B&R can offer development, rather than debt burden

The China-proposed Belt and Road (B&R) initiative brings hope and development rather than a burden for countries and regions along the routes, Gao Feng, spokesperson for China’s Ministry of Commerce (MOFCOM) said on Thursday.

The response came after overseas media reports claimed that the initiative may lead to rising debts for countries participating in it.

China has established economic cooperation zones in 75 countries along the routes, attracting nearly 3,800 enterprises and accumulated investment of over $25.5 billion. In addition, China has paid nearly $1.7 billion in taxes to the host countries, and the B&R has created nearly 220,000 jobs for local people, according to Gao.

“The B&R initiative has received appreciation from the international community and positive responses from relevant countries since it was launched. All B&R projects are based on equal consultation and mutual benefits with the host countries,” Gao said.

Data from MOFCOM showed that trade in goods between China and countries along the routes rose 19.2 percent year-on-year to $389.1 billion in the first four months.

Gao also noted that China is willing to work together with related parties to promote the construction of the project, in a bid to achieve mutual benefits and common development.