As of June 2017, China's non-financial direct investment (FDI) in Mongolia totaled $4.1 billion. Contributing to 30 percent of the country's FDI, China is the second biggest foreign investor in Mongolia, official data also showed.

To take China-Mongolia commercial cooperation to a new high, China will work with Mongolia to synergize the Belt and Road initiative and the Development Road strategy, tapping into respective comparative advantages for strengthened cooperation in infrastructure, agriculture, mining, resources and people's livelihoods, Qian said. 

The second China-Mongolia Expo is scheduled to be held in Hohhot, capital of North China's Inner Mongolia Autonomous Region, from September 26 to 30 to function as a new platform for China and Mongolia relations, MOFCOM announced on Tuesday. 

The theme of the expo is "Building China-Mongolia-Russia Economic Corridor, Embracing Global Cooperation and Win-win Results", Ai Lihua, Vice Chairperson of Inner Mongolia, told a press briefing. Both countries believe this is an optimistic platform that will enhance trade, investment, tourism and cultural exchanges and cooperation in Northeast Asia. 

China has been Mongolia's largest trading partner for a dozen or so years. In 2016, their bilateral trade stood at $4.61 billion, accounting for 60 percent of Mongolia's total foreign trade, according to official data. The two countries' economic and technical cooperation keeps deepening. To continue advancing the development of the ties, China has made efforts in assisting Mongolia in infrastructure, people's livelihoods and consumer goods as well as training over 3,600 people across the sectors. 

"Our bilateral cooperation mechanisms see continuous innovation. The two sides have actively leveraged the Mongolia-China Joint Committee on Economic and Trade Cooperation," Qian also said. "The two countries are also exploring the Erlianhot-Zamyn-Uud Cross-border Economic Cooperation Zone. The feasibility of a China-Mongolia free trade agreement will also be determined shortly," Qian continued.