Belt and Road Initiative to ensure fair distribution of economic development, prosperity across globe

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Beijing

Belt and Road Initiative (BRI) of which China-Pakistan Economic Corridor (CPEC) is a flagship project, will accrue huge dividends for the economic development and prosperity of the people across the globe, Dr. CAO Yuanzheng, Chairman, COCI Research Limited said on Monday.
He made these remarks while addressing a two-week long Asian Media Workshop and 2017 Media Cooperation Forum on Belt and Road being attended by journalists and media persons from diverse media organizations, newspapers, TV news channels and media houses of 25 Asian countries. In his lecture titled Belt and Road Initiative and the’ Rise of a Great Power’ he said the regional and global economic integration and governance of BRI, launched by President Xi Jinping could be realized through regional and global cooperation.
Dr. Yuanzheng, also former Chief Economic of Bank of China, said the Karakoram highway, energy projects at Gadani and Tal, Gawadar port and Kahachi-Lahore highway are the major projects being completed under the CPEC, a latest success story of BRI. This flagship project will not only bring about economic development and prosperity of the people but also promote peace and prosperity in the region, he added.
Highlighting the achievement of BRI, he said the Initiative is not about replacing the old with the new, rather, it tries to achieve strategic consistence and complementary advantages. He said that China conducted policy coordination with Russia, ASEAN, Kazakhstan, and Turkey and planning work with Laos, Cambodia, Myanmar, Hungary and other countries.
China has signed cooperation agreements with 40 countries and international organizations, and carried out institutionalized capacity cooperation with 30 countries. On the closer facilities connectivity, he said, China helped to build railways in India, Laos, Ethiopia, Djibouti, Hungary Serbia as well as Gwadar port and Piraeus Port while a large number of connectivity projects are under planning.
He informed that China strongly promoted trade and investment facilitation and improved the business environment, adding, from 2014 to 2016, China’s total trade volume with countries along the route was three trillion US dollars. China has cumulatively invested more than $ 50 billion. Chinese companies have built 56 economic and trade cooperation zones in more than 20 countries, creating nearly $ 1.1 billion in taxes and 180,000 jobs for the countries concerned, he added.
Asia Infrastructure Investment Bank has provided $ 1.7 billion in loans to nine projects. “Silk Road Funds” has invested US$ 4 billion and China – Central and East Europe 16+1 financial holding company was formally established. Regarding closer people to people bonds, he said, there will be extensive cooperation in science, education, culture, health and people to people exchanges.
In this regard, the Chinese government provides 10,000 scholarships to the relevant countries each year.
Local governments have also set up special scholarships for the Silk Road to encourage international cultural and educational exchanges.
Colorful events have been held such as Silk Road Culture Year, Tourism Year, Art Festival, Film and Television Bride, Seminar, Think Tank Dialogue and other cultural cooperation projects, he added. About pledges made for Construction Fund Support during Belt and Road Forum held early this year, he said that China contributed 100 billion yuan to the Silk Road Fund, encourage financial institutions to carry out RMB overseas fund business in an expected scale of 300 billion yuan.
China Development Bank will provide 250 billion yuan as special loans, export-import Bank provides 130 billion yuan as special loans. During the forum, China signed economic and trade cooperation agreements with over 30 countries and negotiated free trade agreements with relevant countries for developing economic and trade partnership for mutual benefits and win-win results. China will hold China International Import Expo from 2018 onwards.
For innovation cooperation, China pledged to lunch innovation action plan, including talents exchanges, build joint laboratories, science and technology part cooperation, and technology transfer. China will receive 2,500 young scientists in the next five years for short-term scientific research, train 5,000 science and management personnel and put into operation 50 joint laboratories.
He informed that China will set up a large eco-protection big data platform, and propose to establish a Green Development International Alliance. China will provide 60 billion yuan in aid in the next three years to developing countries and international organizations participating the BRI, provide 2 billion yuan in emergency food aid and $1 billion to the South-South Cooperation Assistance Fund, implement 100 happy home, 100 rehabilitation assistance” and other projects and provide one billion US dollars to the relevant international organizations to follow through cooperation project along the route.
Fore the contact mechanism, China will establish a financial development and research center, construction promotion center, multilateral financing cooperation center together with the multilateral development banks, and a capacity building center with the International Monetary Fund. After the seminars and a visit of the International Department of Communist Party of China (CPC) here, the participants of the workshop will later move to Lanzhou and Baiyin cities to attend 2017 Media Cooperation Forum on Belt & Road.—APP