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Thailand is looking to China to boost its ailing1 economy and to draw in Chinese investments, as other sources of foreign funds dwindle2. The effort to build China's business profile in Thailand came during Prime Minister Abhisit Vejjajiva's official visit to China.
Thai Prime Minister Abhisit Vejjajiva speaks during a press conference at a hotel in Beijing, China, 26 Jun 2009
Prime Minister Abhisit, leading a delegation3 of more than 100 officials and business people to China, announced business deals worth more than $1 billion. The agreements aim to increase Thai exports industries and to attract Chinese investors4.
Mr. Abhisit also held talks with Chinese Premier5 Wen Jiabao in Beijing during his four-day visit, which ends Saturday.
The agreements involve exports of Thai rice, rubber, tapioca, fruits and jewelry6. They are part of Thai Commerce Ministry7 efforts to expand business networks between the two countries, to counter the pain caused by the global economic slowdown.
Somphob Manarangsan, director of the Chinese Studies Center at Thailand's Chulalongkorn University, says both countries want to boost trade and investment.
"There are quite some prospects8 for the expansion of economic activity between Thailand and China," said Somphob. "Now the foreign trade of the two countries is just about $37 billion - the two way trade. So I think they try to expand the figure to achieve the $50 billion in the next few years."
Somphob says exports still account for over 60 percent of Thailand's total output. Thai trade with China fell 25 percent to just over $11 billion in the first five months of this year, but Somphob expects the rate of decline to improve in the coming months.
The Thai government recently set out a national investment plan worth more than $40 billion as part of efforts to revive the flagging economy.
The plan includes infrastructure9 projects, such as an expansion of the rail network. During his visit, Mr. Abhisit met with the chairman of the China Railway Engineering Corporation.
Somphob says many countries like Thailand hope to benefit as Chinese businesses seek investments abroad.
"From now on I think China will seem to boost outward foreign investment particularly in the field of direct investment," he said. "As you know that China has huge amounts of foreign reserves - so they need to go out to particularly to the developing economies."
Thailand also hopes to lure10 back Chinese tourists, many of whom postponed11 visits over the past year because of the country's recent political uncertainties12.
1 ailing | |
v.生病 | |
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2 dwindle | |
v.逐渐变小(或减少) | |
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3 delegation | |
n.代表团;派遣 | |
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4 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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5 premier | |
adj.首要的;n.总理,首相 | |
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6 jewelry | |
n.(jewllery)(总称)珠宝 | |
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7 ministry | |
n.(政府的)部;牧师 | |
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8 prospects | |
n.希望,前途(恒为复数) | |
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9 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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10 lure | |
n.吸引人的东西,诱惑物;vt.引诱,吸引 | |
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11 postponed | |
vt.& vi.延期,缓办,(使)延迟vt.把…放在次要地位;[语]把…放在后面(或句尾)vi.(疟疾等)延缓发作(或复发) | |
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12 uncertainties | |
无把握( uncertainty的名词复数 ); 不确定; 变化不定; 无把握、不确定的事物 | |
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