Hong Kong Bauhinia Magazine:

Chinese President Xi Jinping announced eight actions to promote the high-quality development of the Belt and Road Initiative at the third Belt and Road Forum for International Cooperation (BRF). May I ask what new considerations and measures the MOFCOM has in place to implement and deepen mutually beneficial cooperation with Belt and Road partner countries? Thank you.

Guo Tingting:

Thank you for your question. In last October, the third BRF was successfully held in Beijing. Chinese President Xi Jinping delivered an important speech and announced eight actions to promote the high-quality development of the Belt and Road Initiative. This has set the direction and provided fundamental guidance for the next "golden decade" of Belt and Road cooperation.

Over the past year, the MOFCOM, in collaboration with relevant parties, has made substantial efforts to promote new progress and achievements in Belt and Road economic and trade cooperation. This can be summarized in three main aspects:

First, the scale has steadily expanded. In 2023, the total merchandise trade volume between China and Belt and Road partner countries reached 19.5 trillion yuan, up 2.8%. This accounted for 46.6% of China's total foreign trade, an increase of 1.2 percentage points. Our non-financial direct investment in Belt and Road partner countries amounted to 224.09 billion yuan, growing by 28.4%. The turnover of contracted projects reached 930.5 billion yuan, showing a 9.8% increase.

Second, the quality has continuously improved. The turnover of contracted projects in energy conservation and environmental protection sectors has increased by 28.3% among BRI partner countries. A batch of signature projects and small-scale yet impactful programs have been successfully promoted, with the implementation of nearly 700 various assistance projects among these countries.

Third, cooperation has become more tight-knit. During the third BRF, we successfully held the thematic forum on trade connectivity, and launched the Initiative on International Trade and Economic Cooperation Framework for Digital Economy and Green Development alongside more than 30 countries. Twenty-three memorandums of investment and cooperation in green, digital and marine sectors were signed last year. So far, we have set up trade connectivity working groups with 22 BRI partner countries and working groups on investment and cooperation with 55 BRI partner countries, and signed MoUs on e-commerce cooperation with 30 countries.

In the next steps, we will fully implement the guiding principles of President Xi Jinping's speeches and focus on carrying out eight major steps, adding more substance to BRI economic and trade cooperation. Next, we will deepen our work in four aspects.

First is to deepen trade and investment cooperation. In trade, we will actively expand the import of quality goods from BRI partner countries, enhancing the balanced development of trade. We will expand trade in services in a positive manner and better leverage the trade corridors such as the China-Europe Railway Express and the New International Land-Sea Trade Corridor. In investment, as Mr. Wang Wentao introduced earlier how to deliver a satisfactory performance in the work related to foreign investment, we will provide environment and services with higher quality for investment from BRI partner countries, sharing China's development opportunities with BRI partner countries. At the same time, we will encourage enterprises to develop new ways for outbound investments, including expanding the tri-party and multiparty market cooperation and improving and upgrading overseas economic and trade cooperation zones.

Second is to promote the construction of cooperation projects. We will promote both signature projects and "small-scale yet impactful" livelihood programs. We will enhance communication with BRI partner countries, and advance joint infrastructure projects in fields such as energy, transportation, and communication, building a multidimensional Belt and Road connectivity network. Additionally, we will focus on health, education, environment protection, and poverty reduction, and promote the completion of more projects benefiting local people, boosting the economic and social development of BRI partner countries.

Third is to explore new areas of cooperation. In green development, for example, we will continuously make ‘green' a defining feature of the Belt and Road Initiative, sign memorandums of investment cooperation on green development with more countries, and encourage enterprises to carry out further practical cooperation in fields such as green infrastructure, green energy, and green transportation. In the digital field, we will expand e-commerce cooperation with BRI partner countries, accelerate the construction of pilot zones for Silk Road e-commerce cooperation, and ensure the success of the third Global Digital Trade Expo .

Fourth is to deepen the implementation of cooperation achievements. We will strive to implement the outcomes of the third BRF and carry out and promote the Initiative on International Trade and Economic Cooperation Framework for Digital Economy and Green Development . We will advance the construction of the pioneering zone for in-depth China-Africa trade and economic cooperation and build joint demonstration zones for innovative development of economy and trade with ASEAN countries. Furthermore, we will enter into or upgrade free trade agreements and investment protection treaties with more BRI partner countries, providing strengthened institutional safeguards for high-quality Belt and Road cooperation.

Thank you.