New Silk Road Continuing Economic Growth, as U.S. Firms To Attend China Import Expo

FROM EIR DAILY ALERT

New Silk Road Continuing Economic Growth, as U.S. Firms To Attend China Import Expo

Oct. 26, 2018 (EIRNS)—Economic activity and infrastructure construction are continuing their healthy growth along the Belt and Road Initiative (BRI) in 2018 thus far, according to data released today by the Chinese Ministry of Commerce, reported Xinhua. The economic figures were for the first three quarters of 2018, for the economic relations between China and 61 other BRI countries during the first three quarters of 2018.

Trade among these countries reached the equivalent of $860 billion for January-September 2018, up by more than 13% from the same period in 2017. Composition of the trade showed Chinese exports of about $485 billion, up 7.7%; and Chinese imports of about $390 billion, up much more sharply by 20.9%.

China’s foreign direct investment in these nations, excluding financial investments (partnerships), was $10.78 billion, up 12.3% from 2017. Some 60 new “economic zones” and infrastructure corridors have been created. The ministry said that 245,000 “local” jobs have been added on those projects, and $2.01 billion in taxes and fees have been paid by Chinese companies to other sovereigns.

The first China International Import Expo (CIIE) will take place in Shanghai, over Nov. 5-10, highlighting areas where China is seeking to increase its imports. While no high-level U.S. officials are attending, some 180 American companies, including some of the largest, have registered for the Expo.