B&R countries eye production capacity cooperation with China

WUHAN — Deals for 65 production capacity cooperation projects, worth 142.7 billion yuan ($20.6 billion) in total, were signed at an international forum that concluded on Oct 20 in Central China's Hubei province.

Over 2,500 delegates from 94 countries, mainly countries participating in the Belt and Road Initiative, attended the Forum on Global Production Capacity and Business Cooperation held in Wuhan, capital of Hubei, from Oct 19 to 20.

Among the delegates, there were government officials, business leaders and entrepreneurs from abroad who looked forward to attracting Chinese investment and deepening cooperation with China in production capacity development.

Admasu Nebebe, state minister of Ethiopia's Ministry of Finance and Economic Cooperation, said at the forum that Chinese investment has "played a very important role" in the upgrading of Ethiopia's railway system and infrastructure, which has enhanced the country's international competitiveness.

He added that Ethiopia has rolled out a spate of favorable policies to attract foreign investment.

"Chinese enterprises have invested in the construction of many buildings and roads in Cambodia," said Harry Samat, vice-chairman of Cambodia’s Council for Agricultural and Rural Development. "We look forward to further expanding cooperation with China."

"Malaysia has always encouraged low-carbon development and energy conservation," said Tan Kok Wai, Malaysia's special envoy to China and head of the Malaysia-China Business Council. "Hydropower, wind power and solar power will be the highlight of Malaysia-China cooperation in the fields of new energy.”

China's total trade with countries participating in the Belt and Road Initiative over the past five years has exceeded $5 trillion, with an annual average growth rate of 1.1 percent, according to the Ministry of Commerce.

During the period, China's combined direct investment in these countries has grown by 7.2 percent annually on average. Eighty two overseas economic and trade cooperation zones have also been established in these countries, with an accumulated investment of $28.9 billion.

"With projects such as the China-Pakistan Economic Corridor and the China-Belarus industrial park, China has helped countries along the Belt and Road routes improve their infrastructure and production capacities," said Ning Jizhe, deputy head of China's National Development and Reform Commission (NDRC), at the forum.

The two-day forum was jointly hosted by the NDRC, ministries of Commerce and of Foreign Affairs, All-China Federation of Industry and Commerce, China Council for the Promotion of International Trade, and the provincial governments of Hubei, Shanxi, Anhui, Jiangxi, Henan and Hunan.