China not to leave Iran, mutation is to come

China not to leave Iran, mutation is to come

Baku, Azerbaijan, August 30

By Khalid Kazimov -- Trend:

After sanctions on Iran are lifted and Western companies return to Iran, China is not going to leave the Iranian market, Deputy Chairman of the Joint Iran-China Chamber of Commerce Majidreza Hariri said.

When the sanctions are lifted, China's competitive companies which have American partners, and which were not allowed to do business with Iran under sanctions, will find their way open to Iran, he noted, Mehr news agency reported August 30.

He said the fact that many European companies are frequently visiting Iran these days is not because they want to invest in projects in Iran or even because they want to sell consumer goods to Iran.

"They are here to update their information about Iran because they have been away from the country for many years," he said.

Hariri observed in the meantime that Chinese companies are not visiting Iran in expectation of the removal of sanctions as much as European companies because they have been here in the past years and they do not need to update their information.

Trade exchange between Iran and China hit the new record of $47.5 billion in 2014, showing around 36 percent of growth in comparison with its previous year, China's General Administration of Customs announced in January.

Hariri also commented on the depreciation of the Chinese yuan and said it is not an extraordinary event.

It is expected that before the end of 2015 Beijing undoes the yuan value change, he stated.

The yuan in Shanghai climbed as much as 0.33 percent on August 28, its biggest intra-day gain since March 19, before closing 0.26 percent stronger at 6.3885 per dollar.

China's exports to Iran in 2014 amounted to $22 billion which enjoyed a growth of 87 percent compared to the previous year, which was $11.7 billion.

Meanwhile, China's import from Iran in 2014 rose reportedly 10% and reached $25.5 billion from $23.1 billion in 2013.

Iran is currently China's third largest supplier of crude, providing Beijing with roughly 12 percent of its total annual oil consumption.

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