Saturday, February 28, 2015

China’s new Silk Road initiative attracts Turkey’s attention

International Shipping News 23/02/2015   

The first ever direct China-Spain freight train – which started its journey from Yiwu, a major trading hub south of Shanghai – travelled an epic 13,000 kilometers in 21 days (10 days faster than the conventional ocean freight), reaching Madrid in December 2014. The inauguration of a direct train link between Yiwu and Madrid should be seen as part of China’s ambitious foreign policy initiative to revive the ancient Silk Road.
The New Silk Road initiative consists of a network of both land and sea routes. The land route, the “Silk Road Economic Belt,” is planned to traverse Eurasia using three sub routes (north, middle and south).
The sea route, the “21st Century Maritime Silk Road,” will extend from eastern China to Southeast Asia, East Africa, the Middle East and Europe. In order to improve the infrastructure along these Silk Road routes, China will not only contribute $40 billion to set up a Silk Road Fund, but also provide up to 50 percent of the total capital ($100 billion) to establish the Asian Infrastructure Investment Bank (AIIB).