Abu dhabi: China has witnessed significant growth in trade and investment with nations involved in the Belt and Road initiative over recent years, Vice Commerce Minister Li Chenggang announced during a press conference on Friday.
According to Emirates News Agency, the trade volume between China and participating countries surged from US$2.7 trillion in 2021 to US$3.1 trillion last year, reflecting an average annual growth rate of 4.7 percent. This trade volume represented 50.7 percent of China's total foreign trade in 2024, marking an increase from 45.3 percent in 2021.
From 2021 through the first half of the current year, two-way investment between China and Belt and Road countries amounted to over 240 billion U.S. dollars. This includes more than 160 billion U.S. dollars directed towards Belt and Road countries and over 80 billion dollars invested into China.
Li highlighted that Belt and Road cooperation projects have progressed steadily, strengthening infrastructure connectivity, enhancing local living standards, and nurturing talent for regional development. Between 2021 and the first half of this year, China's overseas engineering contracts achieved a cumulative turnover of nearly 600 billion U.S. dollars.
To foster emerging industries and broaden cooperation, China has signed investment cooperation memoranda with over 50 Belt and Road countries in key sectors, including digital, green, and blue economies. Additionally, the Silk Road e-commerce cooperation network has extended to 36 partner countries.