China is striving to promote close Regional Cooperation and diverse trade with Countries along the Belt & Road Routes and its Foreign Trade with those Countries reached 9.37 trillion yuan (about 1.45 trillion U.S dollars) in 2020.

Yantian Port in Shenzhen City of South China’s Guangdong Province converges most international routes in southern China. A total of 11 routes were newly put into operation in 2020, directly to Indonesia, Singapore and other countries along the Belt & Road Routes.

A bicycle factory near the port developed a smart engine to accurately sense the strength on pedal and assist in passing the road conditions such as slopes and mountain roads. The bikes can soon be exported after the completion of assembly and testing.

“The smart engine on our bike possesses independent intellectual property rights and has advantages in new material application and price. In the second half of 2020, our export value increased 30 percent compared with same period last year, especially to countries and regions along the Belt & Road routes,” said Li Xiangrong, secretary to the board chairman of Shenzhen Xidesheng Bicycle Company.

Data showed that the Association of the Southeast Asian Nations (ASEAN) became China’s largest trading partner in 2020, with trade volume totaling 4.74 trillion yuan (about 730 billion U.S dollars) or up 7 percent from the year before.

“With trade partners all over the world and achievements in many places, China’s market diversification strategy has had remarkable results. Such diversified development will not only increase the vitality and potential of our foreign trade, but also boost the economic and trade development of other countries, making important contribution to international trade and the prosperity and stability of the world economy,” said Tu Xinquan, executive dean of the China Institute for WTO Studies under the University of International Business and Economics.

China’s imports and exports to countries and regions along the Belt & Road Routes in 2020 rose 1 percent year on year to 9.37 trillion yuan, accounting for 29.1 percent of the country’s total import and export value. The imports and exports to countries and regions along the Belt & Road Routes by train saw a significant growth of 34.4 percent.

“The economic and trade cooperation with countries along the Belt & Road still maintained relatively strong development impetus despite the impact of the pandemic, which means China and these countries have great economic complementarity and stable trade relations in supply and demand.

The Initiative of the Belt & Road Cooperation is of great significance to stabilizing the fundamentals of China’s Foreign Trade & upgrading the development of market diversification,” said Zhou Mi, Deputy Director, Institute of American and Oceania Studies, Chinese Academy of International Trade and Economic Cooperation, Ministry of Commerce.