China has become the largest trading partner of Pakistan. Other than Pakistan, it is the biggest trading partner of 15 Asian nations. China has improved its trade and economic cooperation with its neighboring countries. This trade integration will be preserved and strengthened in upcoming years.
MOFCOM data reveals that trade reached $1.17 trillion between China and 25 Asian nations in the previous 11 months of 2017. In China’s top ten trading partners Japan, South Korea, Vietnam, Malaysia and Pakistan are included.
Almost $10.77 billion worth of investment went to China from 25 Asian nations. China also invested almost the same amount in Asian countries. $10.67 billion was invested by China in the Asian nations.
As compared to other Asian countries Singapore, South Korea, and Japan invested the most in China.
China’s main overseas engineering contract markets are Pakistan, Malaysia, Indonesia, Bangladesh, and Laos. Engineering contracts worth $83.84 billion were signed by China with Asian countries. The turned over in 2017 was more than $44.79 billion
Chen Fengying, a researcher at the China Institutes of Contemporary International Relations (CICIR) said that China’s clear and direct route to the global business environment is its neighboring nations. Strengthened economic and trade integration with its neighbors will be beneficial for China’s growth and position in the world. It is a mutually beneficial investment. Not just China, the neighboring nations will also prosper and develop due to China’s continuous support, financially and strategically.
For Pakistan, clearly, China is the biggest trading partner. If we talk about China and Pakistan, and their relations the first thing that comes to mind is CPEC, the game changer for both the countries. The project is bringing development and growth in the country. From better roads to better employment opportunities, CPEC has opened doors for Pakistan in all directions.