I. Current Economic Status in Thailand
Since the 2nd half of 1999, Thailand's economy started to show a sign of recovery, indicated numbers;include annual economic growth rate 4.2%, inflation rate 0.3%,The exchange rate that Thailand currency against US dollar is sustained around 1:37. Foreign exchange reserve is 34.8 billion USD at the end of the year. Total foreign debt volume 79.8 billion USD.
Total export and import volume of Thailand in the current year is 108.4 billion USD, up 11.8% from the last year. of which, export accounts for 58.5 billion USD, up 7.3%, import 49.9 billion USD, up 17.6%.
II. Bilateral Economic and Trade Relation Brief
1. Bilateral Trade
In the year 1999,Sino-Thailand bilateral trade volume rises to a new record of 4.22 billion USD, up 17.9% from last year. Chinese export is 1.44 billion USD, import 2.78 billion USD, up respectively 23.6% and 15.2% from last year. Since 1996, it has been four years that trade deficit on China. In China's trade partners list according to nations, Thailand ranks the 17th. Also it is the 4th biggest trading partner to China among Eastern Alliance nations.
2. Two-way investment
By the end of 1999, there have been 2751 Thailand investment projects that have been given green light to China, contract foreign investment volume reaching 4.805 billion USD, effective investment 1.787 billion USD. In the year 1999, approved Thailand invested projects in China adds up to 120, contract foreign investment volume 250 million USD, effective investment 146 million USD, down respectively 9.77% 8.8% and 28.25% from last year. Calculating by contract investment, Thailand ranks the 18th among nations and districts invested in China in the current year.
By the end of 1999, joint ventures and solely-invested enterprises in Thailand which have been approved by Chinese Foreign Economic and Trade Department reach 212, total investing amount 193 million USD, among which, Chinese investment 84.23 million USD. In the year 1999, there are 3 Chinese investment entering into Thailand, total investing amount 6.22 million USD, among which, Chinese investment accounts for 2.75 million USD.
III. Assistance to Thailand
In 1997, after the outburst of financial crisis in Thailand, China participated in the assistance provided under IMF projects, and offered additional 1 billion USD loan to Thailand for bilateral assistance.
IV. Contract Project and Labor Cooperation in Thailand
By the end of 1999, labor contracts Chines companies has signed in Thailand reach 1786, with contract value 1.851 billion USD, turnover 888 million USD.
In the year 1999, labor contracts Chines companies has newly signed in Thailand reach 156, up 2.63% from last year, contract valuing 310 million USD, up 10.34% from last year, turnover 125 million USD, down 8.65% from last year.