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China's direct investment hits $2.57 bln to ASEAN countries last year

Source:   Time:

HEFEI, March 2 (Xinhua) -- China's direct investment to Association of South East Asian Nations (ASEAN) countries stood around 2.57 billion U.S. dollars since the China-ASEAN Free Trade Area came into force one year ago, said an official with China's Ministry of Commerce (MOC) here on Wednesday.

Over the past year, tariffs on trade between China and ASEAN countries have been sharply reduced. Now 90 percent of goods traded between both sides enjoy zero duties, said Sun Yuanjiang, deputy director from the MOC's international trade and economic affairs department.

In 2010, direct investment from ASEAN countries to China reached 6.32 billion U.S. dollars, an increase of 35.2 percent.

In 2010, trade volume between China and ASEAN countries reached 292.8 billion U.S dollars, an increase of 37.5 percent year on year. China has become the biggest trade partner and the first export destination for ASEAN countries.

ASEAN countries have also become a major source of investment for China, said Sun at an international East Asia free trade area seminar held in Maanshan, east China's Anhui Province.

"The implementation of China- ASEAN free trade area agreement has played an active role in pushing forward the integration of regional economy of East Asia," said Sun.

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