China's Investment in Belt and Road Countries Increased

China's Investment in Belt and Road Countries Increased
China's Investment in Belt and Road Countries Increased

Chinese President Xi Jinping said at the 75th session of the United Nations General Assembly, which he attended online, that China will "continue to work as builder of global peace, contribute to global development and advocate for the international order." This was actually China's diplomatic success during the 13th Five-Year Plan (2016-20).

China is the second largest contributor to the UN peacekeeping force budget since 2016 and to the overall UN budget since 2019. China has also launched major initiatives with the UN, such as the Peace and Development Trust Fund and the China-UN Food and Agriculture Organization (FAO) South-South Cooperation Trust Fund, to support the 2030 Agenda and help developing countries achieve the Sustainable Development Goals.

In addition, China gave its wisdom and suggestions to tackle global challenges. The Asian Infrastructure Investment Bank (AAYB) and the New Development Bank, of which China is co-founder, gathered global support and relieved development projects worldwide. China's proposal to create a "community with a common future for humanity" provides a vision to bring the world together on issues such as climate change and the Covid-19 pandemic.

CHINA'S INVESTMENT IN BELT AND ROAD COUNTRIES INCREASED

In particular, the Belt and Road Initiative proposed by China has become China's flagship project to promote global trade and prosperity. China has signed nearly 130 Belt and Road cooperation certificates with more than 30 countries and 200 international organizations. At least 2 cooperation projects have been carried out within the Belt and Road framework, and total commodity trade between China and other Belt and Road countries has exceeded $ 7,8 trillion. As the AAYB and the Silk Road Fund promote multilateral economic and commercial cooperation, China's International Import Fair has become a gateway to the vast Chinese market for foreign companies. Moreover, the Belt and Road facilitated regional trade, eased capital flows, and deepened cooperation with other countries.

Although Covid-19 negatively affected the global economy, China's investment in Belt and Road countries has increased. From January to July, non-financial direct investments of Chinese companies in 54 countries increased by 33,2 percent to $ 72,18 billion. During the epidemic, trade via the China-Europe Express and the 21st Century Maritime Silk Road also increased, repaired the defective global supply chain.

While accelerating current changes before and after the pandemic, the US is becoming increasingly aggressive towards China and protectionism is increasing in many countries, the Belt and Road is likely to be China's "double roaming" during the 14th Five-Year Plan (2021-25). It will play an important role in the development model. As the pandemic reduces global demand, China needs to stimulate the domestic economy (or "internal circulation"), and because of the trade war that the United States (USA) has launched against other economies, especially China, Beijing is the global economy (or "outward circulation"). ), to further integrate with the Belt and Road countries.

THE BELT AND ROAD INITIATIVE WILL BREATH THE GLOBAL ECONOMY

As more Western countries switch to local production, China needs to deepen its cooperation with Belt and Road countries to maintain a healthy supply chain. It also showed the importance of digital connectivity that supports new concepts such as the Digital Silk Road, which is an important part of the Outbreak, Belt and Road Initiative. The Digital Silk Road can play an important role in facilitating the recovery of global trade by improving internet access and reducing barriers to the global electronic commerce market.

The Silk Road also improves the global health management system in terms of health, creating an environment conducive to global economic recovery. The construction of the Silk Road for Health will strengthen bilateral and multilateral partnerships that will help countries better respond to future epidemics and thus create a favorable environment for global economic recovery.

As a result, the Belt and Road Initiative will be vital to China's diplomacy and "double circulation" development model during the 14th Five-Year Plan, as it will bring new vitality to the global economy, especially the countries along the Silk Road.

Source: China International Radio

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