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Economy of BRI’s countries including Pakistan gets boost with enhanced Chinese investment: Su Wei

China’s outbound investment has boosted the economic development of countries and regions along the Belt and Road Initiative(BRI) and brought tangible benefits for local peoples, said Su Wei, Deputy Secretary General of China’s National Development and Reform Commission(NDRC).

Su made the remark at the opening ceremony of 11th China Overseas Investment Fair (COIFAIR) here, reports Gwadar Pro net.

The two-day fair themed “Collaborating on High Quality Construction for Prosperous Belt and Road Development” has attracted 2,800 participants from around 110 countries and regions.

In his keynote speech, Su said China’s investment has brought capital and technologies to the destinations countries, boosted the industries’ development and created job opportunities, which has increasingly become an important force to promote the two sides’ mutually-beneficial development.

China’s non-financial outbound direct investment (ODI) in 56 countries participating in BRI had amounted to $11.46 billion in January-October this year, according to China’s Ministry of Commerce.

The investment destination countries included Singapore, Laos, Vietnam, Indonesia, Pakistan, Thailand, United Arab Emirates, Malaysia, Cambodia, Kazakhstan and Pakistan.At the same time, Chinese enterprises have newly signed 5,494 projects contracts with 61 countries along BRI, with a total value of $112.17 billion.

Su said, Chinese enterprises’ direct investment in countries along BRI had reached about $98.6 billion from 2013 to 2018. China’s foreign direct investment stocks stood at $1.98 trillion by the end of 2018. Chinese enterprises had created job opportunities for 1.87 million foreign workers at the end of 2018, which made tangible sense of gain for peoples along BRI.

Chinese enterprises’ “Going abroad” backed by joint construction of BRI

Su pointed out that Chinese enterprises’ “Going abroad” was backed by the joint construction of BRI.

As of the end of October 2019, China had signed 198 cooperation agreements about Belt and Road Initiative with 137 countries and 30 international organizations, according to Su.

During 2013-2018, the goods trade between China and countries along the Belt and Road Initiative(BRI) stood at 6.5 trillion US dollars. The value of import and export between China and countries along BRI had reached about $950 billion, up 9.5 percent year on year.

The second China International Import Expo (CIIE) made fruitful yields, with intended deals for one-year purchases of goods and services topping $71.13 billion, rising 23 percent as compared to last year.

China has established bilateral currency swap agreements with over 20 countries along BRI and RMB clearing service with seven countries. In addition, China has published a debt-sustainability analysis framework for the BRI’s participating economies.

China and eight multilateral development institutions including the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank have established a multilateral development financing cooperation center.

China and International Monetary Fund(IMF) have jointly built a China-IMF Capacity Development Center to provide personnel training, support institution building and boost communication for countries along the Belt and Road.

In terms of people-to-people exchanges, China has launched the Chinese Government Scholarship program. China also has hosted many culture and people-to-people activities, like art festivals, film festivals and cultural relic shows.

The 11th COIFAIR was approved by China’s National Development and Reform Commission (NDRC) and hosted by China Overseas Development Association.

COIFAIR, launched in 2009, is the foremost platform for Chinese enterprises to go abroad, a portal for foreign entities to attract Chinese investments, as well as a professional platform for all participants to develop bilateral and multilateral investment cooperation.

Each year, COIFAIR could attract participants from over 100 countries and regions.

Source: Daily Times

Dated on: 30/11/2019

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Pakistan, Africa could take benefit of BRI: Abdul Razak Dawood

Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood said on Thursday that Pakistan and African countries could take benefit of Belt and Road Initiative (BRI), ARY News reported.

Abdul Razak Dawood, while addressing Envoys’ Conference entitled ‘Engage Africa’ in Islamabad, said that Pakistan could export rice, engineering, foods, electronic equipment, pharmaceutical products, sports items, surgical instruments and cutlery to African states.

He detailed that the effective policies envisage by the federal government will double trade volume between Pakistan and Africa within the next six years. Abdul Razak Dawood added that the current trade volume stands at $4.28 billion in a year.

