China’s “Belt and Road” plan comprises a belt of overland corridors and sea routes connecting Asia, Africa and Europe through building infrastructure and boosting financial and trade ties for 64 countries. The “Belt and Road Initiative” aims to open up trade via two corridors: the land-based Silk Road economic belt in the north, and the maritime Silk Road in the south.

They key projects of the Belt and Road Initiative are:

• China to London rail link: The first freight train completed its 12,000 km, 18-day journey from London in Britain to Yiwu in Zhejiang province last month.
• China-Pakistan Economic Corridor: The USD57 billion corridor to connect China’s western provinces to the sea via Pakistan’s Gwadar port is the biggest project under the belt and road banner. It includes various projects such as the China-Pakistan highway, railways, pipelines and power lines.
• Central Asia-China gas pipeline: Stretching from Turkmenistan to Xinjiang, the 3,666 km pipeline was built before the new Silk Road project, but forms the backbone of infrastructure links between the two countries. The pipeline is Chinese-built and cost USD7.3 billion.
• Tehran-China rail link: The first freight train from China arrived in Tehran, Iran, last year, making the 10,400km journey in 14 days. Tehran hopes the rail services will turn the country into a major Eurasian trade hub.
• Khorgos gateway: China has plans to turn Khorgos in Xinjiang, on the border with Kazakhstan, into a major trade hub to link China with neighboring Kazakhstan, and on to East Asia and Europe. Jiangsu province has agreed to plough more than USD600 million to help build logistics and industrial zones around Khorgas.
• Sino-Thai high-speed rail line: Stretching 837 km from southern China, through Laos, to Thailand’s east coast, construction of the section between Bangkok and Nakhon Ratchasima in Thailand has been delayed. The link is part of a plan to connect China to Southeast Asia through high-speed rail.
• Colombo port project: A USD1.1 billion investment in Sri Lanka’s Colombo port has been delayed by legal and political obstacles. China is also building the Colombo Port City, Colombo’s new central business district (CBD), with an initial investment of USD1.4 billion. It is expected to be completed by 2030.

China has so far signed 46 cooperation agreements with 39 countries and regions to implement the initiative. By the end of last year, Chinese enterprises had constructed 56 trade and economic cooperation zones in more than 20 countries along the Belt and Road routes, invested USD18.5 billion, generated nearly USD1.1 billion in tax revenue for local governments, and created more than 180,000 jobs for local people. China will continue to push forward free trade agreement talks with more than 20 economies along the Belt and Road Initiative this year after already clinching 11 such deals in the region. An FTA with Georgia was signed during the Forum, and an FTA feasibility study with Mongolia was launched. China will also explore FTA feasibility studies with Nepal, Bangladesh and Moldova this year.

China’s trade value with countries and regions along the trading routes reached more than CNY20 trillion between 2014 and 2016. Chinese companies made USD50 billion outbound direct investment in non-financial sectors and signed project contracts worth USD304.9 billion during the period.