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China-Mongolia ties reportedly enjoy prosperous times
Central Asia | analysis | 15:36, 30 October 2015 | 3087

AKIPRESS.COM - china mongolia The first China-Mongolia Expo has been held in Hohhot, north China's Inner Mongolia Autonomous Region from October 23 to 27 with an attendance of 8,000 delegates from China, Mongolia, Russia and Malaysia. The Expo will serve as an important platform to improve economic cooperation and cultural exchange between China and Mongolia, CCTV reported.

Mongolia is a special neighboring country to the north of China. It used to belong to China, and later Ulaanbaatar established diplomatic ties with Beijing in 1949. Bilateral relations were further normalized in 1989. The recent years have witnessed deepening political mutual trust, closer trade and economic cooperation as well as people-to-people exchanges between the two countries.

China-Mongolia ties have been lifted to a comprehensive strategic partnership in 2011. In August 2014, Chinese President Xi Jinping paid a state visit to the nation.

China has long been Mongolia's largest trade partner and foreign investment source. In 2013, bilateral trade volume reached 5.96 billion U.S. dollars, accounting for more than half of Mongolia’s total foreign trade volume.

Until the end of 2013, China's accumulated investment in Mongolia stood at 2.56 billion U.S. dollars.

Mongolia is an inland country with a small population, vast land and rich in natural resources. As the second largest economic entity in the world, China remains in the industrialization and urbanization stage.

Sharing complementary economic structures, Beijing and Ulaanbaatar are considering to open a free trade zone.

The China-Mongolia Expo can serve as a platform to improve economic cooperation and cultural exchanges.

The Expo could boost cooperation among northeast Asian nations at large as well.

Adjoining Russia and China, Mongolia holds an important geo-strategy value due to its lucrative exploration of copper, gold mines, coal and uranium mines.

Additionally, Mongolia plays an important role in China’s Silk Road strategy.

When China and the former Soviet Union confronted each other, Mongolia was controlled by the Soviet Union and allowed nearly 150 thousands Soviet Union army troops to station near the China-Mongolia border.

Yet currently, Ulaanbaatar has refrained from engaging in unnecessary international disputes. Mongolians encourage more cooperation with China to develop their economy.

Mongolian President Tsakhia Elbegdorj proposed for his nation to become a permanent neutralized state on September 7, 2015. In a speech at the United Nations on September 29, he emphasized that Mongolia's permanent neutrality can promote the peace, security and prosperity of the world and asked for international support.

A good neighbor is better than a brother far away. Beijing endorses a neutral, prosperous and stable Mongolia.

Due to joint efforts on both sides, the cooperation in terms of politics, trade, culture, education, military and humanity between both nations are enjoying prosperous times.

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