Let's go back to 2013. At that time, affected by the financial crisis in 2008, the economic recovery of European and American countries was slow and consumption power declined, which seriously affected my country's export trade. In 2009, exports plummeted by 16%. Many small and medium-sized enterprises were forced to close their doors and cease production, and migrant workers returned to their hometowns in large numbers. In 2013, the share of Europe, the United States, and Japan in my country's foreign trade dropped sharply from the previous peak of 50% to 33.5%. It can be seen that my country's exports have peaked.

Looking at the country, there is serious overcapacity, with steel, cement, electrolytic aluminum, etc. piling up like mountains. The steel output of Hebei Province alone exceeds that of Japan, the world's second steel-producing country. Our country urgently needs to transfer excess production capacity outwards, otherwise it will not be able to make room for the development of new industries.

In the autumn of 2013, my country proposed the “One Belt, One Road” initiative. What is “One Belt, One Road”? It is the abbreviation of "Silk Road Economic Belt" and "21st Century Maritime Silk Road". In 2013, the Belt and Road Initiative had two original intentions: first, to open up new markets; second, to digest domestic excess production capacity. There is also a larger strategic purpose: reducing dependence on shipping.

Since my country joined the WTO in 2001, 90% of its foreign trade exports have been transported by sea. Shipping costs are low, and my country has ready-made ports, which is very convenient. But shipping is not safe. The United States is the maritime hegemon, with 11 aircraft carrier battle groups and 370 overseas military bases around the world, and controls 16 global shipping chokepoints. Our country has suffered losses before. In 1993, the United States intercepted the Chinese merchant ship "Yinhe" on unfounded charges and forced it to stay on the high seas for 33 days, which seriously damaged my country's sovereignty and economic interests. Therefore, our country is determined to open up new land transportation channels. We cannot stand under dangerous walls.

Based on these three points, the "Belt and Road" initiative was launched in 2013, and the first batch of projects started construction in 2014. my country completed projects such as the China-Laos Railway, the Jakarta-Bandung High-speed Railway, and the Guarda Port. More than 150 countries have joined the Belt and Road Initiative, covering about 4.4 billion people around the world. The project is far from over, but now our country is facing new challenges.

1. The European and American markets are changing rapidly

Compared with 12 years ago, China is already stronger, but it has also become a thorn in the side of the United States and the West. This year, the United States imposed high tariffs on my country. Therefore, we must accelerate the development of new markets.

2. Speed ​​up economical gear shifting

In the past, a major engine of my country's economy was land finance. But now, as the real estate bubble squeezes, land finance is facing challenges, especially in the central and western regions where there is a lack of industry, and the economy is in urgent need of finding new pillars. The development of the “One Belt and One Road” initiative can firstly help the central and western regions attract investment and develop industries; secondly, it can export infrastructure production capacity in exchange for orders, drive the export of equipment, materials, and labor services, and create tax revenue and employment.

3. Dependence on shipping has not yet been reduced

Last year, about 95% of my country's foreign trade imports and exports relied on sea transportation. Compared with more than a decade ago, the import and export volume has increased instead of falling. This is due to the surge in imports of energy, minerals and other bulk commodities, which are naturally suitable for sea transportation. my country's 3 million barrels of imported oil pass through the Strait of Hormuz, the Strait of Malacca, and then into the South China Sea every day. The Strait of Hormuz and the Strait of Malacca are guarded by the US military, and my country's oil transportation still faces uncertainty.