China and Myanmar have complementary advantages, close economic and trade relations, advancing connectivity, and promising prospects for practical cooperation. China is Myanmar's largest trading partner, export market and source of imports, and is also one of Myanmar's most important sources of investment. According to Myanmar statistics, in the 2018/2019 fiscal year, the total trade volume between China and Myanmar was US$11.36 billion, accounting for approximately 32.5% of Myanmar’s total trade volume. As of December 2019, the Myanmar Investment and Company Administration has approved a total of US$20.935 billion in investment from mainland China in Myanmar, accounting for 25.21% of Myanmar’s total approved foreign investment. According to statistics from the General Administration of Customs, in 2019, the trade volume between China and Myanmar was US$18.7 billion, a year-on-year increase of 22.8%. Among them, China's exports to Myanmar were US$12.31 billion and imports from Myanmar were US$6.39 billion, a year-on-year increase of 16.7% and 36.4% respectively. According to preliminary statistics, Chinese-funded enterprises have opened more than 400 textile and garment factories and upstream and downstream enterprises in Myanmar, creating nearly 400,000 local jobs in Myanmar.
Myanmar was one of the first countries to respond to the “Belt and Road” initiative. State Counselor Aung San Suu Kyi took the lead in establishing the Myanmar “Belt and Road” Initiative Implementation Leadership Committee in 2018 and served as its chairperson. Since then, the leaders of the two countries have reached a consensus on jointly building the China-Myanmar Economic Corridor, which starts from Yunnan, China, in the north and extends through the China-Myanmar border to Yangon and Kyaukpyu respectively. The two governments focused on 12 key areas such as production capacity and investment, transportation, energy, and agriculture, and established special working groups to further strengthen exchanges and mutual learning of development concepts and development experiences.
At the second "Belt and Road" International Cooperation Summit Forum held in April 2019, the two sides signed a list of early harvest projects for the China-Myanmar Economic Corridor, covering the China-Myanmar Border Economic Cooperation Zone, China-Myanmar 500kV power grid interconnection, and Muse- Projects such as the Mandalay Railway, Kyaukphyu-Naypyitaw Highway and Kyaukpyu Deep-Sea Port have laid a solid foundation for the deepening and solid construction of the China-Myanmar Economic Corridor.
At the beginning of 2020, Chinese President Xi Jinping visited Myanmar. The leaders of the two countries witnessed the signing and exchange of the China-Myanmar Economic Corridor including the Inspection and Quarantine Protocol for the export of Myanmar rice, beef cattle and other agricultural products to China, the Implementation Agreement of Development Assistance Projects to Myanmar, and the Kyaukpyu Deep-Sea Port. projects and dozens of cooperation documents.
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