China reports robust trade, investment with Belt and Road countries
The combined trade between China and its related countries increased from US$2.7 trillion in 2021 to US$3.1 trillion last year, with an average annual growth rate of 4.7 per cent, Li said. The volume accounted for 50.7 percent of China's total foreign trade in 2024, up from 45.3 percent in 2021, according to Xinhua.
From 2021 to the first half this year, two-way investment between China and Belt and Road countries had accumulated to more than 240 billion U.S. dollars, including over 160 billion US$ dollars flowing into Belt and Road countries and over 80 billion dollars into China.
Li said Belt and Road cooperation projects had advanced steadily, enhanced infrastructure connectivity, improved people's lives and fostered talent for local development. From 2021 to the first half of this year, China's overseas engineering contracts had reached a cumulative turnover of nearly 600 billion U.S. dollars.
To develop emerging industries and expand cooperation space, China has signed investment cooperation memoranda with more than 50 Belt and Road countries in key sectors such as the digital, green, and blue economies. The Silk Road e-commerce cooperation has expanded to 36 partner countries.
WAM
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
UAE family businesses strengthen growth, contribution to national economy
ABU DHABI:The UAE continues to adopt a forward-looking vision to enhance the regulatory and legislative frameworks governing family businesses in the country. This vision aims to foster sustainable growth, ensure long-term viability, and strengthen the sector's contribution to national economic competitiveness both regionally and globally. The Ministry of Economy and Tourism played a key role in issuing the world's first comprehensive and pioneering legislation dedicated to family businesses: Federal Decree by Law No. (37) of 2022 concerning the Family Businesses. The law aims to ensure business continuity through legal mechanisms and structured procedures, support diversification of business activities, ease generational transition, and encourage expansion into advanced sectors, particularly the new economy. The Ministry has also issued four ministerial resolutions under which a unified registry for family companies was established. This registry currently includes more than 15 registered family firms. It also governs family business charters, share buy-back mechanisms, and the issuance of multiple classes of shares. In statements to the Emirates News Agency (WAM), Abdullah bin Touq Al Marri, Minister of Economy and Tourism, emphasised that the UAE, guided by its wise leadership, has prioritised the creation of an advanced legislative environment to promote the growth and sustainability of family businesses over the coming decades. He highlighted that family businesses are a vital driver of national economic growth and a pillar of the UAE's long-term vision to build a future-ready economy. He reaffirmed the Ministry's commitment to advancing this vital sector through continued efforts and active collaboration with stakeholders. These efforts align with the 'We the UAE 2031' vision, aiming to increase the country's GDP to AED3 trillion by the next decade. Family businesses contribute approximately 60% of the UAE's GDP and employ 80% of the workforce. They also account for around 90% of private sector companies in the country. These businesses operate across a wide range of vital economic sectors, including the new economy, hospitality, retail, real estate, and construction. Family firms play a crucial role in diversifying the national economy. In Abu Dhabi alone, they represent 50% of the companies in the construction sector, 60% in financial services, 80% in wholesale and trade, and 70% in transportation. Globally, family businesses contribute around 70% of global GDP, making them responsible for more than two-thirds of global economic activity. They are also the largest employer worldwide, providing jobs to nearly 60% of the global workforce.
Gulf Today
10 hours ago
- Gulf Today
US and China to resume tariff talks in effort to extend truce
Senior US and Chinese negotiators meet in Stockholm on Monday to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100%. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, take place a day after European Commission President Ursula von der Leyen meets Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15% baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Trump and Chinese President Xi Jinping to meet later this year. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of U.S.-China trade talks,' said Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines, into deals accepting higher US tariffs of 15% to 20%. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the U.S.-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Wendy Cutler, vice president at the Asia Society Policy Institute. Bessent has already said he wants to work out an extension of the August 12 deadline to prevent tariffs snapping back to 145% on the US side and 125% on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55% on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached $295.5 billion in 2024. China is currently facing a 20% tariff related to the US fentanyl crisis, a 10% reciprocal tariff, and 25% duties on most industrial goods imposed during Trump's first term. Bessent has also said he would discuss with He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Michael Froman, a former US trade representative during Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Froman, now president of the Council on Foreign Relations think-tank. Reuters
Al Etihad
13 hours ago
- Al Etihad
UAE's Calidus concludes successful participation at IDEF 2025 in Istanbul
27 July 2025 20:02 ISTANBUL (WAM)UAE-based Calidus Holding Group has concluded its successful participation in the 17th edition of the International Defence Industry Fair (IDEF 2025), held at the Istanbul Expo Centre from July 22 to 27, as part of the UAE National Pavilion, supervised by Tawazun Council for Defence Enablement (Tawazun).The Calidus stand witnessed strong engagement from senior officials, military leaders, and official delegations from around the world, who praised the advanced capabilities of the UAE's defence industry and commended Calidus products for their reliability, precision, and competitiveness on regional and global the exhibition, Calidus signed several agreements and memorandums of understanding, including an MoU with Türkiye's Presidency of Defence Industries (SSB) to support supply chain collaboration and industrial localisation programmes, as well as an MoU with CTech to explore joint satellite communications and data link projects for military Director and CEO of Calidus Holding Group, Dr. Khalifa Murad Al Blooshi, stated that the participation significantly boosted the company's international presence and showcased the technological innovations of the UAE's defence sector, particularly in AI-driven and next-generation defence solutions, all designed and manufactured exhibited a range of advanced solutions, including the MATV armoured combat support vehicle integrated with the Al Hedaa missile launcher, six variants of the Al Hedaa system, models of the B-250 light attack and B-250T advanced trainer aircraft, a mock-up of the CLS military vehicle production facility, and cutting-edge electro-optical and infrared company also presented its locally manufactured military chassis, built for high-load and extreme-condition performance. The company emphasised that its IDEF 2025 participation aligns with its broader vision to strengthen the UAE's role as a key player in the global defence landscape through technology localisation, strategic autonomy, and regional and international market expansion.
