Bilateral trade between China and countries included in the One Belt One Road Initiatives grew 26.2% year-on-year, reaching RMB1.6 trillion (US$240 billion) during the first quarter this year, Sun Jiwen, spokesperson for China’s Ministry of Commerce, said during a press briefing today.
He added China's exports to the more than 60 countries stretching from the Western Pacific to the Baltic Sea increased 15.8% year-on-year to RMB937 billion (US$135 billion), accounting for 28.2% of the country's total exports.
The amount of imports from those countries reached RMB717 billion (US$104 billion), up 42.9% year-on-year, taking 25% of the country's total imports.
The One Belt One Road Initiative, officially launched in 2015, refers to the "New Silk Road Economic Belt", a program of economic development and support designed to forge links between China and Europe via Central and Western Asia. It also includes the "21st Century Maritime Silk Road" project, which pursues similar objectives between China and Southeast Asian countries, Africa and Europe.
In addition, China has made non-financial direct investments worth US$2.95 billion in 43 countries in the One Belt One Road region during the first quarter, accounting for 14.4% of the country's total. Meanwhile, 781 companies were established in One Belt One Road countries, up 40% year-on-year, with total investments worth RMB8.45 billion (US$1.23 billion).
Major infrastructure projects are progressing steadily as well. The Mombasa-Nairobi Standard Gauge Railway Project built by China is nearing completion, two years ahead of schedule. While another project, Serbia's E-763 Highway, began construction last month.
In terms of outsourcing, China has signed contracts worth RMB26 billion (US$3.7 billion) with One Belt One Road countries during the first quarter, with RMB16.4 billion (US$2.3 billion) already completed, up 33.9% and 18% respectively.
The outsourcing contracts with South East Asia reached RMB17 billion (US$2.4 billion) with RMB10 billion (US$1.45 billion) completed, increasing 49.4% and 27.8% respectively.
Earlier this week, China said it will enhance cooperation with Iran and Egypt under the framework of the Road and Belt Initiative.