« Beijing’s Vice Minister of Commerce, Guo Tingting, announced on Tuesday that 19.1 trillion dollars of goods had been traded between China and other nations along the so-called ‘Belt and Road’ trade route since its creation in 2013.
“The cumulative volume of trade in goods with our co-founding countries reached 19.1 trillion US dollars, achieving an average annual growth rate of 6.4 per cent, which is higher than the overall growth rate of China’s foreign trade in the same period,” the minister said during a press conference in Beijing marking the 10th anniversary of the global trade route.
“We are the major trading partners of more than 110 co-building countries. We have signed 14 free trade agreements with 20 co-building countries, and the level of trade liberalization and facilitation is constantly improving, » he continued.
The press conference comes after China’s State Council Information Office (SCIO) released a white paper detailing the achievements of Beijing’s flagship global infrastructure development strategy over the past decade.
« This white paper comprehensively introduces the fruitful achievements put forward by the Belt and Road Initiative over the past 10 years and expounds China’s determination and actions to promote the high-quality development of the Belt and Road Initiative and to work with other countries to build a community with a shared future for mankind, » said SCIO spokesperson Chen Wenjun.
According to SCIO’s white paper, investment between China and Belt and Road countries now amounts to over 380 billion dollars, with Beijing investing an estimated 240 billion dollars into other countries along the route.
China has pledged to continue to promote the Belt and Road Initiative and provide new opportunities for trade and investment in the coming years.
A third Belt and Road Forum for International Cooperation is scheduled to be held in the Chinese capital later in the month, according to Li Kexin, director-general of the Department of International Economic Affairs at the Ministry of Foreign Affairs. »