Tril­lion

China Daily (Latin America Weekly) - - Front Page -

China’s Belt and Road Ini­tia­tive is ex­pected to tighten con­nec­tions be­tween Asia-Pa­cific economies and ex­plore new growth en­gines in sup­port­ing a more open re­gional mar­ket, ac­cord­ing to of­fi­cials and ex­perts at the 25th Asi­aPa­cific Eco­nomic Co­op­er­a­tion Eco­nomic Lead­ers’ Meet­ing in Da Nang, Viet­nam.

Un­prece­dented op­por­tu­ni­ties for re­gional co­op­er­a­tion will emerge as the Belt and Road Ini­tia­tive takes shape, and this is ex­pected to stim­u­late co­op­er­a­tive part­ner­ships among the APEC mem­ber economies, Zhang Jun, head of the Chi­nese For­eign Min­istry’s In­ter­na­tional Eco­nom­ics De­part­ment, said on Satur­day at a news con­fer­ence in Da Nang.

The Belt and Road Ini­tia­tive has been praised by many se­nior gov­ern­ment of­fi­cials and busi­ness ex­ec­u­tives of APEC mem­ber economies at the Viet­namese coastal city, who say it is an in­no­va­tive, sig­nif­i­cant con­tri­bu­tion to global eco­nomic de­vel­op­ment.

Jin Liqun, pres­i­dent of the Asian In­fra­struc­ture In­vest­ment Bank, said at the APEC CEO Sum­mit that the bank, as a fundraiser for Belt and Road projects, will proac­tively sup­port in­fra­struc­ture con­struc­tion in Asia-Pa­cific economies, aid­ing re­gional con­nec­tion and ad­vanc­ing in­clu­sive eco­nomic growth.

The re­gion’s in­fra­struc­ture needs have never been sat­is­fied, An­nual cap­i­tal de­mand for in­fra­struc­ture con­struc­tion work in the Asia-Pa­cific re­gion up to 2030 and these needs are grow­ing rapidly, es­pe­cially for air­ports, har­bors and roads in the sec­on­dand third-tier cities, Jin said.

An Asia De­vel­op­ment Bank re­port fore­casts cap­i­tal de­mand for in­fra­struc­ture con­struc­tion work in the Asi­aPa­cific at $1.7 tril­lion an­nu­ally up to 2030.

“The re­gion’s de­vel­op­ment could be con­strained by a bot­tle­neck if the gap in in­fra­struc­ture in­vest­ment can­not be re­solved,” though APEC economies have quickly de­vel­oped in the past four decades, Jin said.

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