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Wang Yi: notable progress made on the Belt & Road Initiative


03-08-2016 16:40 BJT

Full coverage: 2016 NPC & CPPCC Sessions

Chinese Foreign Minister Wang Yi said at a press conference Tuesday that notable progress has been made in recent years on the Belt & Road Initiative, citing development in four areas.

"More than 70 countries and international organizations have expressed interest in the Belt and Road Initiative, and over 30 countries have signed agreements with China to jointly build it. Secondly, the financial architecture is basically in place. The China-proposed Asian Infrastructure Investment Bank has started operating, and the first batch of projects financed by the Silk Road Fund has been launched. Thirdly, a connectivity network has taken shape, most notably, the China-Pakistan Economic Corridor and the China-Mongolia-Russia Economic Corridor. A freight train now links China with Europe. Fourthly, all-round progress has been made in industrial capacity cooperation. China has institutionalized such cooperation with nearly 20 countries," he said.

The Belt and Road Initiative refers to the Silk Road Economic Belt that links China with Europe through central and western Asia, and the 21st-Century Maritime Silk Road that connects China with southeast Asia, Africa and Europe. The initiative was aimed at meeting the need for development and cooperation among Asian and European countries. Wang Yi said China follows the principles of wide consultation, joint contribution and shared benefit in building the initiative.

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