China and South Asian countries have pledged to expand investment, upgrade exports and domestic industries to seek import and export balance.

Trade between Sri Lanka and China reached more than $3.6 billion in 2013, with Sri Lanka exports to China accounting for only about $100 million, said Sri Lanka's Industry and Commerce Minister Rishad Bathiudeen at the expo on Saturday.

After deepening understanding of Chinese market, Sri Lanka hopes to enhance cooperation with the world's second largest economy in industries including rubber, mineral and fish, and bring in more investment to narrow the deficit, he said.

Fazal ur Rahman, executive director of the Pakistan Council on China, pointed out China has played an important role in helping South Asian countries weathering financial crisis, and brought historical opportunities for the region's economic progress.

Since ancient times, China and South Asian nations are neighbors boasting large population and sharing huge markets.

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