The International Department of the Central Committee of the Communist Party of China has held a briefing to explain an action plan on China's proposal for a Belt and Road Initiative.The new Belt and Road plan, was jointly released by the National Development and Reform Commission and the Ministries of Foreign Affairs and Commerce.
The white paper on the Belt and Road Initiative attracted global attention when it was released in March.
Now hundreds of senior diplomats and business leaders from transnational companies have attended a briefing to get more details on China's plan to enhance regional connectivity.
Experts from the National Development and Reform Commission, China’s top economic planning body, said the plan includes a list of major infrastructure projects to be started in the coming years: from railways and roads to energy and information technology and industrial parks.
Experts said the plan lays out the details of the principles, framework, and cooperation priorities and mechanisms on jointly building the Silk Road Economic Belt and 21st-Century Maritime Silk Road.
The routes will run through Asia, Europe and Africa, connecting the vibrant East Asia economic circle at one end with the developed European economic circle.
The vision and actions will also include efforts to promote greater financial integration and use of the Chinese currency Renminbi by foreign countries, create an "Information Silk Road” linking regional information and communications technology networks, and lower barriers to cross-border trade and investment in the region. New regional institutions, such as the Asian Infrastructure Investment Bank and New Silk Road Fund, are also designed in part to support the Belt and Road’s development.
Many believe the Belt and Road Initiative will benefit countries along the routes.
The Belt and Road Initiative is aimed at promoting a more efficient allocation of resources and deeper market integration. Its connectivity projects will enable China to further expand its opening-up, and strengthen mutually beneficial cooperation with the rest of the world.