Xi: Political accord, united road, trade systems necessary for Silk Road zone

China’s President Xi Jinping suggested organising the Great Silk Road economic zone. The project’s objective is “to improve the economic relations and cooperation for expanding of space for development of Eurasian countries,” he said on Saturday. “This is to the advantage of all the peoples along the Great Silk Road.” The project needs to begin in “certain directions: step by step to expand the cooperation spheres and to achieve gradually a full-fledged cooperation in the region.” Xi Jinping said first of all it would be necessary to expand and improve the “political accord.” “We suggest organising an exchange of views on strategies of the economic development in order to achieve common views, and offering programmes and measures to develop regional cooperation,” he said. The Chinese president said it would be necessary “to build a common road network in the framework of SCO /Shanghai Cooperation Organisation/.” “Currently, we continue negotiations on favourable conditions for car transportation,” he added. The third condition for organisation of the Great Silk Road zone is “improvement of the trade relations,” the Chinese leader said. “In the economic space of the Silk Road live about three billion people, and huge trade markets have been organised there. The trade and investment cooperation has a very high potential. It is reasonable to consider an adequate system of easier trade aimed at eliminating barriers and at lower costs,” Xi Jinping said. It would be also necessary to increase the currency flows and to introduce payments in national currencies. “The use of national currencies in exchanges and settlements, in current operations and operations among capital accounts will reduce dramatically the expenses, will improve the abilities of our countries to counteract financial risks and will raise the international competitiveness of the regional economy,” he said. The Chinese leader stressed settlements in national currencies had been made with Russia and other countries. “We have achieved good results, we have good experience; and we believe it necessary to expand the geography of using this practice,” Xi Jinping said.