Trade experts have said third-party market cooperation has become a new bright spot in the Belt and Road Initiative and will continue to bolster the B&R development and win-win outcomes.
Gao Yan, head of the China Council for the Promotion of International Trade, said such collaboration offered a new way for China and developed countries to jointly pursue the Belt and Road Initiative.
“It allows businesses of the two sides to give full play to their advantages and helps deliver mutual benefits,” Gao said.
Third-party market cooperation brings together the industrial strength of China and advanced technologies of developed countries to better satisfy the development demand of countries and regions along the routes of the Belt and Road.
Progress has been made in the area with a series of outcomes, Gao said, citing cooperation funds set up for investment in third-party countries.
The upgrades of hydropower stations conducted by Chinese and Germany companies in Brazil and the construction of Hinkley Point C nuclear power station financed by Chinese and French companies in Britain have been considered exemplary in B&R third-party market cooperation.
China has expanded third-party market cooperation with countries including France, Italy, Spain, Japan and Portugal.
Wei Jianguo, vice president of the China Center for International Economic Exchanges, said third-party market cooperation was still a new cooperative model and more should be made for further improvement.
“As there is not enough successful and replicable experience, continued efforts should be made by businesses to grope for feasible approaches and by governments to improve mechanisms,” Wei said.
The Belt and Road Initiative, proposed by China in 2013, aims at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient Silk Road trade routes to seek common development and prosperity.
The Second Belt and Road Forum for International Cooperation concluded Saturday, with a total of 283 items of practical outcomes. The three-day forum has drawn about 5,000 participants from more than 150 countries and 90 international organizations, including nearly 40 heads of state and government.