BRI set to expand as countries strive for economic recovery

China's new development paradigm featuring dual circulation will inject more impetus and create broader space for international cooperation under the Belt and Road Initiative, officials said.

"Since last year, the global economy has experienced a downturn in performance due to the COVID-19 pandemic, and China also faces difficulties in foreign economic cooperation," Cui Mingmo, president of the China Association for International Economic Cooperation, told the fourth High-Level Forum on "Belt and Road" Development on Sept 9 during the 21st China International Fair for Investment and Trade.

However, with efforts in promoting the opening-up to a higher level and implementing BRI construction, the country has made achievements in international economic cooperation, he said.

In 2020, China signed new contracts with 184 countries and regions.

The value of these contracts reached $255.54 billion, and the accomplished turnover of the contracted projects totaled $155.94 billion.

Of these, $141.46 billion new contracts were signed with 61 countries involved in the BRI, and the accomplished turnover of the contracted projects was $91.12 billion. The value of the new contracts and the accomplished turnover account for 55.4 and 58.4 percent of the total respectively, according to a report released by the Ministry of Commerce on Sept 9.

"Conducting cooperation and construction under the BRI is an essential part of economic globalization and realizing a community with a shared future for mankind.

"That is a crucial measure for BRI-involved countries to utilize resources effectively," Cui said.

In future BRI construction, he called for concerted efforts to face risks and challenges, and called on participants to build win-win industrial and value chains.

He Keng, former deputy director of the National Bureau of Statistics, said: "China's economy is well on its way to recovery."

While the world is undergoing tremendous changes, He noted that the country should continue deepening reform and expanding opening-up as well as establishing the new development pattern of dual circulation, in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay.

The BRI aims to boost global economic growth and build new platforms for international trade and investment, he said.

"We have strength in infrastructure construction, with technologies in the sector among the best," He said.

The BRI is a sincere collaboration for common benefits, and it should be expanded, he added.

Dumitru Braghis, the Moldovan ambassador to China, said: "The relations between Moldova and China are on the rise, marked by excellent political, economic and cultural cooperation."

"China is one of our biggest trading partners. We want to cooperate as effectively as possible with the government of China," Braghis said.

He called for Moldova businesses to cooperate with Chinese companies in industries such as agriculture, traditional Chinese medicine, education and wine.