West China seeks fortune on modern Silk Road

The Belt and Road Initiative and the reinvigoration of Silk Road are not only welcome news for China, they hold enormous promise for countries along the route.[Photo by Huang Zhengwei/Asianewsphoto]

The Chinese government published an action plan specifying the principles, framework, priorities and mechanisms for the initiative in March last year. A 40-billion-dollar Silk Road Fund, designed to finance the Belt and Road, was launched last year.

The initiative soon gained traction. Direct investment in 49 countries along the Belt and Road route rose 18.2 percent to 14.8 billion dollars in 2015, accounting for 12.6 percent of China's total outbound investment. Bilateral trade volume between China and these countries reached 995.5 billion dollars, or a quarter of China's total trade volume.

To reflect this latest development, the ITFCEW forum has been officially given the prefix the Silk Road International Exposition since this year.

As the eastern end of the ancient Silk Road, Shaanxi has achieved renewed prominence, serving as a bridgehead connecting China with Belt and Road countries. An International freight train launched in 2013 starts from Xi'an and reaches central Asian countries including Kazakhstan, Uzbekistan and Kyrgyzstan. Freight time between Xi'an and Almaty in Kazakhstan has been cut to six days, 20 days fewer than by road.

Shaanxi planned to invest 236 million dollars in central Asia last year, a notable rise in value and cooperation ranging from petrochemical engineering and agriculture to textile and construction materials, according to Yao Chaoying, head of the Shaanxi commerce department.

"We see vast opportunities in Belt and Road countries, especially in construction, given their vast territories, huge population and fast development," said Liu Yaohua, chair of the Shaanxi Construction Engineering Group Corp., during the forum.

The company reached an agreement with Kyrgyzstan in May last year to build an industrial park and 10,000 affordable houses.