China's Belt and Road Initiative could better foster economic integration: Chinese official

Updated 2017-10-15 11:01:53 Xinhua

As an open and inclusive platform, China's Belt and Road Initiative could help deepen international cooperation in development and faster economic integration in the region, a Chinese official said here during the International Monetary Fund (IMF)/World Bank annual meetings.

"There are many profound changes under development now in the world. Interests of all countries are increasingly conversed. We are also facing problems in global development and economic globalization," said Shi Yaobin, vice minister of China' s Ministry of Finance.

Shi told Xinhua in an interview that this required international communities to strengthen cooperation, because a country alone cannot solve these problems. "This is why China proposed the Belt and Road Initiative (BRI)," said Shi.

The BRI is an open and inclusive platform, and cooperation is one of the best ways to deliver fruits under the initiative, according to the official.

The initiative is to promote infrastructure investment, facilitate trade and investment, and coordinate development strategies in the region, said Shi.

According to early estimate of the World Bank, the development of BRI will likely influence the foreign direct investment activity in developing East Asia and Pacific region, because the initiative involves more than 60 countries and a combined inward FDI stock of around 6 trillion U.S. dollars.

The World Bank estimates also showed that trade in the BRI region would increase 13 percent at most, because the BRI will likely foster infrastructure connectivity in the region and reduce trade time by 26 percent on average.

When talking about cooperation with the World Bank, Shi said that World Bank has been a strong supporter for the BRI, because the initiative has overlaps with its development business in the region.

According to Shi, World Bank's support sets an example for other multilateral development banks (MDBs) in view of its leading role in the area.

The cooperation with the World Bank could mobilize participation of more MDBs, private sectors and other funding sources, and create all-win solutions, said Shi.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 18 2018 01:51:32

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 18 2018 01:51:32

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 18 2018 01:51:32

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords