Kazakh-Chinese relations represent a model of effective partnership, within which Kazakhstan has become China’s main trade and economic partner in Central Asia, President of Kazakhstan Kassym-Jomart Tokayev said at the Boao Forum for Asia Annual Conference in Hainan.
President Tokayev said last year trade turnover between the two countries reached record $41 billion. In 2023, the volume of cargo transportation between the states increased by 22%, amounting to almost 30 million tons.
Tokayev recalled that the Belt and Road Project was first presented during visit of Chinese President Xi Jinping to Kazakhstan more than ten years ago.
“This project serves as a key bridge between East and West, and 80% of all land transport between China and Europe runs through Kazakhstan. This is the most important advantage that we must use to the fullest,” President Tokayev said.
He added that Kazakh investments are strategically linked to the Belt and Road Initiative and are aimed at creating a modern multimodal, environmentally friendly and sustainable infrastructure.
The head of state also noted that global GDP growth rates will be the lowest in the last 30 years. However, in 2024, Asia will account for 60% of global GDP growth.
“The continent accounts for 53% of global trade and is home to some of the world’s largest and most dynamic economies. Foreign direct investment in Asia has increased significantly in recent years. This region is also home to the world’s leading technology centers, accounting for 70% of patent developments. The continent has significant human resources, with 21 of the world’s 30 largest cities located in Asia. Of the expected $30 trillion in growth in middle class consumption by 2030, only $1 trillion is expected to come from Western economies. Taken together, all these factors point to the so-called Asian Renaissance,” President Tokayev said.