A China-Europe freight train heading for Yiwu of China departs from Madrid, Spain, March 9, 2023. [Photo/Xinhua]

The enhanced business ties forged among economies involved in the Belt and Road Initiative will be instrumental in addressing issues like unbalanced growth and shortcomings in economic governance, said senior government officials on Wednesday.

Speaking at a sub-forum on trade connectivity at the third Belt and Road Forum for International Cooperation in Beijing, Vice-Premier He Lifeng said China is willing to establish a smooth trade facilitation mechanism with more Belt and Road economies and expand mutual market access.

He, who is also a member of the Political Bureau of the Communist Party of China Central Committee, said China will further boost the efficiency of the China-Europe freight train service, accelerate the development of the New International Land-Sea Trade Corridor, and improve its policies related to businesses including logistics and cross-border settlement for goods trade.

Calling for active participation in BRI cooperation in various fields, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said that the economies of the East and the West are interdependent, and those who fail to recognize this are driven by ideology rather than facts.

Decoupling and severing ties is highly detrimental and may lead to significant economic risks. Such an approach puts millions of jobs at risk and threatens global economic growth, said Szijjarto.

Highlighting that three of the top 10 global electric vehicle manufacturers have factories in Hungary, he said that Hungary's strategy is aimed at fostering interconnectedness to ensure its success under the tangible growth of the BRI.

Erick Thohir, Indonesia's minister of State-Owned Enterprises, said the BRI has further encouraged infrastructure investment and the creation of more jobs in participating countries.

"The BRI has also deepened cooperation between China and Indonesia, involving multiple areas of collaboration, such as high-speed railroad and manufacturing," he added.

Similar views were expressed by Gerd Mueller, director-general of the United Nations Industrial Development Organization.

"China has invested heavily in infrastructure and economic development in other developing countries, actively contributing to the sustainable growth of the BRI," he said.

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