A China-Europe freight train is pictured at Xi'an International Port in Xi'an, northwest China's Shaanxi Province, March 23, 2023. /Xinhua

Trade and economic relations between China and Central and Eastern Europe have flourished over the past decade despite recent challenges such as the COVID-19 pandemic and a slowing world economy.

Up to now, the scale of two-way investment between China and Central and Eastern European Countries (CEECs) has reached about $20 billion, Vice Minister of Commerce Li Fei said on Friday.

Li made the remarks at a press conference on China-CEEC economic and trade cooperation and the 3rd China-CEEC Expo & International Consumer Goods Fair, held by China's State Council Information Office (SCIO).

In the first quarter of 2023, China's direct investment in CEECs rose by 148 percent year on year, Li added.

"Chinese companies are keen to invest in these regions in fields such as auto parts, home appliances, medicine, logistics, energy and minerals," the vice minister said.

China's trade with CEECs has grown at an average annual rate of 8.1 percent since 2012, with China's imports from these countries rising 9.2 percent year on year on average, according to the official data.

In the first quarter of this year, two-way trade reached $33.3 billion, up 1.6 percent from a year earlier, showing a steady and positive start.

"China has become a key trading partner and source of imports for CEECs, since the China-CEEC cooperation mechanism was launched in 2012," said Yu Yuantang, another official with the Ministry of Commerce.

The number of China-Europe freight trains stood at 16,000 in 2022, up 9 percent year on year. Poland, Hungary, Slovakia and other countries have become key destinations for China-Europe freight trains.

Upcoming expo

Talking about the third China-CEEC Expo & International Consumer Goods Fair, officials at the press conference said that it has become a trade propeller between China and CEECs, providing opportunities for exhibitors and buyers from home and abroad.

The expo will be held in Ningbo, east China's Zhejiang Province, from May 16 to 20.

There are about 3,000 exhibitors at this year's expo, an increase of 30 percent over the second one, said Lu Shan, deputy governor of Zhejiang.

So far, 2,030 buyers have registered for the expo, with the number of participants expected to exceed 100,000, Lu said.

Companies in CEECs are also encouraged to leverage other Chinese expos to further expand the popularity of their products, Yu said.

Future prospects for trade between China and CEECs are "still very broad", he added.

"We will focus on expanding cooperation in new fields such as green, digital and health industries in addition to traditional areas, so as to further promote the sustainable development of trade between China and CEECs," Yu noted.