OBOR: China starts reaping economic benefits of "One Belt One Road" initiative
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KARACHI: (APP) China has started reaping economic benefits, though the world has been mired in sluggish economic growth, countries along the Belt and Road Initiative is bucking the trend.
China's exports to Pakistan, Russia, Poland, Bangladesh and India have increased by 14.9-percent, 14-percent, 11.7-percent, 9.6-percent and 7.8 percent respectively, compared to last year's numbers. China also continues to import more bulk commodities including iron ore, crude oil, coals and coppers from Belt and Road countries.
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According to a report Wednesday by China's National Bureau of Statistics and published Thursday by Xinhua news agency, despite a slight decline of trade volume overall, China's imports and exports with the Belt and Road countries have impressively increased over the last three quarters of 2016.
The Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st-Century Maritime Silk Road initiative proposed by Chinese President Xi Jinping in 2013. The initiative brings together countries in Asia, Europe and Africa via overland and maritime networks.
Trade between China and the Belt and Road countries exceeded 600 billion US dollars, 26 percent of China's total foreign trade volume, during the first eight months of 2016, said Fang Aiqin, deputy head of China's Ministry of Commerce.
Investment and financing is another cornerstone of the Belt and Road plans.
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From January to August, China invested nearly 10 billion US dollars in countries along the Belt and Road through financial institutions including the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund, according to the ministry.
Under these measures, Pakistan has witnessed a boom in infrastructure construction.
The China-Pakistan economic corridor is regarded as the first chapter of the Belt and Road symphony. With the economic corridor at the center and the Gwadar Port, transport infrastructure, energy and industrial cooperation being another four key areas, a "1+4" cooperation structure is gradually taking shape.
Pakistani Prime Minister Nawaz Sharif has said that the China-Pakistan economic corridor is a boon to the whole region and it will bring tangible benefits to the 3 billion people of China, Central Asia, South Asia and the Middle East.
Many Belt and Road countries have also witnessed an increase in employment and decrease in poverty.
The initiative acknowledges people's hopes for a better life and champions the diversity of values in the world, said Onuaiju, director at the China center in Abuja.
Without any doubt, it will also promote world peace, stability and prosperity.
