B&R Initiative brings ASEAN into golden era of development

The Secretary of Finance of the Philippines Carlos Dominguez III said in a statement that the Belt and Road Initiative proposed by China, especially the 21st-Century Maritime Silk Road, can be integrated with the Philippines’ plans for large domestic infrastructure construction, and help the Philippines to open new markets for its products in the countries taking part in the initiative.

The Philippines currently holds the rotating presidency of the Association of Southeast Asian Nations. Carlos’ words are of importance to the friendly cooperation between China and ASEAN, as well as the construction of the Belt and Road.

President of Myanmar Htin Kyaw said in April that among the 49 countries that invest in Myanmar,China is the biggest investor and bilateral economic cooperation has deepened the friendship between the two peoples, and is conducive to creating a win-win social atmosphere.

Last year, China invested US$309 million in Myanmar, up 49.8 percent year-on-year. Chinese enterprises are working on construction projects such as ports, border economic cooperation zones and industrial parks.

Indonesian Ambassador to China Soegeng Rahardjo said the Indonesian government’s plan to construct the country into an international maritime center, improve its maritime transport infrastructure and develop a maritime economy accords well with China’s Belt and Road Initiative.

China is the world second-largest economy, the largest and most dynamic market in Asia. Indonesia is the largest economy in ASEAN. The two countries have a combined population of nearly 1.7 billion, nearly one third of the world total. Enhanced cooperation between the two countries can offer demonstrable benefits for international economic cooperation and global economic governance, he said.