Mongolia aims to boost ties with China
On his first official 4-day visit to China since assuming office last year, Mongolian Prime Minister Khurelsukh Ukhnaa hopes to develop bilateral ties and cooperation.
Mongolia aims to boost ties with China. On his first official 4-day visit to China since assuming office last year, Mongolian Prime Minister Khurelsukh Ukhnaa hopes to develop bilateral ties and cooperation, saying it is a priority in Mongolia’s foreign policy. The prime minister said the Mongolia-China comprehensive strategic partnership needs to be taken forward by respecting each other's core interests and strengthening political mutual trust. During the visit, the two sides are expected to sign cooperation agreements in areas such as investment and industry. Mongolia is aiming to raise the trade turnover and diversify exports. China is Mongolia's largest trade partner and a major foreign investor. Bilateral trade grew 36 percent to reach US$6.7 billion in 2017, accounting for 63 percent of Mongolia's total trade. The two sides have upped the ante, raising the target to US$10 billion by 2020. Mongolia is implementing major projects with Chinese soft loans and non-refundable assistance, covering infrastructure development, trade, energy, environment and education. Mongolia will explore ways to integrate its development policies into China's development policies. One way is to dock its Prairie Road development plan, a trans-border transportation project, with the Belt and Road Initiative. The two governments have signed a memorandum on initiative coordination and are discussing a joint plan to implement the memorandum. Proposed by China in 2013, the initiative aims to achieve policy, infrastructure, trade, financial and people-to-people connectivity along and beyond the ancient Silk Road trade routes, thus building a new platform for international cooperation to create new drivers of growth.
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