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September 22, 2017

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Concrete gains arise from B&R cooperation

CHINA’S Belt and Road Initiative is now showing signs of concrete results via cooperation which aims to benefit all parties, a senior government official said in Shanghai yesterday.

The B&R’s ultimate goal is to build a community of shared destiny based on win-win cooperation and an innovation-driven open economy, said Du Qinglin, vice chairman of the National Committee of the Chinese People’s Political Consultative Conference and chairman of China Economic and Social Council.

President Xi Jinping raised the B&R in 2013 as a channel to boost economic links between China and regions including the Middle East, Europe, Southeast Asia, Oceania and North Africa.

The initiative could help countries along the belt and road improve infrastructure, public welfare, and economic activities, Du told the 2017 China Economy and Society Forum, adding that greater cooperation among the countries will also boost cultural exchange for mutual understanding and respect.

Official data showed that more than 70 countries and international organizations have signed deals with China under the B&R.

Between 2014 and 2016, China's trade with B&R countries reached US$3 trillion while outbound investment exceeded US$50 billion.

Chinese companies set up 56 economic cooperation zones in over 20 countries along the belt and road, contributing to above US$1 billion in tax revenue for the destination countries, the data showed.

The B&R could also help China further open up the economy, balance development between east and western regions, and upgrade industrial structure.


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