CHINA-ECONOMY: OBOR

 Xinhua reported Chinese President Xi Jinping as saying in an address to the Uzbek Parliament on June 22, 2016, that China’s trade with countries participating in the Belt and Road Initiative surpassed 1 trillion U.S. dollars in 2015, accounting for a quarter of its total foreign trade. He said more than 70 countries and international organizations have taken part in the Belt and Road Initiative and almost 30 countries have signed cooperation deals with China to jointly push forward the initiative over the past three years. Summing up the early harvests of the Belt and Road Initiative, Xi Jinping said Chinese enterprises’ direct investment in 49 countries along the economic corridor reached nearly 15 billion dollars in 2015, up 18 percent year on year, while those countries’ investment in China exceeded 8.2 billion dollars, up 25 percent. China has inked production capacity cooperation deals with 20 countries and jointly set up 46 overseas economic cooperation zones in 17 Belt and Road countries, with accumulated Chinese investment topping 14 billion dollars and creating 60,000 local jobs. Meanwhile, the Asian Infrastructure Investment Bank entered into operation with 57 active participant countries, and the Silk Road Fund and the China-Eurasia Economic Cooperation Fund were also established.

 






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