The Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries, which is organised by the Ministry of Commerce of the Central People's Government and hosted by the Macao Special Administrative Region Government, is an official, non-political platform for promoting international economic co-operation and development. It aims to strengthen trade and economic exchanges between China and Portuguese-speaking countries while making use of Macao's role as a bridge between the two sides, thereby facilitating the common development of China, Portuguese-speaking countries and Macao. Forum members consist of China and Lusophone countries, namely Angola, Brazil, Cape Verde, Guinea Bissau, Mozambique, Portugal and Timor-Leste. As China continues to push ahead with economic reforms, full participation in global economic co-operation has become China's economic development approach. Portuguese-speaking countries, which spread over five continents with their respective geographical advantages and boast rich natural resources and a combined consumer market of 200 million people, offer great potential for complementary co-operation for the Chinese economy. Founded in 2003, the Forum has held three ministerial conferences and the fourth one is being held in Macao during 5-6 November 2013. Over the last decade, the hosting of the Forum and the measures rolled out during the meetings have strengthened economic and trade co-operation between China and Portuguese-speaking countries, with Macao serving as a bridge between the two sides. As a result, the common development of the Mainland China, the Macao SAR and Portuguese-speaking countries are greatly bolstered. The First Forum for Economic and Trade Cooperation between China and Portuguese-speaking Countries was held in Macao over 12-14 October 2003. Ms Wu Yi, then Vice Premier of the State Council, came to Macao to officiate at the opening of the Forum, which was attended by trade ministers of China and seven Portuguese-speaking countries. The Action Plan for Trade and Economic Cooperation was signed at the end of this Forum, establishing a formal framework for cooperation between the participating countries in the fields of intergovernmental exchanges, investment and commercial co-operation, trade, agriculture and fishery, infrastructure, as well as natural and human resources development. The first Forum also decided to set up a follow-up mechanism and establish a permanent secretariat in Macao to provide the necessary logistical support and finances to help implement the proposed plans and projects. The second and third ministerial conferences of the Forum were held in Macao in September 2006 and November 2010 respectively. The two meetings were officiated by then Secretary General of the State Council, Mr Hua Jianmin, and then Premier of the State Council, Mr Wen Jiabao, respectively. The second Forum explored the theme of sustainable development and discussed ways to help enterprises in the Mainland, Macao and Portuguese-speaking countries to grasp business opportunities arising from the Forum. Another three-year action plan for economic cooperation was signed during this meeting. During the third Forum, the participating countries signed the Action Plan for Economic and Trade Cooperation 2010-2013, which outlined more projects and clearer objectives compared with the action plan in 2006. The third action plan added co-operation initiatives in the fields of education, finance, tourism, transport, communications, culture, broadcasting, sport, health and technology. It also proposed to achieve a bilateral trade volume of US$100 billion between China and Portuguese-speaking countries by 2013. The Macao Training Centre of the Forum was also inaugurated. Then Premier Wen Jiabao also announced six measures to promote Sino-Portuguese ties during the third Forum. These measures included: the establishment of a US$1 billion co-operation and development fund between China and Portuguese-speaking countries; provision of 1.6 billion Yuan in concessional loans to the Asian and African members of the Forum; training 1,500 officials and technical personnel for the Asian and African members of the Forum; provision of materials, equipment, technical personnel and other support for one bilateral agricultural project in each Asian and African member of the Forum; provision of 1,000 one-year government scholarships to students from the Asian and African members of the Forum; and provision of medical equipment worth 10 million Yuan to each Asian and African member of the Forum. According to official statistics, bilateral trade between China and Portuguese-speaking countries stood at US$5.6 billion in 2002; the figure hit US$10 billion in 2003 when the Forum was founded. By 2008, bilateral trade already reached US$77 billion, realising the goal of exceeding US$50 billion one year ahead of schedule. In the first nine months of 2010, bilateral trade exceeded US$68 billion, a surge of 57 percent compared with the same period of the previous year. In 2012, the total value of exports and imports between China and Portuguese-speaking countries was US$128.497 billion, a year-on-year rise of 9.6 percent. In the first eight months of 2013, the figure stood at US$86 billion, a year-on-year decrease of 0.31 percent. Since the establishment of the Forum, bilateral investments between China and Portuguese-speaking countries have surged rapidly. At present, over 800 enterprises have been set up in China by investors from Portuguese-speaking countries. The rise in bilateral investments has greatly boosted economic growth on both sides. Meanwhile China has provided a total of 4 billion Yuan in concessional loans to Angola, Cape Verde, Guinea Bissau, Mozambique and Timor-Leste over the past decade. The Cooperation and Development Fund between China and Portuguese-speaking Countries, which is proposed by the Chinese government and jointly undertaken by the China Development Bank and the Industrial and Commercial Bank of China (Macao), was formally inaugurated on 26 June 2013. The fund's initial capital stands at US$125 million and are jointly provided by China Development Bank Capital Corp and the Industrial and Commercial Development Fund of Macao. The fund is run and managed by the China-Africa Development Fund under the China Development Bank. The 4th Ministerial Conference of the Forum, which is being held in Macao, aims to further bilateral talks and boost joint development of China and Portuguese-speaking countries.
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