China Invested Over $50B for Belt and Road Initiative
Prei Dy | | Mar 07, 2017 06:46 AM EST |
(Photo : Getty Images) Xinjiang has been noted in ancient times along the old silk road as a political and commercial centre. It is the hub of an important commercial region, bordering Russia, Afghanistan, Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan with Pakistan to its south.
China has invested more than $50 billion in the countries along the Silk Road after the Belt and Road Initiative was proposed in 2013, a senior official said revealed on Monday.
The Silk Road project has received support from more than 100 countries and international organizations. Of which, about 50 cooperation agreements were signed between governments, He Lifeng, head of the National Development and Reform Commission, said.
Like Us on Facebook
He further noted that developments under the project were "better than expected." The country has launched a $40 billion Silk Road fund to finance the projects.
China aims to improve its connection through trading goods and services with the rest of the world under the Silk Road initiative.
China is set to conduct a high-level forum about the Belt and Road Initiative in Beijing this May. Meanwhile, He also defended that China's move to cut down growth rate by 6.5 percent in 2017 is necessary and achievable, citing job creation as an important goal for China.
"According to our experience, each one percentage point of GDP growth will help create about 1.7 million jobs," he said. Premier Li Keqiang also noted that China is less likely to meet its job creation target of more than 11 million if it does not attain quality growth at a reasonable level.
Although India is part of the road projects called Bangladesh-China-India-Myanmar (BCIM) economic corridor, New Delhi has protested to China over the $46 billion China Pakistan Economic Corridor (CPEC). It also expressed concerns that the 21st century Maritime Silk Road, which is part of the "One Belt, One Road" project, will have an impact on the Indian Ocean.
©2015 Chinatopix All rights reserved. Do not reproduce without permission
EDITOR'S PICKS
-
Did the Trump administration just announce plans for a trade war with ‘hostile’ China and Russia?
-
US Senate passes Taiwan travel bill slammed by China
-
As Yan Sihong’s family grieves, here are other Chinese students who went missing abroad. Some have never been found
-
Beijing blasts Western critics who ‘smear China’ with the term sharp power
-
China Envoy Seeks to Defuse Tensions With U.S. as a Trade War Brews
-
Singapore's Deputy PM Provides Bitcoin Vote of Confidence Amid China's Blanket Bans
-
China warns investors over risks in overseas virtual currency trading
-
Chinese government most trustworthy: survey
-
Kashima Antlers On Course For Back-To-Back Titles
MOST POPULAR
LATEST NEWS
Zhou Yongkang: China's Former Security Chief Sentenced to Life in Prison
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
TRENDING STORY
-
China Pork Prices Expected to Stabilize As The Supplies Recover
-
Elephone P9000 Smartphone is now on Sale on Amazon India
-
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
-
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
-
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?