The country exported 2.2 million tonnes of scrap steel last year, compared with just around 1,000 tonnes in 2016, according to the China Iron and Steel Association.
The countries and regions involved in the initiative have become key markets for Chinese mainland automotive companies, according to Feng Xingya, president of GAC Group.
The construction of the road has been halted under the order of Hun Sen to maintain niceties with Laos.
The country will continue to implement a proactive fiscal policy and prudent monetary policy, according to the annual Central Economic Work Conference held in December, 2019.
The congress was attended by nearly 1,300 returned overseas Chinese and their relatives as well as more than 700 overseas Chinese from more than 110 countries.
The country will modestly raise its budget deficit ratio, issue special sovereign bonds, bolster the scale of local government special bonds and guide lending rates lower, the Political Bureau of the Communist Party of China Central Committee said in a statement after a meeting on Friday.
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The contract will enable China to develop its own benchmark for oil pricing in addition to current global benchmarks.
The country will promote inclusive tax cut and structural tax cut simultaneously, lowering tax burden of manufacturing and small and micro enterprises.
The consequences for economies that are the most dependent on tourism are severe. The World Travel and Tourism Council estimates that over 60 million jobs in the travel and tourism industries will be lost in the Asia-Pacific region.
The cooperation with the World Bank could mobilize participation of more MDBs, private sectors and other funding sources, and create all-win solutions, said Shi.