China has allegedly overinvested in countries concerned with the Belt and Road Initiative. The excess amount of forecasted budget has reached 12.78 billion USD based on 2019 values. The foreign contracted projects entered into by China have already reached 127.67 billion USD yielding almost half a percent's annual investment growth.
A recent report revealed that the volume of foreign contracted projects participated by Chinese enterprises concerned with the Belt and Road Initiative (BRI) has reached a total of 127.67 billion USD in 2019 alone.
China's Ministry of Finance shared that the country's non-financial investment in the BRI countries has reached 12.78 billion during the first 11 months of 2019. The value was said to have been an excess of 12.78 billion USD from the supposedly allotted budget. The budget surplus was measured to have increased by 41.2 percent.
The turnover of foreign contracted projects involved in the BRI had been valued AT 74.61 billion USD that yielded a 1.3 percent increase from 2019 to 2020. Moreover, the BRI countries that have contracted with China only invested a total of 7.02 billion USD and have only set up a total of 4,964 enterprises in the country.
In other news, CGTN reported that Chinese state councilor and foreign minister Wang Yi visited five African countries - his first overseas trip for 2020. The said trip was to further African countries' economic cooperation with the BRI and the China-Africa Cooperation (FOCAC).
Wang claimed that China and Africa had been 'natural partners when it came to bilateral cooperation. He added that both nations could benefit and promote complementary growth through the BRI and pushed for Africa's cooperation with BRI.
According to Flight Global, China Eastern Airlines and Shenzhen Airport Group also engaged in a cooperation agreement to boost its presence in Chinese airports. The agreement, signed last January 9, 2020, would enable network expansion, aviation logistics industrial development, and serve as a joint marketing effort between companies.
The companies were reported to have an interest in capitalizing its efforts on the BRI. They were said to build a Guangdong-Hong Kong-Macau Greater Bay Area that forms part of the BRI.
A paper published in KAPSARC explained that the Chinese government in 2013 launched the Belt and Road Initiative. It was said to have manifested China's vision of promoting growth and cooperation among economies of Europe and Asia such as initiating large infrastructure projects across these nations.
