Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Agricultural Development Bank of China

HOME >

Belt and Road Countries -- Thailand

October 09, 2020


Abstract : China and Thailand signed a Memorandum of Understanding (MOU) for cooperation on the Belt and Road Initiative (BRI) on September 4, 2017.

China and Thailand signed a Memorandum of Understanding (MOU) for cooperation on the Belt and Road Initiative (BRI) on September 4, 2017.

Thailand has benefited a lot from the China-proposed Belt and Road Initiative and stands ready to enhance cooperation with China, said Thailand's Deputy Prime Minister Wissanu Krea-ngam.

Construction instruments are seen during a launching ceremony held at Chiang Rak Noi Station in central Thailand's Ayutthaya province, where the future Operations Control Center of the railway project will be located, on Dec. 19, 2015.  (Xinhua/Li Mangmang)

Thailand, country located in the centre of mainland Southeast Asia. Located wholly within the tropics, Thailand encompasses diverse ecosystems, including the hilly forested areas of the northern frontier, the fertile rice fields of the central plains, the broad plateau of the northeast, and the rugged coasts along the narrow southern peninsula.

Until the second half of the 20th century, Thailand was primarily an agricultural country, but since the 1960s increasing numbers of people have moved to Bangkok, the capital, and to other cities. Although the greater Bangkok metropolitan area remains the preeminent urban centre in the country, there are other sizable cities, such as Chiang Mai in the north, Nakhon Ratchasima (Khorat), Khon Kaen, and Udon Thani in the northeast, Pattaya in the southeast, and Hat Yai in the far south.

Siam, as Thailand was officially called until 1939, was never brought under European colonial domination. Independent Siam was ruled by an absolute monarchy until a revolution there in 1932. Since that time, Thailand has been a constitutional monarchy, and all subsequent constitutions have provided for an elected parliament. Political authority, however, has often been held by the military, which has taken power through coups. During the last two decades of the 20th century and the first decade of the 21st, parliamentary democracy steadily gained wider popular support. Although a crisis emerged in 2006, when the military, aligned with the monarchy, overthrew an elected government, new parliamentary elections were held—as promised by the interim government—in 2007.

-- Land

Thailand, which has about the same land area as Spain or France, consists of two broad geographic areas: a larger main section in the north and a smaller peninsular extension in the south. The main body of the country is surrounded by Myanmar (Burma) to the west, Laos to the north and east, Cambodia to the southeast, and the Gulf of Thailand to the south. Peninsular Thailand stretches southward from the southwestern corner of the country along the eastern edge of the Malay Peninsula;

Thailand’s landscapes vary from low mountains to fertile alluvial plains dotted with rice paddies to sandy beaches set amid the equatorial latitudes of the Asian monsoons. The country is divided into five distinct physiographic regions: the folded mountains in the north and west, the Khorat Plateau in the northeast, the Chao Phraya River basin in the centre, the maritime corner of the central region in the southeast, and the long, slender peninsular portion in the southwest.

When the modern political boundaries of Thailand were fixed at the end of the 19th century and in the first part of the 20th, the country included peoples of diverse cultural, linguistic, and religious backgrounds. This diversity is characteristic of most Southeast Asian countries, where shifting political boundaries have done little to impede the centuries-long migrations of people. Thailand’s central position on the mainland has made it a crossroads for these population movements.

Although the vast majority of the inhabitants of Thailand are descendants of speakers of Tai languages who have been dominant in the area since the late 13th century, the population also includes numerous non-Tai peoples. Members of the largest indigenous minority speak a dialect of Malay. Other significant indigenous minorities include speakers of Mon, Khmer, and other Mon-Khmer languages of the Austroasiatic family. In the uplands of western and northern Thailand are found peoples who speak languages belonging to several other language families. Thailand is also home to large numbers of immigrants and their descendants, most from China but some from South Asia. Most members of indigenous and immigrant communities in Thailand identify strongly with Thai national culture and are speakers of Thai.

-- Economy

Prior to the 1960s the Thai economy was based primarily on the production of rice and other foods and goods for domestic consumption and of rice, rubber, teak, and tin for export. The government then began to promote a shift from agriculture to the manufacture of textiles, consumer goods, and, eventually, electronic components for export. By the 1980s Thailand had embarked on a solid path of industrialization; even the economic crisis of the late 20th century only slowed, but did not halt, this economic transformation.

From 1963 until 1997 the Thai economy was one of the fastest growing in the world. The adoption of the first national development plan in 1963 spurred the shift from agriculture to industry. During the 1980s and ’90s numerous export-oriented industries emerged, primarily in the areas surrounding Bangkok. The large-scale migration of young women and men from rural communities to the greater Bangkok area drained labour from the countryside. Those continuing to pursue agriculture turned increasingly to machines to make up for the shortage of workers, bringing about a shift in the rural economy from subsistence to market-oriented agriculture. Most of the investment in new technology in the agricultural sector came from the savings of family members who had gone to work in the cities.

Export-oriented industries and financial institutions, especially those created in the 1980s and ’90s, have relied heavily on foreign capital, making the Thai economy more vulnerable to changes in global economic conditions. In 1997 a sudden and rapid decline in the value of the Thai currency, the baht, triggered a financial crisis that quickly spread to other Asian countries. The crisis not only exposed the overdependence of Thailand on foreign capital but also focused attention on the consequences of unequal development and on weaknesses in several sectors of the economy. By the beginning of the 21st century, the economy had begun to recover, but the economic crisis and the emergence of a more democratic political order caused economic policies to become the object of intense public debate. A coup in September 2006 rekindled uncertainties about the future of the Thai economy. While announcing, rescinding, and subsequently reimposing various restrictions on foreign investment, the interim government promoted the king’s philosophy of “sufficiency economy,” an ideal emphasizing self-reliance and moderation in consumption, without rejecting capitalist investment.

