Achievements in China-Myanmar Economic Corridor Construction

The Central Bank of Myanmar recently issued a notice, adding the Chinese yuan and the Japanese yen as official settlement currencies. The Central Bank of Myanmar said in its notice that it has taken the step in order to promote the development of border trade, as well as further facilitate international payments and settlements. For the time being, except for authorised banks, the Central Bank of Myanmar does not allow other institutions and individuals to open yuan and yen accounts.

Signed a memorandum of understanding, initiated preparation of China-Myanmar Economic Corridor Cooperation Plan, and promoted a number of projects such as the Yangon Industrial New City... Since last year, the National Development and Reform Commission of China and the Ministry of Planning and Finance of Myanmar have worked closely with the relevant units of the two countries to solidly promote the construction of China-Myanmar Economic Corridor and achieved positive results.

Su Wei, deputy secretary-general of the National Development and Reform Commission, said at the second China-Myanmar Economic Corridor Forum held in Kunming on February 22 that China and Myanmar had jointly promoted major cooperation projects such as Yangon Industrial New City, Kyaukpyu Special Economic Zone and China-Myanmar Railway under the framework of China-Myanmar Economic Corridor and achieved important phase progress.

On the February 21st, the two sides convened the second meeting of the Corridor Joint Committee to discuss and promote practical cooperation results during the Belt and Road Forum for International Cooperation in April this year. More consensuses were reached.

Su Wei said that China is willing to make full use of its advantages in capital, technology, production capacity and market to help Myanmar’s economic development. It is willing to strengthen economic management experience and personnel training exchanges with Myanmar to jointly promote the construction of China-Myanmar Economic Corridor by providing sustainability impetus to it.

U Tun Tun Naing, Permanent Secretary of the Ministry of Planning and Finance of Myanmar, said that in October last year, China and Myanmar signed a memorandum of feasibility study on the Muse-Mandalay railway project and related work has been carried out successively. The framework of the Kyaukpyu deep-water port project signed in November marked a new stage of cooperation between the two parties. The project will play an important role in improving regional connectivity, local economic growth and enhancing China-Myanmar friendly relations.

Bordering Myanmar, southwest China’s Yunnan Province is an important player in the China-Myanmar Economic Corridor. Currently, Yunnan Province is actively cooperating with relevant parties to formulate master plans and special plans for the Corridor, and continuously strengthen infrastructure construction such as transportation.

The China-Myanmar Railway Kunming-Dali section is open for operation, and the construction of Dali-Ruili section is accelerating. Kunming opened air routes to Yangon, Naypyidaw and Mandalay. The routes between Mangshi and Mandalay were opened last month. The China-Myanmar oil and gas pipeline is being operated well. Power interconnection is realized at the border area with the Myanmar side, and the telecom network operation was successfully docked.

Achievements in China-Myanmar Economic Corridor Construction

The Central Bank of Myanmar recently issued a notice, adding the Chinese yuan and the Japanese yen as official settlement currencies. The Central Bank of Myanmar said in its notice that it has taken the step in order to promote the development of border trade, as well as further facilitate international payments and settlements. For the time being, except for authorised banks, the Central Bank of Myanmar does not allow other institutions and individuals to open yuan and yen accounts.

Signed a memorandum of understanding, initiated preparation of China-Myanmar Economic Corridor Cooperation Plan, and promoted a number of projects such as the Yangon Industrial New City... Since last year, the National Development and Reform Commission of China and the Ministry of Planning and Finance of Myanmar have worked closely with the relevant units of the two countries to solidly promote the construction of China-Myanmar Economic Corridor and achieved positive results. Su Wei, deputy secretary-general of the National Development and Reform Commission, said at the second China-Myanmar Economic Corridor Forum held in Kunming on February 22 that China and Myanmar had jointly promoted major cooperation projects such as Yangon Industrial New City, Kyaukpyu Special Economic Zone and China-Myanmar Railway under the framework of China-Myanmar Economic Corridor and achieved important phase progress. On the February 21st, the two sides convened the second meeting of the Corridor Joint Committee to discuss and promote practical cooperation results during the Belt and Road Forum for International Cooperation in April this year. More consensuses were reached. Su Wei said that China is willing to make full use of its advantages in capital, technology, production capacity and market to help Myanmars economic development. It is willing to strengthen economic management experience and personnel training exchanges with Myanmar to jointly promote the construction of China-Myanmar Economic Corridor by providing sustainability impetus to it. U Tun Tun Naing, Permanent Secretary of the Ministry of Planning and Finance of Myanmar, said that in October last year, China and Myanmar signed a memorandum of feasibility study on the Muse-Mandalay railway project and related work has been carried out successively. The framework of the Kyaukpyu deep-water port project signed in November marked a new stage of cooperation between the two parties. The project will play an important role in improving regional connectivity, local economic growth and enhancing China-Myanmar friendly relations. Bordering Myanmar, southwest Chinas Yunnan Province is an important player in the China-Myanmar Economic Corridor. Currently, Yunnan Province is actively cooperating with relevant parties to formulate master plans and special plans for the Corridor, and continuously strengthen infrastructure construction such as transportation. The China-Myanmar Railway Kunming-Dali section is open for operation, and the construction of Dali-Ruili section is accelerating. Kunming opened air routes to Yangon, Naypyidaw and Mandalay. The routes between Mangshi and Mandalay were opened last month. The China-Myanmar oil and gas pipeline is being operated well. Power interconnection is realized at the border area with the Myanmar side, and the telecom network operation was successfully docked.