Eastern Economic Forum: Belt and Road Initiative helps land-locked areas reach the sea
Updated 12:28, 14-Sep-2018
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Cooperation with Russia has given a huge boost to President Xi's Belt & Road initiative. The China-Mongolia-Russia Economic Corridor is one of the six economic corridors under the project. While the corridor presents huge economic opportunities for the region, it's also helping these countries be more involved in the global supply chain.
The Northeastern Chinese port city of Yingkou and the city of Dalian — one of China's largest port cities - are planning to become the sea gate for cargo traveling through the in-land China-Mongolia-Russia Economic Corridor. A food corridor connecting China and Russia has been recently established in Yingkou to push that plan forward.
YANG HAIQING CHAIRMAN, CHINA EUROPE INNOVATION TECHNOLOGY "We are utilizing the return route for the railway already established for the Belt and Road. It makes perfect sense for our businesses."
Yang's company is responsible for the new thoroughfare, and the firm is also considering to extend the corridor in the future to move cargo through Mongolia. By doing so, it could reduce hundreds of kilometers of travel for Russian goods from regions like Siberia to reach China. While Yang's firm focuses on facilitating the movement of Russian goods, others see hope for better China-Mongolia trade ties. The Chinese border and port city of Erlianhot which connects China and Mongolia, has seen its trade's volume triple.
N. ENKHZAYA, REPRESENTATIVE IN ERENHOT MONGOLIAN NATIONAL CHAMBER OF COMMERCE AND INDUSTRY "The Belt and Road could help bring Mongolian goods to the Chinese market. For example, Mongolian wool is favored by many Chinese consumers."
In 2017, cargo carried by China Railway Express arriving in Erlianhot reached over 2.5 billion US dollars. The Jean Monnet Chair Professor at Renmin University of China, Wang Yiwei, says the Belt and Road is now more about connecting regions from land to the sea — and allowing land -locked countries like Mongolia to reach the rest of the world.
WANG YIWEI JEAN MONNET CHAIR PROFESSOR, RENMIN UNIVERSITY OF CHINA "Globalization was first led by the Europeans via sea, and over 80% of today's trade is still transported through big oceans. The Belt and Road can help Mongolia find ways to reach the sea."
Professor Wang adds that Russia wants similar things by participating in the Belt and Road.
WANG YIWEI JEAN MONNET CHAIR PROFESSOR, RENMIN UNIVERSITY OF CHINA "Russian trade relies on its huge energy resources, but due to external pressures such as the dollars' domination as well as the US' push for shale gas, Russia has realized that it needs to be more involved in the global value chain."
In addition, the China-Mongolia-Russia Economic Corridor could also help boost cooperation throughout Northeast Asia. For the food corridor in Yingkou, many hope to eventually trade incoming crops with Japan and South Korea. Xu Xinchen, CGTN, Liaoning Province.