ECNS, Jan. 15th The State Council Information Office held a press conference in Beijing in the afternoon of Jan. 15th about promoting high-quality development through commerce work. Li Yongjie, deputy China international trade representative expressed that in the past year, Commerce Ministry has worked with others to deepen the economic and trade cooperation on Belt and Road, promote the development of open global economy and bring win-win results to all countries.

First, trade cooperation  continued to expand. China’s trade in goods with Belt and Road Initiative (BRI) partner countries hit 22.1 trillion yuan in 2024. Nearly 54 percent of China's imports came from BRI partner countries last year, as China’s super-large market has been providing development opportunities for nations around the world. China’s exports to BRI partner countries covered consumer goods as well as industrial equipment and components, and these exports have helped promote the industrial development of those countries.

Second, two-way investment with BRI countries has continued to expand. In the first 11 months of last year, China's non-financial direct investment in BRI countries totaled 214.66 billion yuan, and investment in China from those countries climbed to 99.87 billion yuan. China signed 36 investment cooperation agreements with BRI countries from January to November last year, mainly involving emerging fields such as the green, digital and blue economies. China also worked with Malaysia and Indonesia in “Two Countries Twin Parks” projects.

Third, specific projects were implemented and took root. In the first 11 months of 2024, China’s contracted projects in BRI partner countries saw a turnover of 826.34 billion yuan, and China organized and implemented over 700 aid projects in those countries, all of which have helped improve their development.

“This year, under the guidance of Central Economic Work Conference, we will continue to promote Belt and Road economic and trade cooperation and bring more tangible results. Our work is mainly about the following four aspects.

First is to promote international cooperation in industrial and supply chains. We will step up efforts to expand trade, investment, and industrial cooperation with BRI countries, further leverage the role of overseas economic and trade cooperation zones, “Two Countries Twin Parks” and other platforms, continue to host major exhibitions such as the China International Import Expo and regional exhibitions such as the China-ASEAN Expo, and take concrete actions to promote further development of two-way trade and investment.

Second is to deepen cooperation in projects that will bring tangible benefits. More efforts will be done to promote the development of both flagship projects and “small yet smart” projects. We will improve the quality and efficiency of outsourced projects, work with BRI countries to promote the construction and operation of key infrastructure projects, and enhance the multidimensional Belt and Road connectivity network. At the same time, we will also turn more “small yet smart” projects into reality, improving the livelihood of these countries.

Third is to expand cooperation in emerging fields. We will continue to strengthen practical cooperation with BRI countries in digital economy, clean energy, green minerals and other fields, and will also deepen international cooperation on “Silk Road E-commerce” to help these countries achieve green development and digital transformation. 

Fourth is to improve the mechanism of economic and trade cooperation. We will sign free trade agreements and treaties concerning the reciprocal protection of  investment with more BRI countries, as well as cooperation documents in digital, green development and other fields. We will leverage mechanisms such as the bilateral economic and trade joint committee, trade facilitation working group, and investment cooperation working group to strengthen communication, docking and exchanges with BRI countries, creating new highlights and new achievements.