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What are China’s plans for opening up the market and choosing programs under the Belt and Road initiative in the coming five years? Will more market bodies join the initiative? Will MOFCOM step up support and guidance in this regard?(2017-08-03)

Thank you for your question. Since President Xi announced it in 2013, the Belt and Road initiative has received positive responses from more than 100 countries and international organizations and effectively facilitated the orderly and free movement of economic factors, efficient resource allocation and step-by-step market integration in relevant countries. The shared interests are growing and new driving forces for growth are gaining momentum, which increases the stamina of global economic growth. In the five years to come, China will import eight trillion dollars of goods and make over 750 billion dollars of outbound investment. Among these, countries along the Belt and Road will export to China two trillion dollars of commodities and see 150 billion dollars of investment coming from China, which will bring in tremendous business opportunities to the region.

At the Belt and Road Forum for International Cooperation held last May, President Xi Jinping put forth China’s proposal on jointly building the Belt and Road and an open world economy. In collaboration with 83 countries, we have put forward the Initiative on Promoting Unimpeded Trade Cooperation in an effort to translate the Silk Road spirit into stronger trade and investment cooperation.

With respect to opening up the market, we will further promote trade and investment facilitation and liberalization. Through pressing ahead with FTA and BIT negotiations, we will create a law-based, enabling, transparent and predictable environment for businesses and keep pushing for two-way market opening between China and relevant countries.

When it comes to choosing programs, we have elaborated on the priority areas and industries in the Vision and Actions on Cooperation in Jointly Building the Belt and Road. Enterprises have our support in pushing forward pertinent projects based on the law of markets. We believe that as the development of Belt and Road deepens, the business opportunities it brings along will become evident to more and more market bodies that will have a growing feeling about the Initiative’s objective for win-win results and play a more active role in building the Belt and Road.

With regard to FTA development, BIT negotiations and other areas, MOFCOM will step up efforts to create a stable legal environment for enterprises, facilitate the two-way market opening up and guide and support more businesses to join the development of the Belt and Road so as to bring more mutual benefits to all peoples at an early date. Thank you.

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