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25 May, 2019 10:26

Belt and Road to boost China’s growth over next four decades

Belt and Road to boost China’s growth over next four decades

China’s Belt and Road Initiative (BRI) will likely provide significant business opportunities to global economies, according to participants of the 8th China Business Forum in London.

They said that the world’s second largest economy, China, is poised to grow strongly in the next two to four decades thanks to the BRI.

“Growth is going to continue to come from China for the next 20, 30, maybe 40 years ... The greatest growth opportunity in the world is the Belt and Road Initiative,” Stephen Perry, chairman of the 48 Group Club, was cited as saying by China Daily. Perry made a keynote speech at the forum which was organized by London Business School.

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“What China is trying to do is to free the productive capacity and consumer demand from China, across Central Asia, central Europe, and down into Africa,” he said, adding it is in the United Kingdom's interests to take part in the initiative.

Participants of the forum discussed key developments of the Chinese and European economies, including Italy joining the BRI. They also talked about trade deals and innovative business practices between China and Europe.

READ MORE: China’s new Silk Road to link Africa's huge market to the rest of the world – official

China’s BRI megaproject (dubbed the new Silk Road), which was announced six years ago by President Xi Jinping, covers 152 countries in Europe, Asia, the Middle East, Latin America, and Africa. It is expected to significantly boost global trade, and cut trading costs by half for the countries involved.

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The International Monetary Fund has recently called the trade route a “very important contribution” to the global economy, saying that it promotes regional cooperation and connectivity in trade investment, human mobility, and finance.

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