ISLAMABAD: An index tracking trade between China and countries participating in the joint construction of the Belt and Road Initiative (BRI) rose to 165.4 in 2022 from the benchmark 100 in 2013, according to data released by the General Administration of Customs (GAC) on Friday, showcasing a growing role of BRI cooperation in facilitating trade.
As this year marks the 10th anniversary of the BRI, the index aims to present the achievement of trade development between China and BRI participating countries in a systematic and comprehensive way, Lü Daliang, spokesperson of the GAC, said at a press briefing of the State Council Information Office on Friday.
The index includes four dimensions of measurement, including trade scale, trade structure, trade benefit and trade facilitation.
The index is released ahead of the upcoming third Belt and Road Forum for International Cooperation (BRF) next week, where countries and organisations will summarise the achievement of BRI cooperation in the past decade and charter a future course.
In terms of trade volume, the corresponding index between China and countries participating in the BRI jumped significantly to 161.3 in 2022. In 2022, the trade volume reached 18.95 trillion yuan ($2.59 trillion) from 10.11 trillion yuan in 2013, which translated to an annual increase rate of 7 percent in the past decade, 1.5 percentage points higher than the overall growth rate of China’s foreign trade. Its share in China’s foreign trade reached 45.4 percent in 2022, compared with 39.2 percent in 2013.
In the first nine months of 2023, China’s trade with BRI partner countries grew 3.1 percent year-on-year to 14.32 trillion yuan ($1.96 trillion), accounting for 46.5 percent of China’s total foreign trade.
The index on trade structure also improved and reached 118.9 in 2022, as trade among China and BRI participating countries integrates further, providing a solid base for future cooperation.
The past decade also has seen the deepening of open cooperation and mutual benefits brought by BRI trade. In 2022, the indicator on trade benefit was 164.
According to Lü, China is now among the top three trading partners of 114 BRI partner countries, and the largest trading partner for 68 BRI participating countries. China is also the largest source of import for 74 BRI participating countries and largest export market for 35 BRI participating countries.
The implementation of multiple BRI projects including ports, railway, bridges, and industrial parks also enhanced global connectivity, which significantly fuelled trade growth. In 2022, the index on trade facilitation reached 217.3, Lü said.
Lü also noted that the China-Europe freight train now connects with 200 cities in 25 countries, after its operation began in 2013.
China-Europe freight trains have completed 78,000 trips over the past 10 years and shipped more than $340 billion worth of cargo in 7.4 million standard containers, Chinese Foreign Ministry spokesperson Wang Wenbin said during a routine press conference.
