(Yicai Global) May 12 -- China invested around USD83 billion into European and Asian regions during the first quarter, Zhang Xingfu, head of the Ministry of Commerce’s Department of Outward Investment and Economic Cooperation, said at a press conference on economic and trade cooperation progress of the One Belt, One Road initiative on May 10.
Bilateral trade between China and the Eurasian Economic Union mostly stabilized with an upward turn, Zhang said. In the first three months, aggregate trade between China and the 12 Eurasian countries grew almost 21 percent on the year, his data showed. The world’s most populous nation remains a major trade partner of the area and is continually improving its trade structure, as e-commerce flourishes and agricultural products from each region gain access to both markets.
China’s investments promoted smooth progress of a slew of influential products in the fields of interconnectivity and production capacity cooperation, Zhang said, highlighting the Kamchiq Tunnel in Uzbekistan, the China-Belarus Industrial Park and how the investments boosted the development of local communities.
The Asian Infrastructure Investment Bank, Silk Road Fund, China-Eurasia Economic Cooperation Fund and China-Kazakhstan Production Capacity Cooperation Fund allowed for large currency swaps which greatly diversified China’s investment platforms in those regions.