This year's expo runs from Sept 1 to 5 in Changchun, the capital of Jilin province in Northeast China.

 

The expo will "have important implications for the countries in the region to introduce their own policies and practices, exchange information and inform the direction of future cooperation", said Zanimah Saulu, Mongolian vice-minister of food agriculture and light industry, at the opening ceremony.

 

Northeast Asia consists of China, Russia, Mongolia, the Democratic People's Republic of Korea, the Republic of Korea and Japan, a market with a population of 1.7 billion and over 20 percent of the world's GDP.

 

The region boasts favorable transport conditions, covering a vast area with rich human resources, fossil fuels, and forest and marine resources.

 

A senior Chinese official said: "Although China has run a trade deficit with several countries in the region, we do not engage in trade protection and we are willing to further expand our imports from these economies to meet diversified needs."

 

China is also ready to sign high-standard trade agreements with all parties, said the official, when delivering his speech at the opening ceremony.

 

All parties in this region should explore opportunities for collaboration in sectors such as the internet, high-end and intelligent manufacturing, and modern services, said Qian Keming, vice-minister of commerce.

 

Thanks to its unique geographical location and market potential, Northeast Asia is considered one of the most attractive areas for linking states around the world and strengthening their cooperation and investments, according to Ku Ponthae, vice-foreign economic minister of the DPRK.

 

In 2016, the trade volume between China and the other five countries of Northeast Asia amounted to $605.9 billion, accounting for 16.4 percent of China's overall foreign trade, according to data from the Ministry of Commerce.

 

In the same year, these five countries' combined investment in China reached about $7.85 billion, with China's total investment in the above countries also maintaining growth.

Kang Sung-cheon, deputy minister of the ROK's Ministry of Trade, Industry and Energy, said, "Northeast Asian countries will diversify their trade and will also boost trade in services in the interests of mutual benefits." The Chinese government has recently announced moves to encourage foreign investment, reduce investment restraints and streamline investment procedures.

 

It is hoped that all countries will make efforts to further promote their investments, Kang said.

 

"A free trade agreement is a good idea. It can significantly reduce tariffs, promote free trade and stabilize investment trends."