BRI to ensure fair distribution of economic development, prosperity

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 for the people across the globe, Dr CAO Yuanzheng, chairman, COCI Research Limited, said on Monday.

He was attending a two-week long Asian Media Workshop and 2017 Media Cooperation Forum on BRI being attended by the media organisations of 25 Asian countries. In his lecture titled BRI and the ‘Rise of a Great Power’ he said the regional and global economic integration and governance of the initiative, launched by President Xi Jinping could be realised through regional and global cooperation.

Dr Yuanzheng, also former chief economist of Bank of China, said the Karakoram highway, energy projects at Gadani and Tal, Gwadar Port and Karachi-Lahore highway are the major projects being completed under the CPEC.

He said the initiative is not about replacing the old with the new, rather, it tries to achieve strategic consistence and complementary advantages. “China conducted policy coordination with Russia, ASEAN, Kazakhstan, and Turkey and planning work with Laos, Cambodia, Myanmar, Hungary and other countries,” he added.

China has signed cooperation agreements with 40 countries and international organisations, and carried out institutionalised capacity cooperation with 30 countries. He said China helped build railways in India, Laos, Ethiopia, Djibouti, Hungary Serbia as well as Gwadar port and Piraeus Port, and a large number of connectivity projects were being planned.

China strongly promoted trade and investment facilitation and improved the business environment, he said. “From 2014 to 2016, China’s total trade volume with countries along the route was $3 trillion. 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 $4 billion and China - Central and East Europe 16+1 financial holding company was formally established.

“China will hold China International Import Expo from 2018 onwards.” Dr Yuanzheng 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 organisations participating in the BRI. —