The adviser announced that the next Africa conference will be held in Nairobi, the capital of Kenya, between January 30-31 next year. He said that the upcoming conference would be first of its kind under the Africa policy which will gather stakeholders and promote trade.

Algeria, Egypt, Ethiopia, Senegal, Sudan and Tanzania will also witness enhancement of trade activities through the conference, he added.

On Wednesday, Foreign Minister Shah Mehmood Qureshi on Wednesday said that Pakistan has political ties with African countries and also increasing its military cooperation with the states, ARY News reported.

Shah Mehmood Qureshi made the statement while addressing the inauguration ceremony of a two-day conference for envoys from the African countries in Islamabad today.

The foreign minister said that Africa will be proved as South Asia in future in term of development. Pakistan and the region are facing different challenges including security. He added that Gross Domestic Product (GDP) of Africa is currently standing at more than $2 trillion and the growth rate of the states are consistently rising.

Qureshi said, “Pakistan has political ties with African countries and its security officials playing a key role in peace establishment in the continent. Pakistan is increasing its military cooperation with the states, whereas, more than 700 diplomatic officials are being trained in Islamabad.”

Source: ARY  News

Dated on: 28/11/2019

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PSX signs agreement with Shenzhen Stock Exchange to upgrade trading system

Pakistan Stock Exchange (PSX) and Shenzhen Stock Exchange (SZSE) on Tuesday signed an agreement to upgrade trading and surveillance systems at a ceremony held in Shenzhen, a major city in the Chinese province of Guangdong.

 General Manager of Shenzhen Stock Exchange Wang Jianjun, Chairman of Pakistan Stock Exchange Ltd. Sulaiman S. Mehdi and General Manager of China Financial Futures Exchange Huo Ruirong attended the signing ceremony, according to China Economic Net (CEN).

It is an exciting practice in respect to the Belt and Road Initiative and China-Pakistan Economic Corridor (CPEC).

As a breakthrough in technological cooperation between emerging markets, it marks the first instance of the Chinese securities technology system going global, a victory won by SZSE in the fierce international competition with global top suppliers.

According to the agreement, SZSE, based on its latest independently-developed trading and surveillance system and the actual development of Pakistan’s capital market will upgrade the existing PSX trading system and build a market surveillance system for PSX.

The new system will significantly improve PSX’s safe operation capacity, market operation efficiency, and risk control, further enhance the competitiveness and influence of PSX in the region and lay a more solid foundation for the development and expansion of Pakistan’s capital market.

Source: Daily Times 

Dated on: 28/11/2019

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BRI emerges as most effective instrument of globalism, int’l development cooperation: Pakistani FM

Pakistani Foreign Minister Shah Mahmood Qureshi speaks during a seminar, the International Conference on Belt and Road Initiative in the Changing Regional Dynamics, held by the think tank Institute of Strategic Studies Islamabad in Islamabad, Pakistan, Nov. 20, 2019. Qureshi said Wednesday that China-proposed Belt and Road Initiative (BRI) has emerged as the single most effective instrument of globalism and international development cooperation in the world. During the two-day conference from Wednesday to Thursday, scholars and experts from China and Pakistan will discuss the future trajectory of China-Pakistan relations, China-Pakistan Economic Corridor and changing regional dynamics. (Xinhua/Li Hao)

Pakistani Foreign Minister Shah Mahmood Qureshi said Wednesday that China-proposed Belt and Road Initiative (BRI) has emerged as the single most effective instrument of globalism and international development cooperation in the world.

The BRI’s true potential lies in having created an awareness that the world would be better off by enabling each other to attain economic growth and development, he said.

Inaugurating a seminar, the International Conference on Belt and Road Initiative in the Changing Regional Dynamics, held by the think tank Institute of Strategic Studies Islamabad, here, Qureshi said that no other global initiative except the BRI can boast of involving more than 4 billion people living in the Asian, European and African regions, and bringing hope of shared prosperity, especially to the countries that are still struggling with their economies.

