China's Belt and Road Initiative shows concrete cooperation

China's Belt and Road Initiative is now showing signs of concrete cooperation which aims to benefit all parties, a senior government official said in Shanghai today.

The BRI's ultimate goal is to build a community of shared destiny based on win-win cooperation and an innovation-driven open economy, said Du Qinglin, vice chairman of the National Committee of the Chinese People's Political Consultative Conference and chairman of China Economic and Social Council.

President Xi Jinping raised the BRI in 2013 as a channel to boost economic links between China and regions including the Middle East, Europe, Southeast Asia, Oceania and North Africa.

The initiative could help countries along the belt and road improve infrastructure, public welfare, and economic activities, Du told the 2017 China Economy and Society Forum, adding that greater cooperation among the countries will also boost cultural exchange for mutual understanding and respect.

Official data showed that more than 70 countries and international organizations have signed deals with China under the BRI.

Between 2014 and 2016, China's trade with BRI countries reached US$3 trillion while outbound investment exceeded US$50 billion.

Chinese companies set up 56 economic cooperation zones in more than 20 countries along the belt and road, contributing to more than US$1 billion in tax revenue for the destination countries, the data showed.

Implementing the BRI could help China further open up the economy, balance development between east and western regions, and upgrade industrial structure.

Experts at the forum urged Chinese companies to use more green technology to protect the environment together with BRI countries, and export more advanced agricultural equipment and high yield breeds to Asian and African countries.