China signs multi-billion dollar trade agreements with Belt and Road countries.
A geoeconomic and geopolitical initiative proposed by China in 2013, the Belt and Road project aims to build trade and infrastructure networks connecting Asia with Europe and Africa along the ancient Silk Road; it comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road.
247, with Xinhua - China and countries participating in the Belt and Road Initiative signed trade agreements worth US$389,1 billion in the first four months of this year, the Ministry of Commerce said on Thursday.
The number represents a year-on-year increase of 19,2%, said ministry spokesman Gao Feng at a press conference.
China's non-financial investment in these countries increased by 17,3% compared to the same period of the previous year, reaching US$4,67 billion.
The volume of business for projects contracted abroad reached US$ 24,2 billion, a year-on-year increase of 27,7%.
Economic integration between China and the Belt and Road Initiative countries gained momentum. The Free Trade Agreement (FTA) reached between China and Georgia entered into force. China held the first round of FTA negotiations with Mauritius and the second with Pakistan. It also signed an economic and trade cooperation pact with the Eurasian Economic Union.
"The construction of important projects has progressed at a good pace, with a series of railways and infrastructure developing smoothly," Gao indicated.
By the end of April, China had established 75 economic and trade cooperation zones with Belt and Road countries, with a cumulative investment of 25,5 billion.
More than 3,8 companies have integrated into the cooperation zones, generating US$1,7 billion in tax revenue and 220 jobs.