The Cabinet will focus on economic recovery and increasing growth in the short term, solving debt repayments, increasing the stability of the banking system, attracting more investment and providing care for the elderly.

T.Enkhtuvshin, governor of Dornogovi has signed a cooperation agreement with E.Batzaya, director of ‘Desert Solar Power Waun’ LLC to construct the new power plant. The company is to begin construction work on the 30 mwt facility in May and plans to complete work by the end of the year.

The new power plant could potentially provide clean energy to households and to create 30-40 jobs.

Sainshand is the provincial capital of Dornogovi and an important town on the Trans-Mongolian railway. For many years it was planned to establish an 'industrial hub' in the vicinity for processing Mongolia's abundant raw materials. Currently, Sainshand is the proposed site of Mongolia's only oil refinery.

According to Minister of Labor and Social welfare, it is not clear yet, how much per cent out of all children will get child allowance, as the survey to define family livelihood level has just finished awaiting its results.

The Budgetary Standing Committee will discuss all proposals and conclusions of the standing committees before the second discussion of the budget bills at the plenary meeting.

Moreover, she said that the one of the ways to diversify the Mongolia's mining and animal husbandry-oriented economy is development of tourism sector.

Mongolia took part in ITB Berlin 2015 International tourism trade fair as an official partner with an aim to promote Mongolia abroad and jointly organized an International Silk Road Conference on Nomadic Tourism and Sustainable Cities in Ulaanbaatar in 2016 with the World Tourism Organization (UNWTO) and the World Cities Scientific Development Alliance (WCSDA).

In this connection, the Minister highlighted the significance of the conference, which gathered about 300 representatives from UNWTO Silk Road program member states, UNWTO affiliate members and Sister Cities International.

As Italy is famous for ancient history, culture, architecture and literature, it is one of the Silk Road Member States which receive the largest number of tourists each year. For instance, from Mongolia, about 8500 tourists traveled to Italy, whereas, Mongolia received over 3000 tourists from Italy last year.

Furthermore, Minister D.Ouynkhorol expressed her interest to cooperate with Italy towards training tourism event organizers, developing water tour in the Lake Khuvsgul, establishing temporary accommodation complex to enable safe and comfortable travel in the region, developing brand name products titled “Travels of Marco Polo”, promoting Mongolia in Italy, increasing the number of mutual travels, and signing MOU on cooperation of tourism development between the Governments of the two countries.

In turn, Ms. Dorina Bianchi, Deputy Minister of Culture and Tourism of Italian Republic agreed on signing MOU as well as informed that Italy is ready to open Mongolian representative office of tourism in Rome to promote Mongolia in Italy. “Opening of the representative office in Rome will have a great significance to strengthen the promotion of Mongolia” she said. Moreover, Ms. Dorina Bianchi expressed her willingness to develop tourism near the Lake Khuvsgul, open tourism center of Italy in Mongolia as well as to jointly organize exhibitions of the Great Empires of the two countries. Tourism in Italy is being developed in two areas, sports and nature.

Since 2013 when President Xi Jinping first proposed the initiative, trade volume between China and economies along the trading routes amounted to $3 trillion, total investment reached $50 billion, and newly signed contracts exceeded $304.9 billion, Shen said.

China has signed approximately 50 government-level cooperation agreements with these economies and established 56 economic and trade cooperation zones, Shen added.

Shen made the remarks at a news conference on Monday when the Beijing-based China Bond Rating Co Ltd and the Chinese Academy of Social Sciences released a blue book of outbound investment and risks, with this year's emphasis on summarizing overseas investment along the Belt and Road countries and regions.

According to the annual report, China's outbound investment in those regions is expected to maintain rapid growth this year, with capital primarily flowing into sectors that meet the destinations' socioeconomic development demand.

Findings show that since 2015, energy, transportation and information technology are the top three fields attracting Chinese investors, the majority of whom come from Beijing, Shanghai, Guangdong and Zhejiang provinces.

The report shows the top three destinations receiving most investment are Southeast Asia, the Middle East and South Asia. Of the two commonly used modes, average investment scales of projects by mergers and acquisitions turn out bigger than those through greenfield investment.

Greenfield investment refers to a form of foreign direct investment where a parent company builds its operations in a foreign country from the ground up.

However, when seeking cross-border investment opportunities, Chinese companies are exposed to greater unexpected legal and cultural obstacles, the report said.

Risks in host countries, such as changing local policies and fluctuations in exchange rates, play decisive roles in investors' sustainable development and profitability, Feng Guanghua, chairman of the China Bond Rating Co Ltd, said at the news conference.

Despite the odds, homegrown companies will fulfill the goal of investing abroad by thorough preliminary investigation and prudent risk management, Shen said.

"Chinese companies need to join forces in overseas expansion, and beef up their respective advantages. They should keep away from vicious competition," he added, referring specially to a previous irrational investment frenzy.