Follow Us:
Monday, June 25, 2018

China to invest $800 billion in Belt and Road initiative in next five years, says official

The official said that Chinese investments are expected to touch $120 billion to $130 billion a year over the next five years.

By: PTI | Beijing | Published: May 13, 2017 1:49:25 pm

Chinese investments related to the Belt and Road initiative have totalled to $60 billion since 2013 and Beijing plans to invest $600 billion to $800 billion in the next five years, an official in Beijing has said. Ning Jizhe, vice chairman of the National Development and Reform Commission, was quoted by the state media ahead of the two-day Belt and Road Fourm (BRF) said that Chinese investments are expected to touch $120 billion to $130 billion a year over the next five years. “That would amount to $600 billion to $800 billion in total, Ning said, adding “this will be a big driving force for a steady recovery in the global economy, and for free trade and investment.”

The scrutiny of outbound investments by Chinese regulators will not affect Belt and Road projects, Ning was quoted by the state-run Global Times as saying. On financing, Ning said China Development Bank and the Export-Import Bank of China have extended $110 billion in loans for Belt and Road projects by the end of 2016 and China has signed currency swap deals with countries along the Belt and Road routes totalling 900 billion yuan.

Ning said from 2013 to 2016, Chinese companies invested over $60 billion in the countries and regions, creating more than 180,000 local jobs, and paid $1.1 billion in tax to local governments.

For all the latest World News, download Indian Express App

Advertisement
Advertisement
Advertisement
Advertisement