China Increases Trade with Belt and Road Countries to US$1.14 Trillion in 2017

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The total value of China’s imports and exports to Belt and Road countries rose by 17.8 percent in 2017 on a year-on-year basis, according to Huang Songping, spokesperson for the General Administration of Customs at a press conference held by China’s State Council Information Office on January 12.

The value of China’s imports and exports to Belt and Road countries reached 7.37 trillion yuan (US$1.14 trillion) in 2017, up 17.8 percent on a year-on-year basis, accounting for 26.5 percent of the country’s total value of imports and exports, said Huang.

The Belt and Road Initiative complies with the requirements of the era, and Belt and Road countries’ wishes to accelerate development, which, therefore, will contribute to trade among the en-route countries, Huang noted. He also noted that China will continue to strengthen cooperation with the en-route countries, optimize services concerning customs supervision, and actively engage in making international trade rules to build an open global economy.

Chris Devonshire-Ellis of Dezan Shira & Associates comments: “Most of the fastest growing trade corridors now involve China and its neighboring countries. These include Eurasian nations such as Russia and Kazahstan, but also many of the ASEAN nations and beyond. Most of these have signed up to the Belt and Road initiative, including countries within the European CEEC group. Getting growth into operations based in China requires engagement with, and an understanding of its outbound investment and the new developing Belt and Road trade corridor opportunities. Getting to grips with these changing supply chain dynamics is an executive strategy that needs to be pursued in 2018.”

 

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