China, Belt and Road countries enjoy closer trade ties

Beijing: Economic and trade ties between China and countries along Belt and Road have grown significantly over the past decade, a Chinese commerce official said.

China’s trade in goods with Belt and Road countries doubled from 1.04 trillion U.S. dollars in 2013 to 2.07 trillion U.S. dollars in 2022, with an average annual growth rate of 8 per cent, Chen Chunjiang, Assistant Minister of Commerce, said at a press conference.

Two-way investment between China and Belt and Road countries exceeded 270 billion U.S. dollars during the period, Chen said.

By the end of 2022, Chinese enterprises had invested 57.13 billion U.S. dollars in economic and trade cooperation zones in countries along the Belt and Road, creating 421,000 jobs for residents, he said.

Proposed by China in 2013, the Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road.