China-SCO trade hits record $890 billion

The trade volume between China and the member states, observer states and dialogue partners of the Shanghai Cooperation Organization reached a record high of $890 billion in 2024.

The figure, representing 14.4 percent of the country's total exports, was disclosed during a conference on industrial cooperation for sustainable development among SCO members in Tianjin on Thursday.

The conference marked the inaugural gathering in a series of events leading up to the SCO summit in the city this autumn.

At the event, Tianjin companies signed contracts totaling 4.8 billion yuan ($655.5 million) with companies from eight SCO members, including United Arab Emirates, Egypt and Uzbekistan.

Numerous prominent SCO companies and organizations expressed eagerness to collaborate with Chinese firms and highlighted the promising future of their joint projects in China.

Asset Magauov, vice-president of KazMunayGas, said: "The company is strengthening partnerships with several Chinese companies, including Sinope and CITIC, with a focus on advancing regional sustainable development."

"The industrial park provides a top-tier business environment for Chinese companies and has seen significant success in collaboration with Chinese firms," stated Kirill Koroteev, the first deputy general manager of China-Belarus Industrial Park Development Company.