'Belt and road' blueprint boosts practical cooperation

(Xinhua) Updated: 2015-03-29 17:06

President Xi Jinping addresses the opening ceremony of the Boao Forum for Asia, on March 28, 2015. [Photo/Xinhua]

BOAO, Hainan - The blueprint of the China-proposed belt and road initiative unveiled on Saturday will boost practical cooperation in key fields such as infrastructure, said analysts.

The action plan for the Silk Road Economic Belt and 21st Century Maritime Silk Road outlined the principles, framework, and cooperation priorities and mechanisms of the initiative.

The routes will run through Asia, Europe and Africa, connecting the vibrant East Asia economic circle at one end with the developed European economic circle.

Experts, politicians and business leaders, who attended the 2015 annual conference of the Boao Forum for Asia (BFA) in China's southernmost province of Hainan, said the plan responded to market concerns and set a direction for practical cooperation.

BRIGHT PROSPECT

The plan was issued by the National Development and Reform Commission, China's top economic planner, and the ministries of foreign affairs and commerce.

The initiatives have been established on four principles -- openness and cooperation; harmony and inclusiveness; market operation; and mutual benefits.

Policy coordination, connectivity, unimpeded trade, financial integration and people-to-people bonds are the five cooperation priorities.

"The market waited for this action plan for a long time," said Ha Jiming, chief investment strategist for the investment management division of China at Goldman Sachs.

The strategy shows the initiatives are more than a simple concept, he added.

Prince Saud, chairman of Saudi Basic Industries Corp., said cooperation and construction projects would bring benefits to countries along the routes, and push forward bilateral trade and economic activities.

In an interview with Xinhua prior to the BFA conference, Egyptian Ambassador to China Magdy Amer said his country was committed to revitalizing its economy and developing the Suez Canal corridor, and hoped more Chinese enterprises could invest and develop there.