CONTEMPORARY EURASIA VOLUME VI (1) Contemporary-Eurasia-VI-1-engl | Page 43

CONTEMPORARY EURASIA VI (1)
percent of its total: China’s focus was concentrated mainly on oil-
producing states. Thus, in accordance with the lack of China-GCC
substantial foreign exchange reserves it is becoming obvious that the
process of this improvement is necessary and vital for both sides. 10
The GCC states became a significant trading bloc. In 2012 they
showed a total trade of more than $1.4 trillion. In the same year their
GDP reached to $1.5 trillion, ranking 12 th globally. In 2012 the GCC
total exports reached $934 billion (the fourth in the world), and their
imports amounted to $484.2 billion (the ninth in the world). Since the
beginning of the 21 st century volume of total trade between China and
the GCC states increased in a rapid speed rising from $6 billion in
2002 to $92 billion in 2010. Moreover, according to McKinsey & Co.,
China-GCC trade volume could reach $350-550 billion by 2020. 11
By adopting ‘Look East’ policy the GCC states completely realized
the significance for developing good relations with China. Indeed, the
GCC states are expanding their economic cooperation with India as
well, hence in the Gulf region India is becoming keen competitor for
China. The statistic data clarifies the growing trend of China-GCC
trade relations (see table 1) 12 .
There are both similarities and differences in trade between China
and individual GCC states, so we need to analyze China’s trade
volume along with its import-export policy in an individual category.
Beijing’s leading trade partner continuously has been Saudi Arabia,
followed by the UAE, Qatar, Kuwait, Oman and Bahrain. UAE and
Bahrain had trade deficits, while other four states enjoyed multitude
trade surpluses (see table 2) 13 . Bahrain has little to export, and its
imports from China are also small in comparison with other member-
states. A distinctive feature is becoming noticeable while exploring
trade relations between China and UAE. Although the UAE’s oil and
gas exports to China are notable, however, significant size of its
Cheng J., China’s Relations, op. cit., p. 47.
Molavi A., The New Silk Road, 'Chindia' and the Geo-Economic Ties That
Bind the Middle East and Asia, China and the Persian Gulf, eds. Bryce Wakefield
and Susan L. Levenstein,Washington, DC: Woodrow Wilson International Center
for Scholars, 2011, p. 48.
12
See: Table 1, Source: Cheng J., China’s Relations, op. cit., p. 42.
13
See: Table 2, Cheng J., China’s Relations, op. cit., p. 44-45.
10
11
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