China’s all-in­clu­sive vi­sion for boost­ing global growth

China Daily (Canada) - - LIFE -

De­fend­ing glob­al­iza­tion at the­World Eco­nomic Fo­rum in Jan­uary, Pres­i­dent Xi Jin­ping ac­cen­tu­ated that the Belt and Road Ini­tia­tive, which he pro­posed in 2013, is China’s an­swer to prob­lems frus­trat­ing glob­al­iza­tion. And in the Govern­men­tWork Re­port he de­liv­ered last Sun­day and ap­proved by the top leg­is­la­ture onWed­nes­day, Premier Li Ke­qiang high­lighted the ini­tia­tive as a strate­gic move to­ward build­ing a more open global econ­omy.

Li again cited the ini­tia­tive to il­lus­trate the coun­try’s com­mit­ment to greater open­ness while ad­dress­ing the me­dia at the close of the fifth ple­nary ses­sion of the 12th Na­tional Peo­ple’s Con­gress onWed­nes­day.

Dur­ing panel dis­cus­sions through­out the just-con­cluded an­nual sessions of the top leg­is­la­ture and the top po­lit­i­cal ad­vi­sory body, the Chi­nese Peo­ple’s Po­lit­i­cal Con­sul­ta­tive Con­fer­ence Na­tional Com­mit­tee, there was plenty of talk about how lo­cal economies and in­dus­tries may con­trib­ute to and take ad­van­tage of the am­bi­tious global con­nec­tiv­ity project. But it is not just China that is ben­e­fit­ing.

For all sus­pi­cions that it may re­nege on prom­ises of open­ness to for­eign busi­nesses, Bei­jing’s all-out ef­forts to build in­ter­na­tional part­ner­ships un­der the frame­work of the Belt and Road Ini­tia­tive should of­fer re­as­sur­ance that that is not the case. Even from the per­spec­tive of rec­i­proc­ity, China can­not afford to lock its own econ­omy be­hind walls of pro­tec­tion.

And Chi­nese di­rect in­vest­ments in coun­tries along the Belt and Road routes have added nearly $1.1 bil­lion in tax rev­enues and 180,000 jobs in those coun­tries.

As an ex­pan­sive eco­nomic con­nec­tiv­ity regime that in­volves more than 60 coun­tries, the Belt and Road Ini­tia­tive, in For­eign Min­is­terWang Yi’s words, has be­come “the most promis­ing plat­form for in­ter­na­tional co­op­er­a­tion”.

InMay, Bei­jing will host the Belt and Road Fo­rum for In­ter­na­tional Co­op­er­a­tion.

With Bei­jing de­vot­ing so much, so whole-heart­edly, to the project, there is lit­tle doubt it will be a core ve­hi­cle for Chi­nese for­eign poli­cies in the fore­see­able fu­ture.

Thus spec­u­la­tion that China’s pres­ence in Chile at the on­go­ing trade talks of the re­main­ing mem­bers of the abortive Trans-Pa­cific Part­ner­ship agree­ment sig­nals Bei­jing’s will­ing­ness to take overWash­ing­ton’s role is un­founded, be­cause there sim­ply is no need for Bei­jing to as­sume such a role.

A more sen­si­ble way is to dove­tail the ex­ist­ing de­signs for Asi­aPa­cific re­gional co­op­er­a­tion with those of other re­gions.

In­te­grat­ing these in­clu­sive re­gional group­ings with the Belt and Road will gen­er­ate un­lim­ited growth po­ten­tial for the global econ­omy.

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