Manufacturing

The growth in manufacturing since 1970 has been especially dramatic, reflecting the large investments made by private firms. Although growth was initially spearheaded by the garment industry, electronic products assumed the vanguard in the mid-1980s, propelled by investment and transfer of production from Japan, South Korea, Taiwan, and Singapore. Since the late 1990s, Thailand has been a notable exporter of motor vehicles and, more recently, telecommunications equipment. While industrial development has been concentrated in and around Bangkok, production has also expanded along the eastern seaboard and, more recently, into northern, especially northeastern, Thailand, where much of the labour for all industries originates.

Finance

The Bank of Thailand, established in 1942, issues the baht, acts as central banker to the government and to the commercial banks, and serves as the country’s financial agent in dealing with international financial markets, international monetary organizations, and other central banks. Together with the Ministry of Finance, it is at the pinnacle of the government’s economic technocracy and plays the key role in managing the economy. Three other government financial agencies are also important: the Board of Investment, which offers financial incentives to domestic and foreign entrepreneurs; the National Economic and Social Development Board, which formulates the government’s five-year plans; and the Budget Bureau, which compiles the annual national budget. These government bodies focus primarily on creating the proper financial conditions for business to grow and prosper, leaving business decisions themselves to the private sector.

Trade

Thailand’s trade patterns have changed dramatically from the early 1980s, when more than two-thirds of export earnings came from agriculture and less than one-third from manufacturing. By the early 21st century, agriculture contributed roughly one-eighth of export earnings and about one-tenth of gross domestic product, while manufacturing accounted for virtually all the rest; the share of import expenditures for machinery, components, and raw materials, moreover, had increased from less than half to more than three-fourths.

The country’s main trading partners are Japan, the United States, China, Singapore, and Malaysia. The most important import categories by value are machinery; chemicals and related products; petroleum; iron, steel, and other metals; and raw materials of various types. Machinery is also an important manufactured export, along with chemicals and chemical products, telecommunications equipment, road vehicles, and clothing and accessories. The United States is among Thailand’s largest export markets, and Japan is among the country’s biggest sources of imports. In the 1990s Thailand’s trade deficit grew markedly until the last part of the decade, when a trade surplus was achieved largely as a result of a contraction in imports. Foreign debt declined until the last part of the decade, when it jumped substantially, peaking in 2000, before beginning a descent in the early 21st century.

-- Culture

Prior to the modernizing reforms begun in the late 19th century under King Chulalongkorn, Thai cultural life revolved around the Siamese royal court and the wat, the Buddhist temple-monastery. Many ancient practices associated with the court and the wat have been transformed into elements of contemporary Thailand’s national heritage.

The monarchy, through its participation in royal functions, state ceremonies, and popular festivals, plays an important role in nurturing and preserving this heritage. Many state functions, today often shown on television, begin with the king or other members of the royal family performing Buddhist rites. Certain Buddhist holy days have been recognized as national holidays. Among these are Visakha Puja, the festival celebrating the birth, enlightenment, and death of the Buddha, and the beginning and end of “Buddhist Lent” (phansa)—a three-month period corresponding to the monsoon season, during which both monks and laypeople give added attention to religious practices such as meditation.

The transformation of Thai cultural life is particularly evident in clothing. In the late 19th century, members of the Thai court began to adopt Western-style clothing and for a few years in the late 1930s and early ’40s such clothing was mandatory. In the post-World War II period there was a significant revival of traditional styles of clothing, especially for women. The queen adopted the tie-dye silk tubular skirt traditionally worn by Lao women in the northeast, and she was widely emulated by middle- and upper-class women when they attended events at which national culture was expected to be on display. For everyday attire in both the cities and the villages, however, most people wear clothing of a style that is considered “cosmopolitan” (sakon), but which, in fact, derives from Western styles. For all its Western influences, however, contemporary Thai culture is a creative blend that remains clearly rooted in Thai tradition.

There is a popular saying that the Thai live by their stomachs. There have long been small vendors of Thai food on the streets of urban Thailand, but until late in the 20th century the best Thai food was usually produced in private homes. Most restaurants only offered Chinese food. Since the 1970s, Thai cuisine has become a public cuisine not only in Thailand but throughout the world. Bangkok today has hundreds of superb Thai restaurants and cooking schools, and some of the most popular restaurants in North America, Europe, and the Middle East offer Thai cuisine.

A good Thai meal typically includes a blend of spicy, mild, sweet, and sour dishes. Among the most popular Thai dishes are curries made with coconut milk, shrimp paste, garlic, chili peppers, and seasonings such as coriander, lemongrass, galangal, and Kaffir lime leaves. The Thai use fish sauce—today a commercially prepared extract—as a basic ingredient for many dishes in the same way that the Chinese use soy sauce. Although rice is fundamental to Thai cuisine, the Thai have adopted many foods, such as noodles, that form a basic element of Chinese and Sino-Chinese cuisine.

(The above information from Internet)

Scan the QR code and push it to your mobile phone

Keyword: Thailand Belt and Road

Reading:

China mulling guidelines to promote healthy development of rural homestays

China's tourism industry recovers steadily amid epidemic control

Xinhua Headlines: 6 years on, Colombo Port City set to boost Sri Lanka's economic growth

Inclusion into FTSE Russell's WGBI to benefit mid-, long-term T-bonds, institution

SHPGX holds first int’l LNG trade roadshow for domestic traders

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial