B&R Initiative spurs more international industrial hubs

By Zhong Nan and Yang Qiwei | | Updated: 2017-06-27 15:56

More Chinese enterprises are investing in industrial parks in foreign countries participating in the Belt and Road Initiative, the China Enterprise Confederation says.

Zhu Hongren, executive vice-president of China Enterprise Confederation said Chinese investment helped other countries upgrade their industry, generate more tax revenue and create jobs.

"Over the past three years, Chinese enterprises have built 56 international industrial parks in more than 20 countries participating in the B&R vision , with a total investment of more than $18.5 billion, creating nearly $1.1 billion of tax and 180,000 jobs for the host country," Zhu told the 3rd B&R Summit for International Industrial Parks Construction and the 14th China Enterprise Development Forum for Characteristic Towns on June 25.

The figures demonstrate that China is not the only country to benefit from the B&R Initiative.

President Xi has said that the B&R Initiative will be a road for peace, prosperity and development.

In recent years, Chinese enterprises have accelerated plans to expand and take part in international economic cooperation. Their foreign investment reached $183 billion last year, and increased 44 percent, according to a United Nations report.

According to the Ministry of Commerce of China, Chinese investment related to the B&R vision is expected to reach $150 billion in five years.

Inspired by the B&R Initiative, more Chinese enterprises are planning more foreign investment. However, they must consider the risks associated with foreign investment such as different political systems, economic operations and culture.

Member of the CPPCC Standing Committee and former Minister of Industry and Information Technology Li Yizhong pointed out the importance of enterprises improving their risk prevention strategies. Meanwhile, he also called for the government to take a vital role in helping enterprises in the international economic operation. Intergovernmental cooperation can be the guarantee for Chinese enterprise in international economic activities.

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