Ambassadors to China from seven countries along the Belt and Road descended on Yantai in East China's Shandong province on July 24, to attend a forum sponsored by the Asia Fortune Forum (AFF).

The forum, themed "Inheritance, Breakthrough & Win-win", saw in-depth discussions carried out between Chinese business leaders and the ambassadors on issues associated with the Belt and Road Initiative.

Zhuang Congsheng, former vice-president of All-China Federation of Industry and Commerce said at the forum, that those most set to benefit from the Belt and Road Initiative are domestic private enterprises.

To adapt to the "new normal" of the economy, enterprises should accelerate their transformation and upgrading and actively deal with development problems such as market saturation, resource shortages, rising of labor force costs and lack of high-end technology, Zhuang said.

He added that government needs to roll out favorable polices and measures to encourage private enterprises to get involved in the initiative.

Huo Jianguo, former director of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, said that domestic enterprises involved must improve the risk awareness as well and know how to tackle the risks facing them.

The participating ambassadors, such as those from Algeria and Bahrain, gave presentations on the investment environment and key projects in their respective countries.

Algerian ambassador to China, Ahcene Boukhelfa spoke highly of the Belt and Road initiative and encouraged investors from Yantai and the rest of China to invest in Algeria. In return he said that Algeria will provide a more transparent and stable business and political environment for investors.

The forum served as an international platform for domestic enterprises to develop international thinking, find suitable cooperative projects and enter international markets, according to Li Wencheng, chairman of Wencheng Castle Cultural Tourism Co, organizer of the forum.

Ambassadors to China from seven countries along the Belt and Road descended on Yantai in East China's Shandong province on July 24, to attend a forum sponsored by the Asia Fortune Forum (AFF). [Photo/AFF]