(Yicai Global) April 26 -- The Belt and Road Summit will take place in Beijing on May 14-15. Officially named ‘The Belt and Road Forum for International Cooperation,’ it will be attended by around 30 heads of state and government, China’s foreign minister confirmed. China’s President Xi Jinping, who first proposed the initiative back in 2013, will chair the leaders’ roundtable summit.
The Belt and Road initiative consists of two strategic framework plans, namely the Silk Road Economic Belt and the 21st Century Maritime Silk Road (Belt and Road), and is aimed at building a trade and infrastructure network connecting countries and continents along the ancient Silk Road trade routes.
Chinese companies invested nearly USD3 billion in non-financial sectors of the Belt and Road countries during the first quarter 2017, China’s ministry of commerce said yesterday. The fact that China’s ‘Outbound Direct Investments’ (ODI) in the economies of the Belt and Road countries have increased nearly 6 percent in the first quarter of 2017 year-on-year despite the country’s overall ODI saw a decline during the same period is indicative of the initiative’s potential in reviving trade and infrastructure ties in the region, creating interdependence which could be conducive to more prosperity and peace.
The Belt and Road Summit will see signing of a large number of cooperation and financing projects and setting up of working groups for long-term objectives such as establishing policy coordination of development projects, improved financial cooperation mechanism and major cross-regional projects that will create closer ties and cooperation along the Road.