Maurice Obstfeld (C), chief economist of the International Monetary Fund (IMF) addresses to the media in Kuala Lumpur, Malaysia, July 24, 2017. The International Monetary Fund (IMF) on Monday revised up China's growth forecast for 2017 and 2018 to 6.7 percent and 6.4 percent respectively. (Xinhua/Chong Voon Chung)
BELT AND ROAD
The Belt and Road Initiative, proposed in 2013, aims to link the economies of dozens of countries with a land-based Silk Road Economic Belt and an ocean-based 21st Century Maritime Silk Road, propelling growth and social development along the routes.
The initiative is pioneering a new model of global economics based on the principles of mutual benefit to address myriad challenges facing the world,including sluggish trade and investment and wobbling economic globalization.
"The initiative aims to connect economies, communities and people. It holds great potential to bring benefits in terms of high-quality infrastructure, inclusiveness, and economic cooperation," IMF Managing Director Christine Lagarde said at the Belt and Road Forum in Beijing in May.
So far, at least 68 countries and international organizations have signed agreements with China on Belt and Road cooperation. Trade between China and other Belt and Road countries exceeded 3 trillion dollars between 2014 and 2016, and Chinese investment in these countries surpassed 50 billion dollars.
A multi-dimensional infrastructure network is taking shape, one that is underpinned by economic corridors featuring land-sea-air transportation routes and information expressways and supported by major rail, port and pipeline projects.
