Chinas new Silk Road very important contribution to global economy, IMF says

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The Belt and Road Initiative (BRI) has benefited the world in fostering infrastructure in low-income countries, Changyong Rhee, director of the International Monetary Funds (IMF) Asia and Pacific Department, has said.

He told Xinhua News the China-proposed trade route is a “very important contribution” to the global economy while promoting regional cooperation and connectivity in trade investment, human mobility and finance.

The official said: “The IMF is in very close collaboration with the Chinese authorities on sharing the best international practices, especially regarding fiscal sustainability and capacity building,” not only for Chinese officials, but also for officials from low-income countries that have joined in the BRI.

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According to Rhee, the fund has opened the China-IMF Capacity Development Center in Beijing in order to provide personnel training, support institution building, and boost communication for countries along the Belt and Road.

Chinas BRI megaproject (dubbed the new Silk Road) which was announced six years ago by President Xi Jinping covers 152 countries in Europe, Asia, the Middle East, Latin America, and Africa. It is expected to significantly boost global trade, and cut trading costs by half for the countries involved.

Chinas contribution to the worlds economy will increase, according to Rhee, who noted the country is expected to account for more than 30 percent of global growth this year.

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