China News Service:

We have noticed recent reports that the progress of some "Belt and Road" construction projects have been affected due to the pandemic, and some Chinese companies may face a relatively high risk of default. Under the complex and volatile international situation, what measures will the Ministry of Commerce take to guide Chinese enterprises to better "go global" and serve the Belt and Road construction? Thank you.

Qian Keming:

Thank you for your question. Since President Xi Jinping put forward the major initiative of jointly building the Belt and Road, China and relevant countries have adhered to the principle of extensive consultation, joint contribution, and shared benefits, and have continuously deepened practical cooperation in various fields, achieving fruitful results. The "Road and Belt" initiative has attracted worldwide attention and made very important contributions to promoting the construction of an open world economy and building a community with a shared future for mankind.

Last year, in the face of unfavorable factors such as the COVID-19 pandemic, China and relevant countries helped each other to overcome difficulties side by side, and promoted the Belt and Road cooperation to achieve new progress and results. The annual trade volume of goods with countries along the Belt and Road route totaled $1.35 trillion, a year-on-year increase of 0.7%. Meanwhile, non-financial direct investment in countries along the route was $17.79 billion, an increase of 18.3% year-on-year. Major projects, including the China-Laos railway, the Jakarta-Bandung high-speed railway, the China-Belarus industrial park, and many others have made positive progress.

The fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC) made new arrangements for Belt and Road cooperation, which guided our next steps. The Ministry of Commerce will resolutely implement the decisions and deployments of the CPC Central Committee and the State Council, centering around building a new development paradigm, focusing on economic and trade cooperation of the Belt and Road, and promoting high-quality Belt and Road cooperation. This year, we will focus our work in four aspects:

First, we will improve the quality of trade. We will work hard to expand two-way trade with Belt and Road partner countries, and in particular, increase the import of quality products from these countries so that more countries can share the dividends of our super-sized domestic market. Meanwhile, we need to develop "Silk Road e-commerce", and promote the integrated development of new forms and models of business such as cross-border e-commerce and the BRI to create new impetuses for the construction of major trade passageways such as the China-Europe freight train services and the New International Land-Sea Trade Corridor. Simultaneously, we will also promote the establishment of high-standard free trade zones to create a free and convenient international environment for the BRI cooperation.

Second, we will make innovations in investment cooperation. We will take measures to innovate overseas investment cooperation, promote upgrading overseas contracted projects, and expand third-party market cooperation. By doing this, we aim to promote the development of high-quality cooperation projects and carry out foreign assistance programs that will benefit the people and encourage capable domestic enterprises to go global. Meanwhile, we need to attract more enterprises from BRI partner countries to invest in China and promote the building of industrial chains, supply chains, and value chains that benefit both sides.

Third, we will establish platforms. We will spare no effort in holding a series of important events including the fourth China International Import Expo and China International Fair for Trade in Services 2021. We will also play a supportive role for platforms such as the China Import and Export Fair, China-ASEAN Expo, China-Africa Economic and Trade Expo, China-Arab States Expo, China-Russia Expo, and China-CEEC Expo, etc., and build more platforms to deepen BRI economic and trade cooperation. 

Fourth, we will strengthen the building of institutions. We will actively boost collaboration in strategies, plans, and mechanisms with BRI partner countries. Within the framework of bilateral economic and trade joint commissions and mixed commissions, we will set up additional working groups for the promotion of unimpeded trade and working groups for investment cooperation, and improve working mechanisms in fields such as trade in services and e-commerce to provide institutional guarantees for the BRI cooperation. Thank you.