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.