Business / Economy

China's Belt and Road initiative will benefit participating countries

(Xinhua) Updated: 2015-12-22 10:45

PHNOM PENH - The China-proposed Belt and Road initiative will benefit all participating countries, Cambodian Deputy Prime Minister and Cabinet Minister Sok An said Monday.

The Belt and Road initiative, a reference to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was put forward by Chinese President Xi Jinping during his overseas visits in 2013.

"The initiative will benefit a large number of participating countries, including Cambodia," the deputy prime minister said at the opening ceremony of a symposium on the Belt and Road initiative.

"It will become a symbol of peace, cooperation, inclusiveness, and mutual learning and understanding for shared prosperity."

The initiative is expected to cover about 55 percent of the world's gross national product (GNP) and 70 percent of the world's population, he said.

"This grand project will certainly have global effects not only on peace, trade and economic development, but also on political stability, social progress and poverty reduction, people-to-people connectivity and cultural exchanges," Sok An said.

He added that the recently-established Asian Infrastructure Investment Bank and Silk Road Fund have demonstrated China's strong commitment and concrete steps forward to further the initiative.

Co-organized by the Chinese Embassy to Cambodia and the Royal University of Phnom Penh, the two-day symposium brought together about 200 scholars, policy makers, think-tanks, and other stakeholders.

The participants will exchange views on how the Belt and Road initiative and the Cambodia's Rectangular Strategy as well as other relevant policies can be coordinated and harmonized to achieve positive synergy.

Chinese Ambassador to Cambodia Bu Jianguo said the Belt and Road initiative has provided new opportunities for China and Cambodia to deepen cooperation.

"I believe that under the framework of the Belt and Road cooperation, China and Cambodia will walk on a way that is full of mutual respect and trust, cooperation for shared prosperity, and mutual learning for social development," the ambassador said.

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