(Yicai Global) March 30 -- The China Council for the Promotion of International Trade is teaming up with the World Chambers Federation to encourage more business communities to participate in China’s Belt and Road initiative, state-owned news agency Xinhua reported.
“The importance of trade and investment partnerships in Belt and Road countries has become increasingly prominent as global economic growth slows,” Sun Xiao, director-general of cooperation and development at the CCPIT, said at a press briefing.
While respecting each country’s own development goals, there is a need to promote more dynamic, more inclusive and sustainable globalization, Sun added, saying the world should embrace trade and investment liberalization.
The World Bank warned about protectionism and slowing worldwide trade in a January report, adding that global economic growth has likely peaked. Part of the motivation behind the Belt and Road initiative was concern over slowing economic growth. Unveiled in 2013 and often compared with the ancient Silk Road, the enterprise is a 30- to 40-year grand plan to boost trade and economic growth across Asia, Africa and Europe in part through massive investment in infrastructure projects.
Business communities are a driving force in the promotion of the Belt and Road, added CCPIT Secretary-General Yu Jianlong. The two trade bodies plan to hold a forum on April 12 in Beijing to promote the initiative and bring on board more business clusters from at home and overseas, he said.
“The forum will make world business communities more confident about participating in Belt and Road construction,” Yu said. “It will promote exchanges and cooperation to create a better development environment.”
The event will focus on cooperation and hopes to strengthen dialogues between governments and businesses and promote links between China and other countries. The hosts anticipate more than 600 participants, with foreign attendees coming from 70 countries along the Belt and Road routes making up around two thirds of the total.
“Enthusiasm among Chinese and foreign communities really reflects their desire to participate in the Belt and Road,” Sun said, adding that it shows that world business communities are prepared to contribute their experience and skills to expanding cross-continent cooperation and promoting global economic growth and governance.