Business / Economy

China intensifies efforts to construct Belt and Road

(Xinhua) Updated: 2015-07-22 09:46

BEIJING - China will intensify its efforts to revive ancient trade routes this year as the country continues to develop the Belt and Road Initiative, according to a top level meeting on Tuesday.

The Belt and Road Initiative, proposed by China in 2013, is a trade and infrastructure network that includes the Silk Road Economic Belt and the 21st Century Maritime Silk Road to connect Asia, Europe and Africa.

China officially unveiled the ambitious initiative in March.

The country will push forward 6 international economic corridors and promote long-term friendly cooperation with major countries to build a community of common interests, responsibility and destiny, Chinese Vice Premier Zhang Gaoli said during the meeting.

Zhang said China will focus on jointly building a new Eurasian Land Bridge and China-Mongolia-Russia, China-Central Asia-West Asia, China-Indochina Peninsula, China-Pakistan and Bangladesh-China-India-Myanmar economic corridors.

China will also promote industrial cooperation to meet the demand of each involved country and complete key construction projects that can set examples for future work, Zhang said.

In the first half of 2015, Chinese enterprises signed construction contracts worth $37.55 billion in 60 countries along the Belt and Road, up 16.7 percent year on year, according to the Ministry of Commerce.

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