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Six economic corridors to better connect Asia and Europe

Yang Ziman
Updated: May 29,2015 4:40 PM

Vice-Premier Zhang Gaoli announced the construction of six economic corridors on May 27, which are major projects aiming to promote Asia-Europe connectivity.

He said the plan includes economic corridors linking China-Mongolia-Russia, China-Central and Western Asia, China-Indo-China Peninsula, China-Pakistan and Bangladesh-China-India-Myanmar as well as the New Eurasian Land Bridge, which will be the focus of efforts related to Asia-Europe connectivity.

In a joint declaration released during the Asia-Europe connectivity conference held in Chongqing on May 27 and 28, members of Asia-Europe conference called for connectivity in infrastructure, trade, finance, the private sector, policy and industrial chains.

Wei Jianguo, executive deputy director of the China Center for International Economic Exchanges, said “Asia-Europe connectivity will help to facilitate for China’s ‘One Belt, One Road’ strategy,” adding that it “can offer Europe the new economic growth engine that it badly needs.”

But he also said that connectivity faces challenges due to regional differences.

“The development level of countries in Europe and Asia varies from country to country. Each country has its own priorities and pressing problems. Moreover, systematic market differences make it even more difficult to realize connectivity,” said Wei.

The economic volume in the region involved in Asia-Europe connectivity accounts for 55 percent of the world total, and the trade volume in the region accounts for 60 percent of the total.