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China-Brunei cooperation is everlasting and unchanging

Post Time:2022-11-10 15:05:22

 The friendship between China and Brunei everlasting and unchanging

Nowadays, with the rapid development of China-Brunei relations, the deepening of political mutual trust, and the highlights of economic and trade cooperation, China has become Brunei's second largest trading partner and the largest source of foreign investment.

From January to September 2022, China's trade with Brunei reached US$2.26 billion, an increase of 8.4% year-on-year. Among them, China's exports to Brunei reached 560 million US dollars, a year-on-year increase of 21.4%; China's imports from Brunei reached US$1.7 billion, up 4.7% year-on-year.

As of 2021, Chinese-funded enterprises have signed a total of US$3.63 billion in project contracts and completed turnover of US$4.26 billion. In 2021, Chinese-funded enterprises signed new project contracts in Wen with a total amount of US$52.51 million, a year-on-year increase of 73.4%.

From January to July 2022, Brunei's total trade volume was 19.05 billion BND, a year-on-year increase of 49.8%. Among them, the export value was 11.46 billion BND, a year-on-year increase of 53.8%, and the import value was 7.59 billion BND, a year-on-year increase of 44.1%. The top three trading partners are Malaysia, China and Australia.

The Central Bank of Brunei released a Business Survey Index(BSI) of 50.4 for July 2022, of which the investment sub-index was 50.5, the employment sub-index was 50.2, and the cost sub-index was 50.3. In terms of industrial sectors, 6 of the 11 industrial sectors expressed optimism, with the largest growth in transport and communications, finance and insurance. If the BSI value is above 50, it can be interpreted as an expansion or optimism from the previous month, equal to 50 indicates no change, and below 50 indicates contraction or no optimism.

At present, the Brunei government is promoting economic diversification, creating a friendlier and more convenient business environment, and strengthening investor confidence.

In recent years, Chinese companies have been the main force among Brunei's foreign investors. Hengyi, China State Construction, China Harbor, China Hydropower, China Railway Construction, Huawei, Bank of China (Hong Kong) Co., Ltd. and more than 30 strong Chinese enterprises have landed in Brunei, involving petrochemical, finance, infrastructure construction, telecommunications, manufacturing and other fields, these investments have created employment opportunities for Brunei, boosted GDP, and become an important driving force for Brunei's economic development.

Xu Ningning, Executive President of the China-ASEAN Business Council and Chairman of the RCEP Industry Cooperation Committee, recently said that Chinese and Brunei have broad space, great potential and good prospects for cooperation. He suggested that the two sides should strengthen the coordination of development strategies, implement innovative and pragmatic cooperation, precise cooperation, and overall supporting cooperation, further strengthen bilateral cooperation in infrastructure construction, digital economy and smart city construction, industry, green economy, marine economy and other fields, cooperate in building the Guangxi-Brunei Economic Corridor, deepen the joint construction of Belt and Road, and jointly promote the upgrading of the China-ASEAN Free Trade Area, China-ASEAN Eastern Economic Growth Area cooperation, and RCEP regional economic integration. Actively implement cooperation in education, culture, youth and other fields, and lay a favorable foundation for the sustainable development of bilateral relations.


History of Friendship



In 2004, Xu Ningning, Executive Chairman of the China-ASEAN Business Council, met with the then Brunei Ambassador to China at the Embassy of Brunei Darussalam in Beijing to discuss jointly promoting the development of economic and trade cooperation between China and Brunei.



In 2009, Xu Ningning was invited to attend the Brunei National Day reception. Mr.Xu and then Brunei's ambassador to China.



In Bandar Seri Begawan 2018, Xu Ningning talked with the former Brunei ambassador to China about the development of Chinese cooperation under the construction of the Belt and Road.



In Beijing 2019, at the Embassy of Brunei in China, Xu Ningning met with Brunei's ambassador to China to talk about Chinese economic and trade cooperation.



In 2020, Xu Ningning and Brunei's ambassador to China.



In 2020, Xu Ningning met with Brunei's ambassador to China to talk about promoting economic and trade cooperation between the two countries in the fight against the epidemic.


In 2021, Xu Ningning had talks with Brunei's ambassador to China and his wife about economic and trade cooperation between China and Brunei with after RCEP came into effect. 

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