The 3rd forum of international cooperation for the Belt and Road project commenced in Beijing on October 18, when President Xi Jinping announced several new initiatives. The focus is on establishing a multi-level transport network to connect the Eurasian continent through railway and road corridors. China aims to accelerate the China-Europe railway express service, support the Trans-Caspian corridor, and invest in the marine and air components of the New Silk Road infrastructure.
China also plans to promote an "open world economy" by increasing foreign trade in the commodity sector to $32 tn and in the services sector to $5 trillion over the next five years. Efforts will be made to foster cooperation in e-commerce, lift restrictions on foreign investment in China's production sector, and provide financial support through soft loans from the Eximbank of China and the Development Bank of China, as well as additional funding to the Silk Road Fund.
China aims to deepen cooperation in the "green" economy by focusing on clean energy, transport, and infrastructure. The principles of "green" investment will be introduced into the Belt and Road initiative. Scientific, technical, and innovative development are also emphasized, with plans to increase the number of joint laboratories to 100 and involve young scientists from other countries in short-term projects in China.
President Xi highlighted the remarkable growth of the Belt and Road Initiative over the past decade, with over 150 countries joining the project. Bilateral investments between participating countries reached $380 bn, with the majority contributed by Chinese companies. More than 3,000 infrastructure cooperation projects have been launched, contributing to a turnover exceeding $19 tn.
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