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The Belt and Road initiative promotes international cooperation on production capacity and quality products and benefits both domestic and foreign economies

     chinadaily     2017-2-23 9:45:00    

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“Most of the countries along the Belt and Road have suffered a growth slowdown due to inadequate infrastructure. China, however, has rich experience in infrastructure and solid strengths in infrastructure-related industries such as steel, cement, electrolytic aluminum, glass and shipbuilding, which lays a foundation for international cooperation on production capacity between China and other countries along the Belt and Road,” a macroeconomic researcher said in an interview with Securities Daily on February 14.


At present, China has made breakthroughs in key areas, exporting advanced equipment and quality products, especially its high-speed rail expertise. For instance, the construction of the Indonesia Yavan high-speed railway is underway utilizing Chinese technology, equipment and standards. The Sino-Laos railway has entered the implementation phase while the Sino-Thailand railway project has begun, both marking substantial progress in the interconnection of infrastructure between China and its neighboring countries. The Serbian section of the Hungary-Serbia Railway began as scheduled. Meanwhile, solid progress has also been made on the “going out” of nuclear power. For example, China Guangdong Nuclear Power and China Nuclear Power have signed deals with the British and Argentine governments respectively on nuclear projects.


Some of China’s strongest industries such as steel, nonferrous metals and construction materials are relocating their production overseas. A host of major projects including the Iron and Steel Project in Malaysia, the Indonesian Nickel Project, the Ethiopian Ceramics and Building Materials Industrial Park Project, are currently under construction and expected to boost the productivity of these countries upon completion.


Researchers believe that the international cooperation in production capacity will optimize global distribution of Chinese companies and their equipment, technology, service, and industrial standards, as well as their brands, and contribute to domestic economic structural reform.


Other researchers think that the increasing trade and investment activities from the Belt and Road Initiative will lead to new supplies through efficient demand and inject new impetus into the global economy. On the other hand, it will facilitate international cooperation on production capacity and equipment manufacturing, contributing to the “going out” strategy for China’s quality products and the adjustment of industrial and economic structures.


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