Vice minister of commerce: Great progress made in trade under Belt and Road

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China has made great progress and notable results in promoting trade connectivity and deepening trade and economic cooperation since the Belt and Road Initiative was proposed, said Vice Minister of Commerce Qian Keming at a press conference on Wednesday.

With regards to global trade, Qian said China hopes to increase trade exchanges and interactions between countries along the Belt and Road by hosting relevant events. According to statistics, in the past two years, China's trade with Belt and Road countries totaled around two billion yuan, growing faster than the average growth of global trade.

China's Vice Minister of Commerce Qian Keming briefs the media on economic and trade cooperation under the Belt and Road initiative. /The State Council Information Office Photo

Development of Free Trade Areas (FTA)‍

In terms of the development of Free Trade Areas (FTA), Qian said China aims to establish a "high-standard FTA network". Currently, China is working with relevant countries to set up FTAs, and has established FTAs with 22 countries and regions, eleven of which are Belt and Road countries.

Economic cooperation zones

During the press conference, CGTN's reporter Wang Hui asked about the highlights and risks of the economic cooperation zones. Zhang Xingfu, deputy director of the Outward Investment and Economic Cooperation Department, said China has established 56 economic cooperation zones in 20 countries along the Belt and Road, which played important roles in promoting mutual trade cooperation.

Zhang also cited the Egyptian Suez Economic Zone, the Sihanoukville Special Economic Zone in Cambodia, and two zones in Hungary as examples. He emphasized that China will continue to strengthen the development of economic zones.

CGTN's reporter Wang Hui asks a question at the press conference organized by the State Council Information office on Wednesday. /The State Council Information Office Photo

The latest on the Belt and Road Initiative Forum

When talking about the Belt and Road Initiative Forum for International Cooperation, which will be held in Beijing on May 14 and 15, Qian said it is the first high-level international conference held by China under the initiative. The Commerce Ministry will be responsible for one meeting during the event.

Qian Keming added that the preparation for the meeting is "basically ready". More than 200 representatives, including some 120 foreign guests from over 50 countries, are scheduled to attend the meeting. He said all departments should spare no efforts in making good preparations to ensure the forum's complete success.

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