What Drives the Growing Interest in CEEC Brands on the Chinese Market?
Chinese cooperation with Central and Eastern European countries has become closer in multiple areas, including trade and investment, thanks to the promotion of China-Europe freight trains and project agreements.
Data from the Ministry of Commerce shows that China’s total trade volume with 17 CEECs reached over 103 billion U.S. dollars in 2020, crossing the 100-billion-dollar mark for the first time. This marked a year-on-year increase of eight percent, higher than the growth rate of China’s foreign trade and its trade with Europe as a whole.
The number of China-Europe freight trains stood at 12,400 in 2020, with key destinations including Poland, Hungary, and the Czech Republic.
For more on this topic Guo Yan invited Adjunct Professor Ivo Ganchev of Beijing Union University to join her on The Beijing Hour. You can listen to the full episode of the show from Feb 10, 2021 on the China Plus website, skip to the interview excerpt which begins at 10:20, or read a full transcript of the excerpt below.
Guo Yan: What’s your take on the growing interest in various brands from Central and Eastern Europe on the Chinese market?
Ivo Ganchev: This is a fantastic and very much welcome trend.
You have to keep in mind that economies in Central and Eastern Europe are smaller than those in Western Europe, and for them raise brand awareness in China requires working with local partners, whose efforts should be acknowledged.
Whether we’re talking about the large-scale digital retailers, or smaller partners, these Chinese companies are essential in establishing inter-cultural communication between CEE companies and the Chinese consumer.
There are a lot of high-quality and high-value authentic products from the region, including, for example, cosmetics and wine and honey.
But the brands behind these products, more importantly, have excellent stories that need to be told – because they don’t simply lead to an increase in trade and economic growth, but also raise awareness among the Chinese public about the beauty, attraction and history of Central and Eastern Europe.
Shane Bigham: That was Professor Ivo Ganchev of Beijing Union University, sharing his insights into the booming trade ties between China and the Central and Eastern European countries.