A Luxembourg trade delegation will be visiting China from 16 to 20 December 2013.
Since China joined the World Trade Organisation (WTO) in December 2001, its economy has surged, with major drivers being fixed asset investment, sale of consumer goods and the output from foreign-invested companies. China is also Luxembourg’s largest trading partner in Asia.
Luxembourg’s profile in China rose significantly due to its presence at the World Expo in Shanghai in 2010 where the Luxembourg Pavilion was a centre of attraction, with over 7 million visitors recorded, due in part to the draw of the Gëlle Fra (Golden Lady) statue. In addition, Luxembourg’s Hereditary Grand Duke Guillaume and Hereditary Grand Duchess Stéphanie visited China in their first official visit after their wedding in October. Together with the presence of the Luxembourg trade delegation, led by Minister of the Economy and Foreign Trade, Etienne Schneider, the visit equally marked the 40th anniversary of diplomatic relations between Luxembourg and China.
Trade between the two countries currently includes steel, mechanical and electrical products from Luxembourg to China, and textiles, plastic products and toys from China to Luxembourg. In the past couple of years Chinese banks have started to set up operations in Luxembourg, with the Bank of China and the Industrial and Commercial Bank of China both establishing here.
China’s main exports (by value) are technology products (computers and office machine parts, mobile phones, television and radio parts), puzzles and toys, handbags and travel goods, garments, arcade games and furniture. Meanwhile, its top imports include technology products, crude oil and oil products, aircraft, motor vehicle parts and iron ore.
Luxembourg has a Trade and Investment Office and a Consulate General in Shanghai, as well as an embassy in Beijing.