The Belt and Road Initiative has only been around for over two years, but it has already paved the way for regional connectivity and cooperation in 35 countries and regions, a top Chinese commerce official said on Tuesday, Feb. 23, China Daily reported.
The Belt and Road Initiative is also known as the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives. Proposed by China in 2013, the initiative's main purpose is to improve cooperation between African, European and Asian countries.
In a short span of time, China has been able to establish 75 overseas economic and trade cooperation zones in 35 participating countries and regions, Commerce Minister Gao Hucheng said in a news conference held in Beijing.
Over $100 billion in taxes were paid by these zones to participating host countries in the past four years, enabling the creation of approximately 950,000 jobs by the end of 2015.
In addition, more air routes, railways and highways were built to connect partner countries. Through such cooperation, partnering countries are able to improve their respective economies.
"The initiative can further integrate China, allowing more parts of the country to gain the benefits of its opening-up policy," Gao said in the news conference.
Through the initiative, China was able to strengthen ties with countries such as Saudi Arabia and Pakistan in a variety of industries, including shipping, trade, transportation, energy and infrastructure.
One Chinese company in particular, China COSCO Shipping, is looking to expand its services in Belt and Road Routes in Southeast Asia, East Europe, Africa and the Middle East.
Consumption was a main driver in China's GDP growth last year, contributing 66.4 percent. Through the initiative, Gao said that China's domestic consumption is expected to continue its upward trajectory this year.
Although the Belt and Road Initiative is still in its early stage, it can still create more economic benefits among involved countries, said Li Jian, a senior researcher from the Chinese Academy of International Trade and Economic Cooperation.