(Yicai Global) May 5 -- China will encourage firms from central and eastern European nations to take part in more trade fairs in the country, will strengthen e-commerce between the two regions and adopt other measures aimed at increasing imports from central and eastern Europe, the vice minister of commerce said today.

China’s Ministry of Commerce will use the upcoming China-CEEC Expo and International Consumer Goods Fair in Ningbo, southeastern Zhejiang province as a platform to strengthen trade between the two regions, Li Fei said at a press briefing.

The expo, which will run from May 16 to May 20, has attracted 380 corporate exhibitors from central and eastern European nations which are putting a wide range of commodities, ranging from smart manufacturing, daily necessities, fashion and agricultural products to tourism, on show.

And it will encourage companies from central and eastern European countries to take part in more exhibitions held in China, such as the China International Import Expo and China International Consumer Goods Expo, to introduce their products to the Chinese people.

The ministry will facilitate dialogues on e-commerce partnerships between China and central and eastern European countries as well, which will help firms from these nations export goods to China in a more convenient and efficient manner, Li said.

It will also assist Ningbo to build a demonstration zone and industrial park for economic and trade cooperation between China and central and eastern European countries. The zone will pilot customs-related trade security and facilitation of customs clearance, to attract more central and eastern European companies to invest in China. Both parties will also deepen their industrial integration in the automotive, digital, green and healthcare sectors.

Trade between China and central and eastern European countries has been increasing by an average of 8.1 percent a year since 2012, according to ministry statistics. And China’s imports from central and eastern European nations have been expanding by around 9.2 percent a year.

In the first quarter, the trade value between China and central and eastern European nations came to USD33.3 billion, a gain of 1.6 percent from a year earlier, indicating a steady upward trend. The two-way investment between China and central and eastern European countries has so far reached almost USD20 billion.

China’s direct investment in central and eastern European countries surged two-and-a-half-fold in the first three months from a year ago, indicating that Chinese firms are very willing to invest in that part of the world. Most of the investment was concentrated in the automotive parts, home appliances, healthcare, logistics, energy and minerals sectors.

Editor: Kim Taylor