Tibet gains from Belt and Road Initiative - Economy & Society - Tibetol

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Tibet gains from Belt and Road Initiative
update:October 26,2017

Oct.26,2017-- October's recent national holiday proved a good week for Dibu, a Nepalese merchant in Burang, a Tibetan county sharing 400 km of border with Nepal and India.

As the third generation in his family to do business in Burang, the only port of entry for foreign trade in Ngari Prefecture, Dibu has worked in the family business since he was 19 years old. Now, he is 54.

Winter is coming, and Dibu is busy purchasing goods before heavy snow cuts off the mountain road back to his home. The Chinese commodities should help him make a fortune by the end of the year.

"We can make 300,000 to 400,000 yuan (45,230 to 60,307 U.S. dollars) a year, far more than what we can earn in Nepal," he said.

The per capita gross national income in Nepal was 730 U.S. dollars last year, according to the World Bank data.

"Burang port is getting more prosperous as China promotes the Belt and Road Initiative. I am sure our business will continue to grow in the future," Dibu said.

Tibet, which is seeking a bigger role in the Belt and Road Initiative, has seen its economic growth on the fast track despite a slowing national economy in recent years.

Tibet's GDP has been one of the best performing in China over the past three years, with this year's half-year GDP growth reaching 10.8 percent, underpinned by strong investment in infrastructure and robust consumption, according to the region's statistics bureau.

Tibet Customs said the region's foreign trade rose 22.1 percent year on year to 4.7 billion yuan in the first three quarters.

General trade surpassed petty trade to become Tibet's main foreign trade this year. In the first three quarters, imports and exports of general trade soared by 80.5 percent to hit 3 billion yuan, taking up 63.4 percent of Tibet's total foreign trade.

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