Sharing a study by the World Bank about the potential of the initiative after its completion, with the audience of the conference, the Pakistani foreign minister said that the BRI transport projects alone could reduce travel time along economic corridors by 12 percent, increase trade by up to 9.7 percent, income by up to 3.4 percent, thus lifting millions of people from extreme poverty.

“The BRI has a central role to play in converting this region into one rich in opportunities for economic growth and development. Who would appreciate this more than Pakistan, which is hosting a flagship arm of the BRI, called China-Pakistan Economic Corridor (CPEC),” Qureshi said.

Talking about his government’s resolve to complete CPEC projects on priority basis, Qureshi said that a CPEC authority has been established to accelerate the on-going projects, while many energy and infrastructure projects of CPEC are already injecting dynamism into the process of Pakistan’s economic development after their completion.

After completion of the first phase of CPEC, which mainly focused on infrastructure and electricity projects, Pakistan is now gearing up for the second phase of the multibillion-dollar project. Qureshi noted that the second phase will mainly focus on industrialization and socio-economic development for which nine special economic zones will be set up to focus on rapid industrialization.

Talking about Pakistan-China relations, the foreign minister said that all-weather strategic cooperative partnership with China occupies an important place in Pakistan’s foreign policy priorities, adding that his country extends its full support to the BRI which it believes is an effective implementation mechanism for creating a more balanced, multipolar, inclusive, and multilateral architecture for the region and the rest of the world.

The BRI would link the nations of Eurasia like never before, he said.

Noting that the BRI, CPEC, and other such connectivity initiatives are being recognized as potent voices for globalism, Qureshi said that at the time when multilateralism is coming under duress, the BRI philosophy tells us that globalism is still relevant and the best hope for humanity.

During the two-day conference from Wednesday to Thursday, scholars and experts from China and Pakistan will discuss the future trajectory of China-Pakistan relations, CPEC and changing regional dynamics.

Source: The Belt and Road News Network

Dated on: 26/11/2019

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BRI ideal platform to tackle emerging int’l, regional challenges: experts

An international conference of think tanks here on Thursday said that the China-proposed Belt and Road Initiative (BRI) is an ideal platform to tackle emerging international and regional challenges, adding that a broader approach is much better than an individual approach for the world.

Different think tanks from China and Pakistan participated in the two-day international conference on Belt and Road Initiative in the Changing Regional Dynamics hosted by the China-Pakistan Study Center of the Institute of Strategic Studies Islamabad (ISSI).

On the occasion, professor of Global Politics and International Relations at the International Islamic University Islamabad Muhammad Khan said that BRI is solving economic as well as strategic and security issues by providing connectivity because it is the best recipe for the attainment of a win-win situation.

“The BRI is connecting the world, linking the poor with the rich and is acting as a ladder in world development. Major stakes of South Asia and Central Asia have been naturally connected with the BRI because it is creating plenty of opportunities for poor people and developing countries,” said Khan.

ISSI Director-General Aizaz Ahmad Chaudhry told the seminar that China is playing a vital role in maintaining peace and stability amid the changing regional dynamics in South Asia and the cooperation under the BRI is appearing crucial to handle the changing regional security dynamics.

“The BRI has become very crucial in the region (South Asia) which has economic vitality, substantial infrastructure deficit and strategic location. China has already expanded its cooperation with smaller countries, which has already left positive impacts on regional trade, cross-border investment and development,” said the director-general.

Wang Shida, an expert from the Beijing-based China Institute of Contemporary International Relations, said that South Asia is facing several challenges with obvious uncertainties due to security issues and political conflicts, but those can be sorted out if stakeholders come at one platform like the BRI and share their interests for win-win cooperation.

Wang highlighted the importance of the China-Pakistan relations and cooperation under the BRI and termed the relations between the two sides as a cornerstone for promoting stability in South Asia.

During the event, the China-Pakistan Study Center announced to make the dialogue between both sides’ think tanks regularly so as to bring outcomes in the form of concrete suggestions and recommendations for policymakers and stakeholders for the bilateral relations and cooperation.

Source: The Belt and Road News Network

Dated on: 26/11/2019

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China’s Governance System offers Wisdom to the World

In just decades, China has leapt to the world’s second largest economy with long-term social stability, a manifestation of the effectiveness and success of the country’s governance system.

