B&R Initiative sees great outcomes in 2016

China's Belt and Road Initiative saw satisfactory results in 2016, according to statistics released at a national commerce work conference in Beijing on Dec. 27.

China's trade volume with countries along the revived Silk Road route hit US$848.9 billion from January to November in 2016, accounting for over 25 percent of the country's foreign trade. Exports reached US$523.4 billion and imports US$325.5 billion,.

China made a direct investment of US$13.4 billion in the relevant countries in the same period, accounting for 8.3 percent of its total foreign investment. It has established more than 50 overseas trade cooperation zones in 20 countries along the route, with cumulative investment of more than US$18 billion, creating more than 1 billion in tax revenue and over 160,000 jobs.

The countries along the route founded 2,472 enterprises in China from January to November, up 27.3 percent year-on-year, and the amount of foreign investment actually utilized stood at US$6.3 billion. 

The construction of a high-speed railway between China and Laos has started, and preparatory work has been carried out for a railway in Turkey, and Serbia-Hungary High-speed Railway. 

During the year, China finished negotiations on upgrading the China-ASEAN Free Trade Area , as well as FTA negotiations with Georgia. 

Chinese Commerce Minister Gao Hucheng said Belt and Road projects would be speeded up in 2017 as part of a top-level design for China's opening up and economic diplomacy in the new phase. 

Song Lihong, a senior official of the Ministry of Commerce, said the ministry will build more trade promotional platforms for enterprises from the countries involved in the Belt and Road Initiative.