China’s Trade with Belt and Road Nations Exceeds USD$6 Trillion

Data from the Chinese government indicates that growth in trade with Belt and Road nations has outpaced overall foreign trade growth since the launch of the initiative.

At a press conference held on 18 April Ministry of Commerce spokesperson Gao Feng (高峰) said that since its launch in 2013 the Belt and Road Initiative had emerged as a “key platform for joint-victory and joint development for nations involved.”

Official data indicates that during the period from 2013 – 2018 China’s total goods trade with Belt and Road nations exceeded USD$6 trillion, for average annual growth of 4% which was ahead of the rate for growth in China’s overall foreign trade.

China’s trade with Belt and Road nations accounted for 27.4% of China’s total goods trade.

Gao also highlighted “accelerating innovation” in trade with Belt and Road nations in the form of “Silk Road E-commerce,” and the establishment of bilateral e-commerce cooperative mechanisms between China and 17 other nations.

During the period from 2013 – 2018 Chinese enterprises have made direct investments of over $90 billion in Belt and Road nations, posting annual average growth of 5.2%.

China has also executed over $600 billion in new project contracts with Belt and Road nations, for annual average growth of 11.9%.

Chinese enterprises have also established a raft of overseas economic and trade cooperative zones in Belt and Road nations for which total investment has exceed $30 billion.

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