China says Silk Road trade touches $485 billion

BEIJING: China today said since it began implementing the ambitions Silk Road initiative, the trade volumes with countries along the route has touched $485.4 billion in the first half of this year, accounting for 25.8 per cent of the country's total volume of foreign trade.

In the first half of 2015, China's export value to the countries along the "Belt and Road", the other name of Silk Road initiative, was $295.8 billion, accounting for 27.6 per cent of its total export, the Ministry of Commerce said.

The import value from those countries was $189.6 billion, accounting for 23.4 per cent of its total import.

The Chinese enterprises made a total of $7.1 billion direct investments in 48 countries along the "Belt and Road" in the first half of 2015, a year-on-year growth of 22 per cent.

Chinese enterprises has also taken 1,401 contracted projects in "Belt and Road" countries and in the first half of this year, the newly signed contract value reached $37.6 billion, accounting for 43.3 per cent of the total value of newly signed contracted foreign projects of China, representing a year-on-year growth of 16.7 per cent, state-run People's Daily reported.

In attracting foreign investment, in the first half of this year, the "Belt and Road" countries have set up 984 enterprises in China, 10.6 per cent up from the same period of last year, and they have made $3.7 billion actual investment in China, a year-on-year growth of 4.2 per cent, it said.

The Belt and Road initiatives comprising of maze of roads included, revival of ancient Silk Road connecting China with Europe through Central Asia, 21 Maritime Silk Road linking China with different ports in the world, Bangladesh, China, India, Myanmar Economic Corridor(BCIM) and China-Pakistan Economic Corridor to be laid through Pakistan-occupied Kashmir.