Time to boost China-Romania economic ties
0 
China and Romania have a traditional friendship going back more than 60 years. They share a strategic aim to deepen economic and trade cooperation. Bilateral trade volume exceeded 3.2 billion U.S. dollars in 2008, a ten-fold growth since 2000.
Mechanical and electrical products and raw materials make up the bulk of China's imports from Romania. China exports mechanical and electrical and light-industrial goods to Romania. Both sides would like to boost the proportion of high-tech goods in bilateral trade.
Complicating factors are that there are no direct flights between China and Romania and neither country has a bank operating in the other.
Investment flows between the two countries remain quite small and the Chinese business community remains to be convinced about the investment environment in Romania.
But at the governmental level there is a clear determination to boost bilateral cooperation.
The Romania government has organized a number of trade missions to China and has been an enthusiastic participant in the 2010 Expo in Shanghai.
|
|
|
An artist's rendition of the Romania Pavilion |
The two countries should seize the opportunity to establish a long-standing, stable and comprehensive framework for cooperation. Entrepreneurs from both countries should be encouraged to strengthen cooperation so as to make products that meet market needs.
China's Vice President Xi Jinping said the two countries need to expand the scope of cooperation especially in the field of household electronic appliances, telecommunications, logistics, tourism and infrastructure.
A long-term trade imbalance cannot be the basis for a stable, mutual-beneficial trade relationship. Romania's economic and trading structure will improve gradually alongside their integration into the EU. China should carefully analyze these factors and adopt new strategies to develop sustainable economic and trade cooperation with Romania.
Dr. Jia Ruixia is a researcher with the Institute of European Studies, Chinese Academy of Social Sciences.
Go to Forum >>0 Comments