Source: CNTV    Published: 2015-10-6

The Belt and Road Initiative isn`t a solo being played by China, but rather, a symphony by all of the countries along the route. China`s investment and trade cooperation with these countries increased In the first six months of this year.

That`s against the global backdrop of sluggish economic growth, weak demand, and sliding investment and trade. The countries are now tapping into new areas.

Ministry of Commerce statistics indicate that China’s import and export volume with countries involved in the Belt and Road Initiative hit 1.45 trillion RMB for the first quarter of this year. That accounts for one fourth of China’s foreign trade during the period. Chinese exports to those countries increased more than 10 percent and were 5.5 percent higher than exports to other countries.

Chinese exports to Bangladesh, Pakistan, Israel, Saudi Arabia and Egypt saw double-digit growth in the year`s first six months while exports to other nations grew just 0.6 percent in the same period. China stands as the largest trading partner, biggest exporting market, and major investment destination for many countries located along the routes of the Belt and Road Initiative.

China’s trade to those countries grew an average of 19% per year during the past decade and China’s direct investment increased 46% year-on-year on average. Those numbers were much higher than the figures for China and other nations during that time.

Meanwhile, the countries along the routes have also seen a wave of new trade and investment cooperation zones, through which new technologies, funds, and talented people are introduced to one another. China has invested about 200 million US dollars in a fiber glass project in the China-Egypt Suez Economic Trade Cooperation Zone.

The project was the first in Egypt and on the African continent to produce new materials. The premise of the trade zone is being expanded now with an investment of US$ 230 million. It is estimated that new companies will create more than 40,000 additional jobs for local people.

An IZP survey found that future trade growth among the countries involved in the Belt and Road Initiative will be driven by high-speed railways, nuclear power, oil and minerals, ICT and the agricultural sector. It`s estimated that in the next decade, those countries’ exports will account for one third of the world’s total.

Direct investment from China to the countries along the routes of the Belt and Road Initiative have also picked up. Fresh data from the Chinese Ministry of Commerce shows that in the first half of this year, direct investment soared 22.2% to reach 7.05 billion US dollars. China’s accumulative investments in those countries has already passed 163.4 billion US dollars. That`s about 20 percent of China’s overall foreign investment.