Source: Xinhuanet

China's efforts to narrow ties with Mongolia have been part of a larger effort in developing economic ties with other Asian countries in 2011. The nation is reportedly ready to strengthen cooperation with regional nations to achieve common development, Chinese Assistant Foreign Minister Liu Zhenmin said on Sunday. Liu said that China increased its trade volume between January and November in 2011 by 21 percent from the same period of the previous year.

“...China's trade deficit with Asian countries was around USD 95 billion,” said Liu. “China has remained the biggest exporter to Asian countries and the biggest trading partner with the Democratic People's Republic of Korea, Mongolia, Japan, the Republic of Korea, Vietnam, Malaysia and India, and improved its trading structure with its Asian partners.”

China plans to establish an economic and trade zone in each member nation of the Association of South East Asian Nations (ASEAN) to enhance cooperation with clustering investment, he added. He said ASEAN has become China's third largest trading partner in 2011; and China has signed agreements for bilateral currency swaps in Thailand, Pakistan, and Mongolia in 2011, each involving 70, 10 billion, and 5 billion respectively, he said.

Liu said China has vigorously carried out cooperation with Asian countries in technology, new energy resources, energy efficiency and environment protection. He also reported expanded assistance to other Asian nations, having provided emergency aid to Japan after the spring 2011 earthquake; assistance in Thailand and Cambodia after flooding; and humanitarian aid and technical training to other Asian countries for development, Liu said.

“Furthermore, China has committed to promoting infrastructure construction with Asian countries on road, railway, telecommunication and ports,” Liu said. “China has added USD 10 billion of loans [to 2009's] USD 15 billion loans from ASEAN, which will go to infrastructure projects and benefit all ASEAN countries.”