China to Boost Silk Road Project During 2016-2020 Economic Plan

China's 13th Five-Year Plan is set to include developing the new Silk Road initiative, Chinese Vice President Li Yuanchao said Thursday.

DAVOS (Sputnik) — The 13th Five-Year Plan charts the country's economic development from 2016 to 2020.

"China will continue to concern itself with the common development of the new Silk Road in order to share its benefits together with the countries along its way," Li said during the ongoing World Economic Forum in Davos.

Chinese President Xi Jinping visits the parliament in Cairo, Egypt, Thursday, Jan. 21, 2016. - Sputnik International
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Within the given period, China is set to step up talks on forming a free trade zone with countries supporting the Silk Road Economic Belt initiative, Li added, stressing that China will also engage with the rest of the world "managing the global economy."

The country will push for free trade zones, investment agreements and eliminating trade barriers, he said.

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According to China's President Xi Jinping, China is to maintain a growth rate of at least 6.5 percent throughout the current Five-Year Plan period. The plan's target is to double the country's 2010 GDP by 2020 while also doubling income.

In 2013, the Chinese president proposed the construction of a new Silk Road to facilitate the direct flow of goods from the Pacific Ocean to the Baltic Sea. The project is intended to connect China with Europe and strengthen economic ties between Asia, Europe and the Gulf states.

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