In the economic field and beyond, China’s unique governance system has shown strong vitality and huge strength. China can continuously improve itself and also learn from others and is attracting more people from the international community to analyse its global significance.

A forum held in eastern China’s Zhejiang Province offers an opportunity for foreign experts to communicate with their Chinese counterparts as they observed grassroots reality to gain better understanding of China’s governance system. Many are deeply impressed with China’s coordinated development of economy, society and environment as well as the improved administrative efficiency.

The effective and successful governance system has global significance in terms of institutional designs and governance experience. The world’s largest developing country can truly offer wisdom to the governance of the world in many aspects, ranging from politics, economy and culture to science, education, public health, environment and poverty reduction.

China did not copy the Western governance system, but established its own based on its national conditions. Each country has the right to choose its own political system and development path. The Western path is not the only answer. Many developing countries with similar backgrounds as China can draw on the experience in their pursuit of prosperity.

The ruling Communist Party of China (CPC) has achieved huge success in listening to the voice of the people, cracking down on corruption and building governance capacity. Building itself into a clean and efficient party, it can offer experience for counterparts in many other countries plagued by political chaos and deepening social divide.

At the end of October, the fourth plenary session of the 19th CPC Central Committee reviewed and adopted the CPC Central Committee’s decision on some major issues concerning how to uphold and improve the system of socialism with Chinese characteristics and advance the modernisation of China’s system and capacity for governance.

Worldwide, China is a positive force for the global economy. The world is now beset with a rising wave of anti-globalisation and trade protectionism, adding uncertainty and risk to the global economy. China, now the world’s largest growth engine, has been a staunch supporter of globalisation and multilateral trade system.

Faced with complicated overseas and domestic risks and challenges, China has been sticking to its fundamental national policy of reform and opening-up, liberalising and facilitating trade and investment to promote an open world economy.

The efforts not only help meet the country’s economic and social development goals and realise the great rejuvenation of the Chinese nation but are also conducive to global growth and the international multilateral system.

The country is committed to improving global governance, bridging the gap between the developed and developing countries and promoting a more fair and reasonable international order.

The Belt & Road Initiative, an innovation endeavour proposed by China for global governance, has attracted widespread participation. Now a major cooperation platform in the world, it can help boost connectivity and promote common prosperity of the countries participating in the Belt & Road Initiative.

In a fast-changing world, China is ready to share with other countries its experience and work together for common development and a shared future.

Source: Belt and Road News

Dated on: 22/11/2019

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China-Greece BRI cooperation serves as model for EU countries

China-Greece collaboration under the Belt and Road Initiative (BRI) proposed by Chinese President Xi Jinping six years ago is a model for mutually beneficial cooperation between China and the European Union (EU) countries, officials, scholars and businessmen have said.

The attendees at a conference on bilateral relations and the BRI organized at Aikaterini Laskaridis Foundation in Piraeus Port at the weekend praised China-Greece cooperation so far in infrastructure, shipping, finance, trade, tourism, energy, education, culture and other fields.

“The BRI is a major historic opportunity for common development. China-Greece teaming in the BRI context is a model for EU countries conducting mutually beneficial cooperation,” said Xie Fuzhan, president of the Chinese Academy of Social Sciences.

Greece is among the first EU countries to sign an intergovernmental cooperation document with China to jointly advance BRI cooperation.

In April this year, Greece joined the cooperation mechanism of China and Central and Eastern European Countries as a full member, creating new opportunities for the development of the mechanism as well as for China-EU relations and China-EU connectivity.

The successful regional cooperation has been giving impetus to the prospects of the BRI in Europe, participants at the conference said.

Through Chinese investment, Greece’s Piraeus Port, a flagship project in bilateral BRI collaboration, has been transformed into one of the leading container ports in the Mediterranean. It becomes a key transport corridor linking the port to central Europe.

The turnover of the port amounted to 70.6 million euros (around 77.8 million U.S. dollars) in the first half of 2019, up 11.2 percent year-on-year.

