China |
Switzerland |
People's Republic of China–Switzerland relations officially began when mainland China came under communist control in the early 1950s.[1][2]
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Diplomatic relations between the People's Republic of China and Switzerland were formally established on 17 January 1950.[1]
Switzerland's economic relationship with China goes back to the late 18th century when colonial powers held foreign concessions in China and benefited from consular protection, unequal contracts and extraterritoriality rights.[3] It was not after World War II, Switzerland along with European powers gave up unequal rights and moved from trading textile and food to watches and machinery.[3]
Sino-Swiss economic relations have accelerated since Deng Xiaoping's economic reforms in the early 1980s.[3] Switzerland's trade with China is not in deficit as other industrialized nations trade with China. Two way trade between the two countries is growing at an annual rate of 20–30 percent.[4] In 2007, Swiss exports were valued at SFr5.4 billion or US $5.36 billion. [4] China is now Switzerland's top trading partner in Asia, ahead of Japan. [4]
Swiss firms have been investing in China substantially over the last decade. There are approximately 300 Swiss firms with more than 700 branches operating in China with a total employment of 55 000 people.[3] Chinese firms have a small but growing presence in Switzerland as a base to expand in Europe.[4] Chinese firms are entering markets such as bicycles, motorcycles, high technology parts, textiles and shoes.[4] Some Chinese firms have started local production or assembly of home and consumer appliances.[4]
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