Going for gold: China and Thailand celebrate 50 years of friendship

Celebrated as the "Golden Year of Sino-Thai Friendship", this year marks the 50th anniversary of the establishment of diplomatic relations between China and Thailand. Over the past half century, the two nations have continuously expanded their economic and trade cooperation.

The economic interdependence and complementarity between the two countries have been strengthened, demonstrating broad prospects for mutual benefit and win-win collaboration, said experts and industry insiders.

Back in April 2012, the two countries established a comprehensive strategic cooperative partnership, pushing their bilateral economic and trade relations onto the fast track. China has become Thailand's largest trading partner, a main source of foreign investment, a key contractor of infrastructure projects for the member of the Association of Southeast Asian Nations, and the largest source of tourists to the country.

Data from the General Administration of Customs show that the bilateral trade volume between China and Thailand reached $133.98 billion in 2024, with China remaining Thailand's largest trading partner for 12 consecutive years. Thailand is China's third-largest trading partner among ASEAN countries.

Currently, China's main exports to Thailand include machinery and equipment, electronic products and communications devices, consumer goods and textiles, as well as chemical products and raw materials.

As for imports, Thailand's tropical fruits, premium rice, and specialty handicrafts continuously enter the Chinese market, with more than 40 percent of Thailand's agricultural exports shipped to China. In 2024, Thailand became the largest fruit supplier to China.

According to statistics from the Thailand Board of Investment, from 2018 to 2024, there were a total of 1,941 investment project applications from China, with a combined investment value of 779.62 billion Thai baht ($23.93 billion).

In 2024 alone, 810 Chinese-invested projects were registered in Thailand, amounting to 174.6 billion Thai baht. These projects spanned a variety of sectors including electronic components, circuit boards, smart home appliances, data centers, and electric vehicles. The Chinese mainland was the second-largest source of foreign investment in Thailand.

To date, some 1,000 Chinese companies have invested in Thailand. Among them, Chinese investments in the electronics and electric vehicle sectors are noteworthy.

In 2024, China's investment in Thailand's electronics sector amounted to 146.98 billion Thai baht, covering solar equipment, smart home appliances, and printed circuit board manufacturing. Chinese companies also invested 120.01 billion Thai baht in electric vehicles and key components.

Meanwhile, Chinese companies have been constructing industrial parks in Thailand. During 2020-24, they established 443 plants in Thailand's industrial zones, with a total investment of 284.71 billion Thai baht, creating nearly 67,600 jobs.

Tourism is another pillar sector in the bilateral exchanges between the two countries.

In 2019, prior to the COVID-19 pandemic, Thailand received 39.92 million international tourists. Of them, nearly 11 million were from China, accounting for 27.6 percent of the total. After the pandemic, Thailand's tourism industry began to recover, particularly in 2024 when the visa-free travel policy between China and Thailand was implemented.

According to statistics from the Thai ministry of tourism and sports, Thailand received more than 35 million international tourists in 2024, with more than 6.7 million from China, making them the largest international tourist group in Thailand.

Li Xuesong, vice-president of the Chinese Academy of Social Sciences, told a forum in Beijing in late May that he has confidence that the two countries will continue enhancing their cooperation under the Belt and Road Initiative, writing a new chapter in their friendship.