BRI Explainer: Implementation of the first BRF outcomes

China first hosted the Belt and Road Forum for International Cooperation (BRF) in May, 2017. Before and during the forum, governments, local authorities and enterprises reached a range of cooperation agreements, policy measures, and effective results. Major deliverables of the BRF include 76 items comprising of 279 concrete results in five key areas, namely policy coordination, infrastructure connectivity, unimpeded trade, financial integration and people-to-people bonds.

But what about the implementation of these outcomes? Let's take a look.

The Belt and Road Initiative has grown from a concept to a key platform for building a community with a shared future for humankind. According to the National Development and Reform Commission, by the end of 2018, among the 279 named BRF results, 269 had resulted in routine work, while the remaining ten were being pushed forward. The implementation rate reached 96.4 percent.

In terms of policy coordination, China's "circle of friends" under the BRI is expanding. China has signed BRI cooperation documents with 126 countries and 29 international organizations.

Regarding infrastructure connectivity, the China-Laos and China-Thailand railway projects made solid progress. The high-speed railway from Jakarta to Bandung began construction.

In trade, the Initiative on Promoting Unimpeded Trade Cooperation along the Belt and Road has been implemented, and economic and trade cooperative mechanisms have been strengthened. Over the past 6 years, trade between China and countries involved in the BRI has exceeded 6 trillion US Dollars.

In the area of finance, the Silk Road Fund has expanded by 100 billion yuan. Eleven Chinese banks have set up 71 branches in 27 Belt and Road countries, and the RMB cross-border clearing system now covers 41 countries and regions.

When it comes to people-to-people bonds, China has signed cultural cooperation agreements with more than 60 Belt and Road countries and established 17 overseas cultural centers in BRI countries. The Belt and Road International Science Organizations Alliance was established last year, which will help China build technology transfer platforms with ASEAN, South Asia, Central Asia, Arabian countries and central and Eastern Europe, and facilitate joint efforts of China and eight countries to develop science parks.

With the theme of "Belt and Road Cooperation, Shaping a Brighter Shared Future," the second Belt and Road Forum aims to bring about high-quality Belt and Road cooperation.