China announces plans to boost the Belt and Road trade by creating economic corridors andinvesting nearly $900 billion in countries along the route.
Vice-Premier Zhang Gaoli said the country is mulling six economic corridors with countriesalong the Belt and Road trade route to better connect Asia and Europe with funding from theAsian Infrastructure Investment Bank and the Silk Road Fund.
Corridors are set to run through China-Mongolia-Russia, New Eurasian Land Bridge, China-Central and West Asia, Indo-China Peninsula, China-Brazil, and Bangladesh-China-India-Myanmar, said Zhang.
Addressing the opening ceremony of the Asia-Europe Meeting (ASEM) Industry Dialogue onConnectivity Chongqing municipality on Wednesday, Zhang said such strong relationshipswere “a trend of the times and a global concern”.
The China-proposed Belt and Road Initiative on trade and infrastructure networks have beenwelcomed across Asia and Europe, according to Zhang. Its success is in the interests of allthe sides involved, he said.
Meanwhile, China Development Bank, one of the country’s policy banks, said it will investmore than $890 billion into more than 900 projects involving 60 countries, as part of its effortsto bolster the initiative, the 21st Century Business Herald reported on Thursday.
The newspaper cited the bank’s vice-president Li Jiping that over $10 billion has been pouredinto projects covering coal and gas, mining, electricity, telecommunications, infrastructure,agriculture, and so on.
Zhang underlined that “connectivity” concerns not only physical infrastructure like roads, butalso people-to-people exchanges, policy coordination, trade and capital flow, a significantboost to Asia-Europe cooperation.
While highlighting transportation, communication and energy as important areas forconnectivity, the vice-premier said the countries should “consolidate the social foundation forconnectivity” by ensuring openness in their education, employment and tourism markets.
The two-day event held in Chongqing municipality has gathered government officials andcompany representatives from the 53 members and international organizations groupedunder the ASEM.
ChinaDaily