China plans major joint projects on Silk Road

China plans to carry forward the Silk Road initiative and kick off major joint projects, as the contract value of service outsourcing within the region soared by 22.3 percent to $10.61 billion from January to November, said the Ministry of Commerce on Tuesday.

Also known as the Belt and Road initiatives, the country is building the Silk Road Economic Belt and the 21st Century Maritime Silk Road and has implemented agreements totaling $8.05 billion in the first 11 months this year, up 31.5 percent.

"China will promote connectivity in transportation, energy and telecommunication with countries along the Silk Road, and encourage companies to increase investment and set up industrial parks beneficial to regional economy," said Shen Danyang, spokesman for the Ministry of Commerce.

The Asian Infrastructure Investment Bank and Silk Road Fund will help bankroll a series of major projects, Shen added at a press conference on Tuesday.

Promoting regional prosperity is the primary goal behind building the modern Silk Road, since economic development of the countries along the Road stands at a low level, with per capita gross national income amounting to only 46.4 percent of the global average, according to Chinese Premier Li Keqiang.

Shen added that the outsourcing agreement helps promote service trade and enhance cooperation with countries on the Silk Road.

China had 27,686 service outsourcing enterprises with six million employees as of Oct 31.