“One Belt and One Road” linking more than 32 countries of Asia Europe and Africa will bring huge opportunities of sociology-economic development , said Chinese President Xi Jinping.
Addressing the China-Britain business summit, he said it will create better infrastructure and connectivity globally, and trigger further economic growth.
The “Belt and Road” Initiative – a long term strategy of China that refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which were proposed by Xi in 2013 with the aim of reviving the ancient trade routes.
China has launched numerous infrastructure development projects focusing on regional connectivity. Pakistan China Economic Corridor is the first overseas pilot project worth 46 billion USD linking Pakistan’s deep sea port Gwadar with China’s Xinjiang region emerging asa new trade and business center of Eurasian region..
Commenting on the slow pace of Chinese Economy President Xi admitted that Chinese economy is facing downward pressure and structural problems adding that China is undergoing a normal period of adjustment and China’s economy will keep operating within a proper range and there will be no hard landing.
“At the moment, what Chinese economy needs is to improve in quality and efficiency, to solve the problems of imbalance, incompatibility and unsustainability so that the economy can run in a more stable manner. We will continue to push forward with the policies of stabilizing growth, promoting reforms, adjusting economic structures, benefiting the public and preventing risks to realize sustainable and healthy development”, Xi said.