Yan Dong, vice minister of Commerce, said at a special press conference held by the Ministry of Commerce on July 30 that China and Mongolia are good neighbors connected by mountains and rivers. The two countries complement each others advantages in the fields of mineral energy, infrastructure, agriculture and animal husbandry, and have huge potential for cooperation. In the future, the Ministry of Commerce will further promote economic and trade cooperation between China and Mongolia from three aspects: strengthening policy communication, facilitating smooth cooperation, and enhancing people-to-people bonds.
Yan Dong said that in recent years, under the strategic guidance and promotion of the heads of state of China and Mongolia, the China-Mongolia comprehensive strategic partnership has developed steadily and healthily, political mutual trust has been continuously deepened, and economic and trade cooperation has achieved fruitful results, bringing tangible benefits to the people of both countries. Looking at trade, the scale of bilateral trade has been continuously expanding. According to Chinese statistics, the trade volume between China and Mongolia reached 18.62 billion US dollars in 2024, increasing by 10.1% year-on-year, setting a new historical record and exceeding the overall growth rate of Chinas foreign trade by 5 percentage points. China has long maintained Mongolias position as its largest trading partner, largest source of imports and largest export destination.
Looking at investment, Chinas investment in Mongolia has continued to grow. With the joint efforts of both sides, Chinas investment in Mongolia has been continuously expanding. It not only covers traditional fields such as mining, manufacturing, and livestock product processing, but also extends into emerging areas like the digital economy and green energy.
Looking at cooperation, economic and technological cooperation has been steadily advanced. Both sides have made positive progress in jointly promoting the upgrading of cross-border economic cooperation zones, cross-border railways and port infrastructure. Over the years, China has helped Mongolia build a number of infrastructure, productive and livelihood projects, trained more than 9,700 talents in various fields, and contributed to Mongolias economic and social development.
The current world economic landscape is undergoing profound adjustments, and international economic and trade rules are accelerating their reconstruction. The achievements made in China-Mongolia economic and trade cooperation are hard-won, fully demonstrating the strong resilience and potential of economic and trade cooperation between the two countries. Yan Dong said that in the next step, the Ministry of Commerce will further promote economic and trade cooperation between China and Mongolia from three aspects: First, enhance policy communication. Both sides should adhere to mutual benefit and win-win results, effectively leverage the role of mechanisms such as the China-Mongolia Joint Committee on Economy, Trade and Science and Technology, promote the alignment of development strategies between the two countries, and facilitate the implementation of major cooperation matters.
The second is to promote smooth cooperation. Encourage more Chinese enterprises to carry out trade and investment cooperation in Mongolia, promote the optimization of the bilateral trade structure, expand the fields of investment cooperation, advance infrastructure connectivity, and provide a fair, just and predictable business environment for enterprises of both countries.
The third is to promote people-to-people connectivity. Guided by the building of a China-Mongolia community with a shared future, we will continuously deepen friendly relations between the two countries, promote exchanges in the economic and trade fields, and advance the China-Mongolia comprehensive strategic partnership to a higher level, injecting more stability and certainty into the economic development of the region. (Source: International Business Daily）