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Belt and Road Initiative exceeds initial expectations

Updated: Apr 11,2017 7:32 PM

China’s Belt and Road Initiative has so far exceeded initial expectations in the past three years, according to a spokesman of the Ministry of Commerce of China.

The spokesman, Shen Danyang, said the project has had expediential growth, with the newly signed contracts between China and the economies along the two trading routes exceeding $304.9 billion.

Since 2013 when President Xi Jinping first proposed the initiative, trade volume between China and those economies amounted to $3 trillion, with a total investment of $50 billion.

Since then, 50 government-level cooperation agreements have been signed by China and the economies, and 56 economic and trade cooperation zones have been established.

Shen made those remarks at a news conference on April 10 when Beijing-based company, China Bond Rating Co Ltd, and the Chinese Academy of Social Sciences released a blue book highlighting outbound investment and risks. This year’s report emphasizes the overall situation and major risks of overseas investment along the Belt and Road countries and regions.

As mentioned in the annual report, China’s outbound investment along the two trading routes will be expected to maintain a high amount of growth this year, with capitals primarily flowing into sectors, meeting the destinations’ social and economic development demand.

Findings also showed energy, transportation and information technology have been the top three fields attracting Chinese investors since 2015; with the majority of investors coming from Beijing, Shanghai, Guangdong and Zhejiang provinces.