BRI injects strong impetus into common prosperity for world

Source: Xinhua

From eight major steps to 458 outcomes, a series of achievements made at the just-concluded third Belt and Road Forum for International Cooperation (BRF) brought Belt and Road cooperation to a new stage of higher-quality and higher-level development.

Participants of the Belt and Road Initiative (BRI) believe that through joint efforts, the initiative is poised to deliver more tangible benefits, taking shape as a new solution to imbalanced global development and a road toward a brighter future for common prosperity.

At the high-profile forum, China announced new moves to establish pilot zones for Silk Road e-commerce cooperation, enter into free trade agreements and investment protection treaties with more countries, and remove all restrictions on foreign investment access in the manufacturing sector.

As one of the participants of Silk Road e-commerce, Liao Zhengrong, brand director of a major e-commerce platform in East Africa named Kilimall, was very excited upon hearing the news.

Founded in 2014, Kilimall has seen over 7.2 million active users every year, with an annual re-purchase rate of more than 50 percent by the end of last year.

Kilimall will pull more resources during the promotional season in November to boost sales, Liao said, who expects total sales on the platform to double and then redouble.

The third BRF also focused on bolstering the "soft connectivity" of infrastructure and building high-quality, sustainable, and resilient infrastructure.

China will speed up the high-quality development of the China-Europe Railway Express and, together with other parties, build a new logistics corridor across the Eurasian continent linked by direct railway and road transportation.

Liu Taiping, general manager of Yuxinou (Chongqing) Logistics Co., Ltd., is more optimistic about the prospect of the China-Europe Railway Express.

As the first China-Europe freight train route, the Yuxinou (Chongqing-Xinjiang-Europe) railway, has launched nearly 50 operating routes, connecting more than 100 cities in Asia and Europe.

"We will endeavor to set up more new routes and speed up efforts to diversify China-Europe freight train routes," said Liu.

Industrial cooperation is also advancing in BRI-participating countries and regions. By the end of June 2023, China had signed agreements on industrial capacity cooperation with more than 40 countries. More than 70 overseas industrial parks have been built by Chinese enterprises together with governments and enterprises in partner countries.

Located in Abu Dhabi, the China-United Arab Emirates (UAE) Industrial Capacity Cooperation Demonstration Zone, a landmark cooperation project between the two countries under the BRI, has witnessed the signing of 26 cooperation projects.

The infrastructure construction of the demonstration zone has been basically completed, said Zheng Yimin, president of Jiangsu Overseas Cooperation and Investment Company, adding that more efforts will be made to attract investment, promote the landing of major projects, and improve its environment.

During the third BRF, Trina Solar Co., Ltd., a Chinese solar panel giant, signed a memorandum of understanding on its participation in the UAE project, Zheng added.

Amid the new international situation, the world needs the BRI more than ever before, and China will continue to deepen Belt and Road cooperation with partners to jointly build an open, inclusive, interconnected world for common development.

With a global network of professional firms providing audit, tax, and advisory services, KPMG has set up offices in more than 90 percent of BRI participating countries and regions, witnessing tangible benefits the BRI has brought to the world's economic development and the better-off of local people's lives.

Official data showed that from 2013 to 2022, the cumulative value of imports and exports between China and BRI partner countries amounted to 19.1 trillion U.S. dollars, cumulative two-way investment came in at 380 billion U.S. dollars, and over 3,000 BRI cooperation projects have been launched in the past decade.

The BRI has contributed China's strength to the sound development of economic globalization, the improvement of the global governance system, and the building of a community with a shared future for mankind, said Honson To, chairman of KPMG China and the Asia-Pacific.