“Piraeus Port is one of the first major projects … BRI is a work in progress. More must be done, but the results are measurable and are quite positive,” Thanos Dokos, deputy national security advisor, told the conference, underlining Greece’s willingness to further strengthen cooperation with China.

Greece can be a complementary bridge between the EU and China, the Greek official said, stressing the need to build confidence and reassure that the final outcome will be a win-win situation for all.

There is so much that can be achieved in the future, starting from shipping and tourism to culture, Dokos talked about the prospects of China-Greece cooperation under the BRI.

“Today with the deepening of globalization, the BRI, rooted in the spirit of the ancient Silk Road, is giving impetus for cooperation between the two countries of different scales, different systems and different cultures,” said Stella Kostopoulou, associate professor at School of Economics at the Aristotle University of Thessaloniki.

The potential to see more Chinese tourists to Greece in coming years and more understanding and cooperation via people-to-people exchanges, is most promising, said Kostopoulou, who is also president of the European Interdisciplinary Silk Road Tourism Center.

“For China, Greece, a member of the EU, has a strategic position as a gateway to Europe and the broader region and a transport hub on the Maritime Silk Road. Therefore, Greece can now acclaim also the role of the Chinese tourist hub, the tourist gateway to the rest of Europe,” Kostopoulou added.

In an article published on Greek newspaper Kathimerini (The Daily), former Greek Prime Minister George Papandreou, also referred to bilateral cooperation under the BRI and the new horizons of opening up.

The major challenges of the era of globalization demand international cooperation, he noted.

“Collaboration in the BRI context has great prospects,” the former prime minister said, saying that “China COSCO Shipping’s investment in Piraeus Port has been recorded as one of the most successful examples of this initiative.”

Source: Xinhua

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China signs nearly 200 deals for BRI Projects & Eyes Further Expansion

China signs nearly 200 deals for Silk Road Projects & eyes further expansion China’s trillion dollar Belt & Road Initiative (BRI), also known as “One Belt, One Road,” which has already attracted nearly 170 participants, Chinese President Xi Jinping has announced, vowing to further develop the project.

“To date, China has signed 197 documents on Belt & Road Cooperation with 137 countries and 30 international organisations,” he said in the opening speech at the China International Import Expo in Shanghai on Tuesday.

The development of the initiative, which is aimed at boosting trade connections across the world and linking China with other countries, is a central part of plans to open up the Chinese market, according to President Xi.

Other proposed measures include boosting investment and imports, lowering tariffs, developing free-trade zones, improving business environment as well as deepening bilateral and multilateral cooperation.

“Standing at a new historical starting point, China will open its door only wider to the world,” President Xi stated, calling for other countries to “stand firm against protectionism and unilateralism.”

The ambitious BRI, launched in September 2013 by President Xi, could cost Beijing up to $1.3 trillion by 2027, according to Morgan Stanley’s estimates.

China’s cumulative investment in the BRI Countries has already surpassed $100 billion, with the value of the construction projects exceeding $720 billion, Vice Minister of Commerce Qian Keming said in September.

Source: The Belt and Road News 

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Canton Fair ends with total Export of $29.2 Billion

The 126th China Import and Export Fair concluded in Guangzhou City of South China’s, also known as the Canton Fair in Guangdong Province, reporting a total export turnover of 29.29 billion U.S. dollars.

The fair saw the export transaction with Countries & Regions along the Belt & Road (B&R) reached 11.06 billion U.S. dollars, accounting for 37.75 percent of the total export trade, up 14.81 percent from the last fair.

The fair attracted 186,015 buyers from 214 Countries & Regions, of which 74,722 were new customers for the fair, accounting for 40.17 percent of the total participants, and buyers from Belt & Road Countries and regions made up 45.93 percent of the total number of buyers, an increase of 1.37 percentage points over the last fair.

More than 100 world’s top 250 retail enterprises, with five ones of the top 10, participated in the fair

The export turnover of private enterprises reached 22.16 billion U.S. dollars, accounting for 75.67 percent of the total turnover, up 0.28 percent from the last fair. And the turnover of machinery and electronic products accounted for 54.43 percent of the total turnover, ranking first.

