Purpose of Belt and Road is a win-win for all

The purpose of China advocating international cooperation on production capacity is not transferring backward capacity, Tuo Zhen, spokesman for the 19th National Congress of the Communist Party of China, said on Tuesday.

Backward and surplus capacity has no market. Only high-quality capacity can win the competition, he said when asked to respond to doubts over the Belt and Road Initiative.

According to Tuo, China advocates international cooperation on production capacity, which is aimed at leveraging the comparative strength of all countries, serving the development needs of the countries, and building a more balanced and inclusive global industrial chain.

It is not for the purpose of transferring backward capacity, he said, noting that in a highly open international market, Chinese companies face fierce competition from local companies and international colleagues.

The spokesman also said that investment cooperation by Chinese companies has positively contributed to the host countries in helping them improve industrial standards and achieve economic and social development.

Between 2013 and 2016, Chinese companies invested about $560 billion overseas, paid over $100 billion of various kinds of taxes to the host countries, and created millions of jobs for the local communities.

The investment by Chinese companies has helped the destination countries transform belt and road initiative map their resources and labor advantages into strength for development, he said. “And investment by Chinese companies is welcomed by host countries.”

We are confident that all parties can work together to seize the favorable opportunity and build the Belt and Road into a road of peace, prosperity, openness, innovation and civilization, Tuo added.

For more information, visit: www.yidaiyilu.gov.cn

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