Belt and Road Ini­tia­tive for global ben­e­fit

China’s plan is con­tribut­ing to more ef­fi­cient global eco­nomic and fi­nan­cial gov­er­nance

China Daily (USA) - - ECONOMY - ByWANG YIQING wangy­iqing@chi­nadaily.com.cn

The Belt and Road Ini­tia­tive, the Silk Road Eco­nomic Belt and 21st Cen­tury Mar­itime Silk Road, a new type of in­ter­na­tional co­op­er­a­tion mech­a­nism launched by China, is con­tribut­ing to “more ef­fi­cient global eco­nomic and fi­nan­cial gov­er­nance”, one of the key is­sues be­ing dis­cussed at the G20 Lead­ers Sum­mit in Hangzhou in EastChina’s Zhe­jiang prov­ince.

Chi­nese Pres­i­dent Xi Jin­ping said at a sym­po­sium on the Belt and Road on Aug 17 that the ini­tia­tive aims to ben­e­fit peo­ple along the routes and China wel­comes all par­ties “tak­ing a ride” on China’s devel­op­ment.

The global econ­omy has not re­cov­ered eight years af­ter global fi­nan­cial cri­sis erupted in 2008, and new driv­ers of eco­nomic growth are ur­gently be­ing sought. Great hopes have been put onChina, which has been the most pow­er­ful en­gine for global eco­nomic growth in re­cent times.

De­spite its slower eco­nomic growth, China still con­trib­uted more than 25 per­cent of global eco­nomic growth last year.

More­over, since the pat­tern of eco­nomic glob­al­iza­tion, which has mainly been dom­i­nated by Western de­vel­oped coun­tries up to now, is chang­ing, China is obliged to be the rep­re­sen­ta­tive of de­vel­op­ing coun­tries in global eco­nomic gov­er­nance.

The Belt and Road Ini­tia­tive has been pro­posed byChina as a means to pro­mote co­op­er­a­tion to drive global eco­nomic growth and achieve in­clu­sive and in­ter­con­nected devel­op­ment, es­pe­cially among de­vel­op­ing coun­tries.

“I hope the G20 sum­mit will pro­mote the Belt and Road Ini­tia­tive and in­clu­sive growth,” said Zhao Jin­ping, di­rec­tor of the for­eign eco­nomic re­la­tions re­search depart­ment of the State Coun­cil’s Devel­op­ment Re­search Cen­ter, at a meet­ing or­ga­nized by the China Cen­ter for In­ter­na­tional Eco­nomic Ex­changes in Au­gust.

G20 mem­bers ac­count for two-thirds of the global pop­u­la­tion and 85 per­cent of the global econ­omy, while coun­tries along the Belt and Road, which are mainly de­vel­op­ing coun­tries, ac­count for about 60 per­cent of the world pop­u­la­tion but only 30 per­cent of global econ­omy.

“The Belt and Road Ini­tia­tive is a new in­ter­na­tional eco­nomic or­der on the ba­sis of equal­ity, which can en­able peo­ple in less-de­vel­oped coun­tries and re­gions to par­tic­i­pate and share the fruits of glob­al­iza­tion,” said Zhang Yan­sheng, chief re­searcher of CCIEE.

The Belt and Road Ini­tia­tive has been widely wel­comed and sup­ported by the in­ter­na­tional com­mu­nity. As of now more than 100 coun­tries and in­ter­na­tional or­ga­ni­za­tions are par­tic­i­pat­ing in the ini­tia­tive. China has signed co­op­er­a­tion agree­ments with more than 30 coun­tries along the routes, and has launched in­ter­na­tional in­dus­trial ca­pac­ity co­op­er­a­tion with more than 20 coun­tries.

A fur­ther goal of the Belt and Road Ini­tia­tive is to push for­ward the United Na­tion’s 2030 Agenda for Sus­tain­able Devel­op­ment, which is also a high­light of the G20 sum­mit this year.

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