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Trade strong between Ningbo, CEE countries

China Daily | Updated: 2015-11-23 08:19

Ningbo, a coastal city in Zhejiang province, has established a strong foundation to support trading between Central and Eastern European countries.

Ningbo's import and export volume reached $104.7 billion this year. Its trading volume with CEE countries is $2.45 billion, accounting for one-twentieth of the total such volume in China.

Currently, CEE countries' total investment in Ningbo is $65.8 million and Ningbo's total investment in CEE countries is $14.33 million.

The China-CEEC Products Trading Pavilion Project and China-CEEC Guest House Project were both launched this year. The projects will serve as trading platforms between China and CEE countries, according to authorities.

Ningbo has established several communication platforms to promote cooperation between China and CEE countries, including the China-CEE (Ningbo) Trading and Logistic Park and China-CEE (Ningbo) Industrial Park. It has a strong exhibition organizing team with an abundance of expo experience.

The Ningbo government plans to use 85 million yuan ($13.3 million) annually to increase investment, trading, cultural exchanges and tourism between China and CEE countries from 2015. The authorities will seek ways to loosen restrictions on goods imported from CEE countries.

Ningbo authorities also plan to encourage companies to conduct overseas acquisitions and will provide cross-border loans to encourage more Chinese companies to seize opportunities overseas.

Policymakers said they would promote cooperation in trading, financing and cultural communication to establish a multilateral mechanism.

Ningbo's port plays a key role in strengthening trade ties between China and CEE countries. The Ningbo-Zhoushan Port connects China with more than 100 countries and regions. It has routes to more than 600 ports globally.

The Yiwu-Madrid railway line was launched in 2014. Ningbo and Yiwu will serve trading and logistic industries in China and CEE countries by ocean and rail. A railway line connecting Ningbo and Yiwu is being constructed to better connect traders from around the globe.

Ningbo has strived to promote high-level communications between China and CEE countries in the past few years.

The city hosted the China-CEEC Ministerial Meeting on Promoting Trade and Economic Cooperation in 2014.

The first China-CEEC Trade and Investment Expo was held in Ningbo in June 2015. The event attracted nearly 50,000 officials, exhibitors, experts and scholars from 93 countries and regions. A total of 185 agreements were signed at the expo.

China Daily

(China Daily 11/23/2015 page10)

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