THE belt and Road Initiative (BRI), China's ambitious overseas infrastructure development program, is expected to generate US$1.6 trillion in annual revenue by 2030, reports Cain.
Such was the prediction made by Zhou Hailing, a vice minister of the National Development and Reform Commission, China's top economic planner at the Summer Davos Forum in Tianjin.
He said that the BRI has bolstered the social and economic development of its member states by building economic corridors and enhancing connectivity, with the construction of highways, railways, airports and seaports.
Mr Zhou cited the China-Laos Railway as an example: the link has transported more than 60 million tons of goods since it opened in December 2021. Another flagship project developed under the BRI is the China-Europe Railway Express, which connects China with 229 cities across 26 European countries.
The initiative has been a catalyst for global economic growth by promoting the liberalisation of trade and investments, he said, adding that it also helped improve livelihoods in the participating states, with projects related to job creation and poverty relief.
But China's practice of securing loans to low-income nations through commodity revenue streams and cash held in restricted escrow accounts is curbing their ability to manage their finances effectively, a study shows.
China has lent hundreds of billions of dollars for infrastructure and projects in developing countries, but has been criticised for using earnings of commodity exports from borrower nations as security for the loans, sometimes arranged during times of economic strife for the borrower.
China's government has repeatedly denied that its lending practices towards poorer countries are unscrupulous.
China's total public and publicly guaranteed lending to low and middle-income countries totals $911 billion, said the report by Aid Data, the Kiel Institute for the World Economy and Georgetown University, together with other partners. Of that, nearly half - or $418 billion across 57 countries - is secured with cash deposits in Chinese bank accounts, it said.
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Such was the prediction made by Zhou Hailing, a vice minister of the National Development and Reform Commission, China's top economic planner at the Summer Davos Forum in Tianjin.
He said that the BRI has bolstered the social and economic development of its member states by building economic corridors and enhancing connectivity, with the construction of highways, railways, airports and seaports.
Mr Zhou cited the China-Laos Railway as an example: the link has transported more than 60 million tons of goods since it opened in December 2021. Another flagship project developed under the BRI is the China-Europe Railway Express, which connects China with 229 cities across 26 European countries.
The initiative has been a catalyst for global economic growth by promoting the liberalisation of trade and investments, he said, adding that it also helped improve livelihoods in the participating states, with projects related to job creation and poverty relief.
But China's practice of securing loans to low-income nations through commodity revenue streams and cash held in restricted escrow accounts is curbing their ability to manage their finances effectively, a study shows.
China has lent hundreds of billions of dollars for infrastructure and projects in developing countries, but has been criticised for using earnings of commodity exports from borrower nations as security for the loans, sometimes arranged during times of economic strife for the borrower.
China's government has repeatedly denied that its lending practices towards poorer countries are unscrupulous.
China's total public and publicly guaranteed lending to low and middle-income countries totals $911 billion, said the report by Aid Data, the Kiel Institute for the World Economy and Georgetown University, together with other partners. Of that, nearly half - or $418 billion across 57 countries - is secured with cash deposits in Chinese bank accounts, it said.
SeaNews Turkey
