China’s imports from countries that are located along the “Belt and Road“, have increased faster that the exports. This happened for the first time in 2017, Xinhua news agency reported.
The value of China’s imports from Belt and Road countries reached $666 billion in 2017, which represents an increase of 20%, or 39% of China’s total imports value, according to the State Information Center.
[smlsubform prepend=”GET THE SAFETY4SEA IN YOUR INBOX!” showname=false emailtxt=”” emailholder=”Enter your email address” showsubmit=true submittxt=”Submit” jsthanks=false thankyou=”Thank you for subscribing to our mailing list”]
China’s exports to Belt and Road countries amounted at $774.26 billion, an increase of 8.5%. The growth of imports surpassed exports for the first time since the Belt and Road Initiative started. China’s trade with these countries reached $1.44 trillion, a rise of 13.4%, 5.9$ faster than China’s overall trade growth.
China’s trade with Central Asia countries reported the fastest increase rate. Republic of Korea, Vietnam, Malaysia, India and Russia are among China’s top 10 trading partners, contributing about 70% of China’s trade with Belt and Road countries.
Chinese private companies are conducting the biggest part of trade, followed by foreign companies and state-owned firms.
Yu Shiyang, director of the department of big data development under the State Information Center, informed that China’s trade with Belt and Road countries increased at a fast rate. This is indicative of the well-implementation of the initiative, the Xinhua news agency reported.
