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POST TIME: 14 October, 2016 00:00 00 AM
Initiative helping nations in development paces
China Daily

Initiative helping nations in development paces

Advanced 4G technology could provide users with easier access to modern communication networks. High-speed railway technology could drastically reduce travel time be-tween cities. More direct flights from China can help to increase the number of big-spending Chinese tourists.

A lot of progress has been made since China launched the Belt and Road Initiative three years ago with the aim of boosting trade and infra-structure through better connectivity among countries across Asia, Europe and Africa. As Liu Qibao, a senior publicity official, said at a seminar in Xi’an, Northwest China’s Shaanxi province, the outcomes have been better than expected.

The initiative, comprising the Silk Road Economic Belt and the 21 Century Maritime Silk Road, has received resounding support from countries along the routes. By the end of June, more than 40 countries and international organizations had signed inter-governmental coopera-tive agreements or memorandums of understanding with China on Belt and Road projects. Tremendous economic benefits to be reaped by countries along the routes serve as the main in-centive behind their enthusiasm.

China has for years been the strongest engine of global econom-ic growth, contributing more than a quarter to global growth in 2015. Em-bracing the Belt and Road Initiative means sharing the benefits of China’s miraculous economic rise over the past decades.

It is estimated that about half of the world’s population will benefit from the Belt and Road Initiative in the years to come. Yet it is not a one-way relationship, as China, too, is poised to benefit from it.

With the launching of the Belt and Road Initiative, Chinese enterprises have accelerated their “going glob-al” pace. In the first eight months of 2015, Chinese investments in the 49 countries along the routes increased by nearly 50 percent year-on-year, with nearly 80 percent of them yield-ing profits. This makes the initiative a win-win for all.

China has never sought to expand its influence overseas, ideologically or militarily. All it wants is to help coun-tries solve their development prob-lems. The initial success of the initia-tive suggests it is on the right track.