China’s trade with countries participating in its ambitious Belt and Road Initiative (BRI) has been expanding and reached 4.24 trillion yuan ($617.5 billion) in the first half of this year.
Customs data showed trade with BRI countries for the period was up 9.7% year-on-year. It has outpaced the growth rate of China’s total trade, which remained stable at 3.9%.
Exports and imports with Russia and Egypt were up by 11%, while trade with Saudi Arabia rose to 34%.
China has inked agreements on BRI cooperation with 18 of the 22 Arab countries. In 2018, trade turnover between China and Arab states reached $244.3 billion, ballooning 28% year-on-year.
Dubbed the 21st century Silk Road project, the BRI was announced by Xi Jinping six years ago. Since then, Beijing has signed 173 agreements with 125 countries, including developed and developing countries, and 29 international organizations.
The multi-trillion-dollar initiative aims to boost connectivity and cooperation between Asia, Europe, Africa and Latin America. Experts say it will significantly boost global commerce, cutting trading costs by half for the countries involved.
The global shipping hegemony of the Western Anglo-Zionist countries have come to a sudden end, exchanging goods over land instead of by sea, where greedy banking and insurance companies have to cut their large losses.
RT. com / ABC Flash Point News 2019.