China proposes cooperation framework at CEEC summit
November 6, 2016, 10:18 am

Li, center, has promoted trade and connectivity, stepping up production capacity and tourism cooperation with the CEEC [Xinhua]

Li said that over the past five years, cooperation between the “16+1” had acquired a more effective institutional framework, and more solid prospects for further expansion in the energy and infrastructure sectors.

Late on Saturday, Li announced that China is establishing an $11 billion investment fund run by the Commercial Bank of China to finance projects in infrastructure, high-tech manufacturing and consumer goods sectors in Central and Eastern Europe.

He also proposed measures including “promoting trade and connectivity, stepping up production capacity and tourism cooperation, and exploring innovative ways of financial cooperation”, Chinese news agency Xinhua said.

During the summit, heads of government from the CEEC and China also agreed to intensify people-to-people exchanges by fully taking advantage of existing educational, cultural, and touristic cooperation mechanisms to bring their people closer.

Li said that he supported growth of an investment-friendly environment between China and the CEEC.

To that end, the Chinese Premier said that China’s was ready to begin the construction of industrial and technological parks in cooperation with CEE nations.

Li has said that his country considers Latvia, the summit host country, an important transit station for China-EU trade.

Riga is the third leg of Li’s Eurasian tour that has seen him stop in Kyrgyzstan and Kazakhstan, and will end with a visit to Moscow.

During his vist to Bishkek, the Kyrgyz capital, Li said that China wants to see the creation of a free-trade zone with Russia, Kyrgystan, Kazakhstan, Tajikistan and Uzbekistan – nations which comprise the Shanghai Cooperation Organization (SCO).

The BRICS Post with inputs from Agencies