Premier Li Keqiang represented China at the Fourth Summit of China and Central and Eastern European Countries held in Suzhou, Jiangsu Province. (Photo : China Daily)
Premier Li Keqiang announced plans to invest over $1 trillion in the next year years, China Daily reported. The Chinese premier added that China is highly likely to import commodities worth over $10 trillion over the same period.
The high-ranking official said this at a trade forum between China and Central and Eastern European countries in Suzhou, Jiangsu Province.
Li added that despite the economic slowdown, China's annual growth volume has continued to increase. The country can meet its target of achieving high-income country status by 2020 if the annual economic growth remains above 6.5 percent.
If China is successful, bilateral opportunities and trade will increase, especially between China and participating European nations.
To remain on track, Li encouraged strengthened cooperation between China and Central and Eastern European countries, particularly on connectivity projects and infrastructure upgrade.
"As long as they use Chinese equipment and products, China will provide more flexible funding conditions," said Li.
It's a win-win situation for both parties.
Central and East European countries can greatly benefit from this pact, said Yu Nanping, a professor of international relations from the School of Advanced International and Area Studies in East China Normal University.
These European countries can harness Chinese technological and cost advantages to make badly needed upgrades in infrastructure.
On the other hand, China needs Central and East European countries to participate as the region will be transformed into a "logistics center" and "economic corridor" for China's Belt and Road initiative.
"Investment is usually the forerunner when exporting equipment and technology, and this is mutually beneficial," said Song Yunzhong, deputy director of the Energy and Technology Research Institute at China National Offshore Oil Corp.
"We have huge foreign exchange reserves. Why not use them to support Chinese firms to 'go global' and improve exports of China's equipment and technology?" Song said.
