China-Kazakhstan economic ties expected to see rapid development

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A large wind turbine blade is hoisted at the port of Baketu in the Xinjiang Uyghur Autonomous Region on March 28. An increasing number of large wind turbine equipment is exported from Baketu Port to Kazakhstan. [Photo/Xinhua]

China-Kazakhstan trade cooperation is expected to grow rapidly in the coming years as the two countries actively promote regional connectivity, foreign trade growth and energy-related projects to further strengthen their trade ties, said experts and government officials.

They said the two nations, which are celebrating the 30th anniversary of the establishment of diplomatic ties, have helped ensure the stability of production cooperation in the Eurasian region and the smooth operation of the China-Europe freight rail service, while by effectively addressing global energy security challenges.

With improved connectivity projects such as the Trans-Caspian International Transport Road and new rail express services, the two countries are expected to further enhance the synergy of their development strategies and expand new areas of cooperation, especially in the areas of 5G, big data, digital. finance, cross-border e-commerce and green energy, said Zhou Lei, a researcher specializing in regional economic development at Beijing University of International Business and Economics.

“Improving rail and road transport networks between China and Kazakhstan will bring a win-win situation as China has a huge demand for imports from this Central Asian country. This will boost the labor market and industrial modernization in Kazakhstan,” said Tian Dewen, Vice President. director of the Institute of Russian, Eastern European and Central Asian Studies at the Chinese Academy of Social Sciences in Beijing.

China’s trade with Kazakhstan has increased nearly 70 times between 1992 and 2021, with the value of exports and imports rising from $368 million in 1992 to $25.25 billion last year, according to the General Customs Administration.

Thanks to their complementary trade structures, the two countries saw their bilateral trade soar 19.3% year-on-year to $17.69 billion in the first seven months of this year, while Chinese imports from the Kazakhstan jumped 38.5% year-on-year.

Crude oil, natural gas, mineral and agricultural products are Kazakhstan’s main shipments to China, which mainly exports manufacturing equipment, steel, vehicles, electronics, textiles, clothing and accessories. household appliances to Kazakhstan.

China and Kazakhstan, which were among the first countries to jointly pursue cooperation under the Belt and Road Initiative, have implemented a series of strategically important projects, bringing benefits to their peoples and setting a compelling example for the international community, Sultan Kinzhakulov said. , commercial counselor at the Embassy of Kazakhstan in Beijing, said at a recent forum.

For example, China International Water and Electric Corp, a subsidiary of state-owned China Three Gorges Corp, delivered the Turguson hydropower plant construction project to its client in Kazakhstan last August.

Located on the Turguson River, the station has a total installed capacity of 24.9 megawatts. It is the country’s first cascade power station and the first project related to China-Kazakhstan hydropower cooperation under the BRI, according to the company.

BloombergNEF analyst Li Ziyue noted that Kazakhstan, as China’s third-largest pipeline gas supplier – after Turkmenistan and Russia – plays a key role in domestic gas supply, especially since liquefied natural gas prices have reached record highs this year.

Besides strengthening infrastructure and energy cooperation with China, Kazakhstan introduced a visa-free entry policy for Chinese citizens in July. This allows them a continuous visa-free stay in the country for up to 14 days for business and travel purposes, as the Central Asian nation hopes to further promote direct business contacts and better utilize its potential for international tourist visits. .

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