The connection between the “Belt and Road Initiative” and the Eurasian Economic Union has put regional economic integration on the fast track.
In 2015, the leaders of China and Russia signed a statement on the docking between the Silk Road Economic Belt and the Eurasian Economic Union, specifying the SCO as the docking platform.
Today, the "Belt and Alliance" docking has made great progress in cooperation mechanisms, trade and investment, finance, production capacity, industrial parks and other fields, and a number of large projects have been steadily implemented.
In terms of mutual trade, the total trade volume among the six founding members of the SCO in 2017 was US$4.9 trillion, more than seven times that of 2001.
After India and Pakistan joined, the total trade volume of the eight SCO member states reached US$5.72 trillion last year.
While the scale of regional trade continues to expand, trade ties among member countries are increasingly strengthening, and each other has become a major trading partner.
Last year, the trade volume between China and other member states reached US$217.6 billion. China is the largest trading partner of Russia, Kyrgyzstan, India, and Pakistan, and the second largest trading partner of Kazakhstan, Uzbekistan, and Tajikistan.
Over the past 17 years, with the advancement of regional economic cooperation, the investment potential of each member country has gradually emerged.
Statistics show that in 2017, the six founding members of the SCO attracted US$178.8 billion in foreign direct investment, 2.8 times the US$63.7 billion in 2003.
While foreign capital inflows are accelerating, mutual investment among member states has also grown significantly.
The fields, methods and investment entities of mutual investment between countries are diversified.
The investment areas have expanded from resource development, agriculture, and processing industries to infrastructure construction, machinery manufacturing, and service industries.
In terms of investment forms, in addition to direct investment, there are also various forms such as medium- and long-term loans, equity, financial investment, joint venture funds, and foreign aid.
In terms of investors, in addition to large enterprises, small and medium-sized enterprises from various countries have also actively participated in regional economic cooperation.
At present, China has become the largest source of investment in Uzbekistan, Kyrgyzstan, and Tajikistan, and the fourth largest source of investment in Russia and Kazakhstan.
In the process of "One Belt and One Road" construction, countries complement each other's advantages, the integration of production factors accelerates, and the SCO regional economic cooperation continues to strengthen. While promoting the convergence and integration of interests of various countries, it also injects new ideas into the transformation, development and sustainable growth of each country's economy.
kinetic energy.
Data show that the total GDP of the six founding member states of the SCO in 2017 increased 7.56 times compared with 2001, and the growth rate was significantly higher than the global economy in the same period.
The GDP growth rates of new member countries India and Pakistan reached 7.2% and 5.3% last year.
The economic scale of the SCO has grown significantly and has become a highlight of world economic development.