China has become the largest trade partner of 25 economies involved in the Belt and Road Initiative (BRI). The total trade value among China and other BRI economies reached 6.89 trillion yuan in the first half of this year, up 9.8 percent from a year earlier,
A China Daily report says that participation in the Belt and Road Initiative (BRI) has accrued massive benefits for both China and 25 countries.
By virtue of its BRI cooperation, China has become the largest trade partner of 25 economies involved in the BRI, evident from the fact that the total trade value among these 26 markets grew from 6.46 trillion yuan ($883 billion) in 2013 to 13.76 trillion yuan in 2022.
These figures were released during the second conference of the Global Economic Development and Security Forum of the Boao Forum for Asia being held in Changsha, Hunan province (Oct 29-31). The total trade value among China and other BRI economies reached 6.89 trillion yuan in the first half of this year, up 9.8 percent from a year earlier, the report said.
Meanwhile, China’s direct investment in other BRI economies totaled $182.2 billion from 2013 to 2022, while their direct investment to China surpassed $80 billion in the past 10 years, it said.
The BRI has facilitated China’s efforts in building an open economy, especially accelerating the further opening-up of inland provincial regions in western and northern China, the report said.
Zhou Xiaochuan, vice-chairman of Boao Forum for Asia and former governor of the People’s Bank of China, said the so-called “debt trap” created by China is highly misleading.
China provides a relatively high share of funding for BRI projects through the Export-Import Bank of China and China Development Bank, along with some commercial banks. Most of the funding is through conventional loans, which have long tenures, and in case of insolvency, will be subject to restructuring, he said.
