Has China developed methods of trade systems, like e-commerce, that will enhance bilateral trade with GCC?
Ambassador Yang: The system of the Chinese market economy has been improved greatly with recognition of the full market economy status from 77 countries. Meanwhile, the trading system has also experienced rapid development with E-commerce and E-administration in particular. It has been widely used in the areas of custom, export-import and foreign trade management. It has created more trading opportunities, reduced the trading cost and promoted trading efficiency for enterprises both domestic and foreign. Therefore, the Chinese government now is exerting utmost efforts to promote the development of E-commerce and E-administration. GCC Business ＆ Commerce: What is the current volume of bilateral trade between GCC and China? Ambassador Yang: In 2007, the trade volume between China and GCC countries totaled as 58 billion US dollars, with imports of 30.3 billion and exports of 27.7 billion US dollars. It has witnessed a 71.6% increase from 33.8 billion US dollars (imports of 20 billion and