Brand exhibition area which accounted for 20 percent of the total booth area gained a good turnover, accounting for 31.57 percent of the total turnover.

In recent years, the Canton Fair has become an important platform to promote trade between China and the countries and regions taking part in the Belt & Road Initiative, according to Xu Bing, spokesperson for the fair.

The China Import and Export Fair, held every spring and autumn in Guangzhou, capital of southern China’s Guangdong Province, is widely seen as a barometer of China’s Foreign Trade.

Source: Belt and Road News

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Belt & Road Initiative to bring Qatar & Mideast closer to the World

The mega ambitious Belt & Road Initiative (BRI), which is being implemented by China and a Host of Partner Countries around the world, will bring “more of the Middle East to the world and more of the world to the Middle East”.

The Belt & Road Initiative, also known as the Silk Road Economic Belt or the 21st Maritime Silk Road, will create multiple opportunities for business, trade and investment almost all over the world, including Qatar, said a Senior Official of Qatar Free Zones Authority (QFZA) at an event yesterday.

Lim Meng Hui, Chief Executive Officer (CEO) Qatar Free Zones Authority’s (QFZA) in his opening address at the Silk Road Exhibition & One Belt One Road Conference, organised by the Doha based Dar Al Sharq Group, noted that the BRI is a global development strategy adopted by the Chinese Government involving infrastructure development and investments in 152 Countries & International Organisations across the globe.

Hui said that this Initiative is “a bid to enhance regional connectivity and embrace a brighter future”. It advocates international economic cooperation leveraging the comparative strengths of all countries, serving the development needs of the participating countries, and building a more balanced and inclusive global industrial chain. It aims to create new trade corridors.

“These new trade corridors create multiple opportunities for businesses, industries and consumers, to expand their global footprint and be able to access more of the global trade market. For Qatar and its investors, it brings more of the Middle East to the world and more of the world to the Middle East,” Hui noted.

Speaking about the QFZA and the opportunities, he said that it has it is holding QR3.64 bn ($1bn) fund to promote investment and economic growth in the in the Country.  The QFZA, according to recent reports, has already approved investment applications from major international and local companies valued at more than QR1bn by the end of August this year.

“QFZA is a regulator, zones developer, holding at the same time a $1bn fund to promote investment and economic growth. We have nearly 40 square kilometres of well-planned Zones,” Hui said highlighting the importance of Qatar’s Investments in One Belt, One Road Initiative.

He added: “Our direct role is to attract investments and long-term partners to Qatar, especially in three major sectors: logistics, chemicals and emerging technologies.” He further said that these sectors are chosen to capitalise on Qatar’s vast natural gas reserves; world-class infrastructure, high internet and IT penetration to make Qatar an excellent hub for tech operations, across automotive, marine, aviation, pharmaceuticals, and chemical industries.

Qatar and China’s economic relationship which is already on a very strong footing is slated to grow. QFZA has positioned itself to be one of Qatar’s catalysts in this growth under BRI. It opens up the doors for the potential investors in both Qatar and China.

For Chinese companies, Qatar offers a relatively secure and stable investment partner.  It helps with improved access to Qatar’s high value consumer base and provides them with a strategic presence in the GCC and broader MENA Region – a business hub from where they can easily reach 60 percent of the world population.

“I am happy to share with you that in 2019, abided by the Belt & Road Initiative, QFZA has signed four MoUs separately with China Council for the Promotion of International Trade (CCPIT), Xiamen Free Trade Zone, Shenzhen Cross Border E-Commerce Association and China Harbour Group.

Currently, China Harbour is implementing a clean energy bus assembly plant in QFZ, and also the project of ship to shore cranes, opening up doors to immense opportunities,” Hui added. In his concluding remarks, he thanked the organisers of Silk Road Exhibition & Conference;

“I urge the participants, especially the potential investors to seriously evaluate, consider and avail themselves of the golden opportunity that Qatar and China offer under the Belt & Road Initiative,” he said.

Source: Belt and Road News

Dated on: 5/11/2019

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