Three Years On, China’s Belt and Road Initiative set to Score Greater Achievements

Chinese vice premier meets Benin president
October 12, 2016
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October 13, 2016

Three Years On, China’s Belt and Road Initiative set to Score Greater Achievements

Cross section of the participants at the the International Seminar on the Belt and Road Initiative is held in Xi’an, capital of northwest China’s Shaanxi Province, Sept. 26, 2016.
Three years ago, Beijing unveiled its Belt and Road Initiative to deepen China’s own reforms and opening-up, and better connect itself with the rest of the world in terms of policy coordination, trade, transportation, energy and information facilities.

Beijing wants to see that the bounty of development arising from the landmark initiative can be shared among all who are part of the program.

Over the past three years, significant and broad achievement has been made, which proved the initiative’s effectiveness and demonstrated its nature that favors common development.

RICH RESULTS

According to a report issued by China’s Renmin University at a two-day international seminar that opened on Monday in the northwestern Chinese city of Xi’an, more than 100 countries and international bodies are currently involved in the initiative, while over 30 countries along the new Silk Road have signed cooperation agreements with Beijing. China is also working with more than 20 nations on industrial capacity projects.

Among all other things, the most strategic accomplishments have been the successful development policy coordination between China and the countries along the belt and road.

The report said China has already begun the coordination of its signature initiative with the development strategies of many countries involved in the program, including Kazakhstan’s the Bright Road and Russia’s Eurasian Economic Union.

In boosting facility connectivity, China is working with countries and regions in coordinating infrastructure standards, connecting transportation and energy infrastructure, and boosting information connectivity, said the report.

In trade, the past three years have seen China’s consistent efforts to join belt and road countries to promote trade and investment activities by negotiating bilateral agreements to remove trade and investment barriers and create a healthy business environment.

By the end of June, China has signed bilateral investment treaties with 104 countries along the belt and road, while its investment in these countries have totaled 51.1 billion U.S. dollars, said the report.

To ensure adequate financial support for the initiative, China, said the report, has been vigorously pushing forward financial cooperation with countries joining the initiative, as well as RMB trade settlement, currency swap, and other financial services.

The Beijing-based Asian Infrastructure Investment Bank (AIIB), founded at the end of 2015, considers projects related to the initiative as one of its top priorities.

The bank’s 509-million-dollar investment in its first four projects, which was approved in late June, and focuses on power, transportation, urban development and other areas, has all gone to countries along the belt and road.

Meanwhile, Beijing has also attached great importance to enhancing cooperation in education, health care, as well as people-to-people and cultural exchanges, an effort to win public support for the implementation of the initiative

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