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BRI embodies win-win approach, creates joint prosperity

2019-08-06 14:22:40 Global Times

The BRI has greatly boosted China''s foreign trade, achieving major progress in Europe and Asia and also cushioned the negative impact brought on by the US-initiated trade war.

The China-proposed Belt and Road Initiative (BRI) has greatly boosted China's foreign trade, achieving major progress in Europe and Asia and also cushioned the negative impact brought on by the US-initiated trade war, Chinese analysts said over the weekend.

Beyond foreign trade, the BRI, as a way of how China interacts with the world, offers a stark contrast to the America First approach heralded by the current US administration, the experts said.

The BRI, now 6 years old, is a massive development plan aimed at promoting interconnection of infrastructure and economic and cultural exchanges between China and neighboring countries.

Boosted by the initiative, China's western provinces have recorded fast growth in their foreign trade, with a total 12 provinces and municipalities posting a foreign trade annual growth rate of 14 percent in the first half of the year, according to a report by Chinese news site jiemian.com on July 29.

The growth rate was 10.1 percentage points higher than the national average.

Published foreign trade data by 26 province-level regions shows robust trade growth with the EU and the member countries of Association of Southeast Asian Nations (ASEAN), the report said.

With foreign trade between China and ASEAN growing 4.2 percent year-on-year in the first half  of 2019 to $291.85 billion, the two sides have conducted a series of key projects from connectivity arteries to industrial parks, the spokesperson for the Ministry of Commerce (MOFCOM) said on Wednesday.

As of 2018, bilateral investment volumes grew 22 times in 15 years and ASEAN has been a major destination for Chinese overseas direct investment.

PROGRESS IN ASEAN

ASEAN nations striving to spur growth against the backdrop of simmering anti-globalization have been riding the wave of BRI, as landmark BRI projects are giving local economies a much-needed boost, the experts said.

They said a high-speed rail project linking Jakarta-Bandung is on track to catapult Indonesia to be the first ASEAN nation to join "the bullet train club."

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