China’s Belt and Road project will fast become the most important pillar of world trade and so global shipping, the country’s ambassador to the UK and Hong Kong’s secretary for transport declared today.

“The 21st century is the century of the sea,” said ambassador Liu Xiaoming of development of shipping routes between Asia, Africa and Europe that are the maritime equivalent of the Silk Road trade route of the past.

“The Belt and Road initiative goes along with a trend of economic globalisation and trade facilitation. It continues the Chinese nation’s aspirations for a connected world and opens up new opportunities for international shipping,” said Liu while speaking at a London International Shipping Week event.

“By 2050 the Belt and Road is estimated will contribute 80% of world gross domestic product (GDP) growth,” said Hong Kong’s Frank Chan. The 9,000 km route embraces 60 countries with 60% of the world’s population, currently representing 21% of world GDP.

Chan says this transformation will allow populations to migrate from low value economies to middle class lifestyles. “Along the Belt and Road corridors massive opportunities and demands for quality maritime and shipping services are emerging,” Chan added.

Tangible benefits to the countries along the route have already included $3trn of trade between them and China in the three years from 2014 to 2016, Liu says. Chinese companies have set up 56 trade end economic zones in 20 countries this year alone, he added, generating more than $1bn in taxable revenues.

“It is my firm belief that the Belt and Road initiative will build up new momentum for global trade. It has forged close ties between the shipping sectors of different countries. As of May, China has signed bilateral maritime agreements with 36 countries along the Belt and Road,” Liu said.

Regular meetings have also been set up with the Association of Southeast Asian Nations and European Union. More concrete co-operation is envisaged.

“We will encourage shipping companies to open up new lanes and increase the number of ships. We will join hands with the nations along the route to improve service networks and we will work with the international organisations to ensure safe and secure passageway,” Liu added. This will include enhanced involvement in the International Maritime Organization.