Supported by all parties, the BRI has been incorporated into the outcome documents of international institutions such as the United Nations, the Forum on China-Africa Cooperation, the Shanghai Cooperation Organization and the Asia-Europe Meeting, etc. B&R construction is expected to enter a new stage of pursuing high-quality development based on the principle of achieving shared growth through discussion and collaboration.
The BRI has been highly commended by developed economies that have been actively involved in the construction while China is building interconnection with developing countries. In March 2019, Italy just signed the Memorandum of Understanding (MOU) to Jointly Advance the Construction of the BRI with China, making it the first G7 member to sign an MOU on the BRI. Other developed countries including Portugal, Greece, Hungary and New Zealand, etc have also signed B&R cooperation agreements with China. Furthermore, a number of developed economies are expecting to participate in B&R construction and work with China to expand third-party market cooperation. In collaboration with China, these economies will tap into their respective advantages to create mutually beneficial cooperation. China has officially signed third-party market cooperation documents with countries such as Japan, France, Canada, Singapore, Spain, the Netherlands, Belgium, Italy and Australia, etc1.
Meanwhile, China has strengthened cooperation with international organizations, for example, the Development Research Center of the State Council signed a MOU with the United Nations Industrial Development Organization, for joint B&R construction; the Ministry of Environmental Protection of China and the United Nations Environment Programme jointly released recommendations on establishing the International Coalition for Green Development on the Belt and Road.
We look forward to the high-profile events such as the 2nd BRFIC and the 2nd CIIE in 2019, which can further promote policy communication and coordination among countries and pave the way for further BRI development.
Trade is an important engine for economic growth. With the rapid development of the Chinese economy in recent years, China has become the world's largest trading nation, and the global influence of its foreign trade is also growing. China and B&R countries continuously deepen their economic and trade cooperation, establishing a road of opening-up for a mutually beneficial and win-win outcome. In 2018, China’s total trade value was US$4.6 trillion, up 12.6% YOY. The total trade value with B&R countries reached US$1.3 trillion, up 16.3% YOY, which was 3.7 percentage point higher than the overall growth rate. This indicates that the B&R trade starts becoming a new driving force for China's trade development.
Click here to view the full report.