Inter-city Economic Cooperation based on Belt and Road Initiative

(sh-italent.com)Updated : 2017-02-03

“Belt and Road Initiative” is a strategic decision of the CPC Central Committee to tackle changing global challenges and to leverage domestic and international situations. When President Xi Jinping visited Shanghai in May 2014, he pointed out that Shanghai should participate in the construction of Silk Road economic belt and Marine Silk Road.

Shanghai has closer trade relations with "Belt and Road" countries

In 2014, Shanghai’s trade volume with “Belt and Road” countries and regions totaled $90.71 billion, accounting for 19.5 percent of the city’s foreign trade and still of great potential. Export totaled $45.26 billion, up 7.45 percent. Import totaled $45.44 billion, down 1.89 percent.

Shanghai has a good foundation to participate in the infrastructure development of "Belt and Road" countries

Up to the end of 2014, Shang has 320 investments in 37 “Belt and Road” countries with a total capital of $2.16 billion. Shanghai-based companies have taken 2,397 project contracts from 64 Belt and Road countries, with a total contracted volume of $58.27 billion, accounting for 55.7 percent of total contracted volume of the city. The revenue of these project contracts totaled $30.17 billion, accounting for 46 percent of the city’s total foreign project contracts.

Shanghai's International Trade Center Initiative is instrumental to Belt and Road Initiative

Exhibition spaces of the city totaled 12 million sq meters in 2013 and 72.5 percent were for international exhibitions. With the opening of the National Exhibition and Convention Center (Shanghai), the city has been moving towards an international exhibition and conference center. Shanghai ranks world No.1 in both cargo and container throughput.

International organizations have provided channels and vehicles for Shanghai to participate in the construction of Belt and Road Initiative

Thirty-three of 65 Belt and Road countries have established consulates in the city and a dozen of trade promotion agencies have offices in Shanghai. BRICS Development Bank is headquartered in the city and over 1,000 multinational corporations set up regional headquarters, holding companies, or R&D center in Shanghai.