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China looking for new markets in eastern Europe

November 26. 2013 4:37AM
Associated Press

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(AP) Chinese Prime Minister Li Keqiang says Chinese investment in infrastructure construction, renewable energy and agriculture in eastern Europe will bring greater prosperity and jobs in the region.

Li said China's economic interest in eastern and central Europe would bring "massive investments and will lead to a growth in trade."

He spoke at the opening of a meeting with leaders from 16 central and eastern European nations. Three hundred Chinese business people accompanied Li for the meeting.

Analysts say that faced with rising labor costs and a strengthening currency at home China is attracted to eastern Europe due to its lower labor costs and looser restrictions on business, and see the region as a gateway to the EU.

Bilateral commerce between China and Romania this year amounted to $3.27 billion.

Associated Press

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