BEIJING: Chinese investments related to the Belt and Road initiative have totalled to USD 60 billion since 2013 and Beijing plans to invest USD 600 billion to USD 800 billion in the next five years, an official here has said.
Ning Jizhe, vice chairman of the National Development and Reform Commission, was quoted by the state media ahead of the two-day Belt and Road Fourm (BRF) said that Chinese investment are expected to touch USD 120 billion to USD 130 billion a year over the next five years.
"That would amount to USD 600 billion to USD 800 billion in total, Ning said, adding "this will be a big driving force for a steady recovery in the global economy, and for free trade and investment."
The scrutiny of outbound investments by Chinese regulators will not affect Belt and Road projects, Ning was quoted by the state-run Global Times as saying.
On financing, Ning said China Development Bank and the Export-Import Bank of China have extended USD 110 billion in loans for Belt and Road projects by the end of 2016 and China has signed currency swap deals with countries along the Belt and Road routes totalling 900 billion yuan.
Ning said from 2013 to 2016, Chinese companies invested over USD 60 billion in the countries and regions, creating more than 180,000 local jobs, and paid USD 1.1 billion in tax to local governments.