Caterpillar: "Belt and Road" will bring a new round of global prosperity

Caterpillar Inc., the world’s largest manufacturer of construction machinery and mining equipment, recently stated that China’s “Belt and Road” initiative will bring a new round of prosperity to China and other parts of the world. Caterpillar hopes to cooperate with Chinese engineering contractors. Actively participate in the "Belt and Road" project.

Caterpillar’s ​​“One Belt, One Road: A Vision and Commitment to a Win-Win” White Paper issued in China on the 29th pointed out that the “One Belt and One Road” initiative will promote China’s industrial upgrading, increase production efficiency and participation in globalization, and bring it to other regions of the world. Great opportunity.

Caterpillar believes that there are many emerging markets and developing countries along the “One Belt and One Road” and some developed economies that are seeking new growth opportunities and market opportunities. The interconnection of infrastructure along the route will promote the free flow of economic factors, The efficient allocation of resources, the deep integration of markets, and the coordination of economic policies among countries will ultimately help reduce logistics costs, increase the competitiveness of emerging economies, and reduce the imbalance between regional developments.

This white paper says that infrastructure plays a key role in promoting trade, increasing productivity, and promoting economic growth.

For example, according to the Asian Development Bank’s empirical study, every 10% increase in road paving in Asia, a 1% reduction in power transmission losses, and a 10% increase in Internet facilities can boost economic growth by 5%, 1.1%, and 2%, respectively. The bank estimates that, from 2010 to 2020, the infrastructure of Asian economies will have to reach the world average, with internal infrastructure investment needing 8 trillion U.S. dollars and regional infrastructure construction another 300 billion U.S. dollars.

According to incomplete statistics, countries and regions along the “One Belt and One Road” will cover 63% of the global population and 29% of the total economy.

The Caterpillar White Paper pointed out that the "Belt and Road Initiative" is not a plan of the Chinese side, nor can it be accomplished through the efforts of the Chinese side. It encourages local companies, global companies, and international organizations from countries along the route to participate in construction projects for all involved. The party provides an inclusive framework.

Caterpillar Global Vice President and Chairman of Caterpillar (China) Investment Co., Ltd. Chen Qihua said in an interview with reporters that Caterpillar attaches great importance to the opportunities brought by the “Belt and Road Initiative” and the company is implementing the Smart Construction Machinery Project and its 60 Many years of global operating experience have helped increase the economic benefits and sustainability of the “One Belt and One Road” project.

According to him, since the beginning of this year, the company has participated in the “Belt and Road” project in Southeast Asia, the Middle East, and Russia, which has achieved rapid business growth and is also optimistic about the infrastructure needs of African countries.

"We very much want to continue to cooperate with China's partners to achieve a win-win situation on this open and closed platform," said Chen Qihua.