China is likely to invest over USD one trillion overseas and import USD 10 trillion commodities over the next five years, Premier Li Keqiang has said as the world’s second largest economy looks to invest its record USD 3.50 trillion forex reserves abroad to utilise it to spur growth.
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China proposes the setting up of a financial company that would finance projects in Central and Eastern European countries (CEECs), the Chinese prime minister said.
Li added that despite the economic slowdown, China’s annual growth volume has continued to increase.
This would provide more opportunities for the 16-member CEE countries to further their trade relationship with China, Li said, adding that he would push for the China-Europe land-sea express route at the two-day summit, which concludes Wednesday.
China’s trade with Central and Eastern European countries exceeded $60 billion past year, China Daily quoted Li as saying.
It’s a win-win situation for both parties.
He said Hungary would continue to support the development of CEE-China relations and EU-China relations.
China can aid in infrastructure funding for these countries, the Chinese leader noted.
On the other hand, China needs Central and East European countries to participate as the region will be transformed into a “logistics center” and “economic corridor” for China’s Belt and Road initiative.
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“Investment is usually the forerunner when exporting equipment and technology and this is mutually beneficial”, he said.
