China's ASEAN trade soars 41 percent in 1995

China's ASEAN trade soars 41 percent in 1995

BEIJING (AFP): Trade volume between China and the seven ASEAN nations soared 41 percent in 1995 and the "strong momentum" is expected to continue this year, Xinhua quoted an official as saying yesterday.

Volume last year hit US$19.48 billion, Ministry of Foreign Trade and Economic Cooperation (MOFTEC) official Xie Ruixia said, noting that the rate of increase over 1994 was double that of China's overall trade.

Xinhua said imports and exports were balanced.

"Economic and trade cooperation between China and the Association of Southeast Asian Nations (ASEAN) will maintain its strong momentum this year," said Xie, pointing to the favorable environment created by regional political stability and improving investment policies.

ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and, since 1995, Vietnam.

Xie, who heads MOFTEC's Asian Affairs Department, said that in addition to rapid increases in volume, China's export mix to ASEAN nations had also improved last year, with the focus shifting from traditional textiles and light industrial goods to steel, mechanical and electronics items.

Primary products such as crude oil, grains, sugar and plywood accounted for most of China's imports from the region, she said.

China has in recent years actively promoted cooperation with ASEAN, which, until Vietnam's addition, was composed solely of non-communist states.

Beijing in 1991 became a "dialogue partner" of the regional grouping, which was set up in 1967.