China-Pacific Island Countries Trade and Economic Relations
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China is far away from Pacific Island countries geographically, but has a long history to communicate with Pacific Island countries. Chinese government highly stressed the relationship with Pacific Island countries and enhanced bilateral and multi-lateral exchanges with Pacific Island countries, from which the two sides obtained progress in mutually beneficial cooperation. According to statistics from China's Customs, bilateral trade between China and Pacific Island countries in 2005 amounted to US$838 million, up by 58% on a year-on-year basis. Chinese export to Pacific Island countries reached US$424 million and import US$414 million, up by 93% and 34% respectively. Now, Papua New Guinea is the biggest trading partner of China among Pacific Island countries, and Marshall Islands, Solomon Islands and Fiji are the important export markets for China. Chinese main import sources are Papua New Guinea and Solomon. In recent years, China mainly imported fishery and forestry products from Pacific Island countries. Papua New Guinea and Solomon are rich in mineral resources and have huge potential of export. On the other hand, China mainly exported light industrial products, home appliance and textile products to Pacific Island countries. Because of the high quality and low price, Made-in-China airplanes and ships adapted to the market of countries in the Pacific Islands and were successfully exported to the region. Besides bilateral trade, mutually-beneficial economic cooperation is the important part of China-Pacific Island Countries Trade and Economic Relations. Chinese government invested to establish a batch of projects in Pacific Islands and strengthened the support to agricultural development and training of human resources in the region. The above-said cooperation played active roles in social and economic development of Pacific Island countries. Chinese government has all long been actively encouraged domestic enterprises to “Go Out” to seek for superior and key projects to launch cooperation considering economic characters of Pacific Island countries. The projects should increase the added value of local products, provide employment opportunities and promote local economic development, and meanwhile, we should protect the environment when launching the projects. By the end of 2005, approved by the Ministry of Commerce, China totally invested 70 enterprises in Pacific Island countries with agreed investment of US$110 million |
