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To inject new impulse into economic globalization

Submit Time:15-06-2017 | Zoom In | Zoom Out

Author:Wang Yiming | Source:People’s Daily

Abstract:

  The economic globalization so far has baked a big “cake”, which is called “world economy”. However, it has also brought increasingly highlighted unbalanced development and unequal distribution. Under such circumstance, China brought forward the Belt and Road Initiative, which will inject new impulse into the economic globalization from four aspects.

  The Belt and Road Initiative will serve to accelerate global economic recovery. Currently, the ideological trend against economic globalization is rising. This should be mainly due to the global low economic growth in the recent years. Since the outburst of the international financial crisis in 2008, low growth and even economic stagnation in some countries have caused increasingly expanded income gap and intensified conflicts. Therefore, the global economy needs thorough transformation, while a number of uncertainties should be settled to realize all-around economic recovery. Under such circumstance, the Belt and Road Initiative came out in a bid to promote comprehensive cooperation between related countries to achieve mutual development based on high infrastructure connectivity. The initiative will promote cooperation in energy resource exploration, development, production, transportation and processing. It will improve local processing and transformation rates and deep processing capacity. The Chinese enterprises are encouraged and supported to make investment in related countries to establish overseas businesses, industrial parks and industrial clusters. This will promote the development of characteristic industries of related countries, especially the developing countries, enable these countries to participate in the global collaboration system, and further activate the economic growth potentials in the Afro-Eurasia region. In this way, the Belt and Road Initiative will accelerate global economic recovery.

  The Belt and Road Initiative demonstrates an innovative cooperation mode. Different from the existing regional cooperation mechanisms, the Belt and Road construction relies on a new cooperation mechanism featuring equality, opening-up, flexibility and inclusiveness. The initiative focuses more on equality between countries, regardless of size and strength. It emphasizes opening-up, calling for participation of all related countries. It embraces flexible ways considering regional differences and advocates inclusiveness to maximize mutual benefits. This innovative regional cooperation mode is designed to coordinate the development strategies of related countries, complement each other's advantages, stimulate investment and consumption as well as create market demands and job opportunities. It is also aimed at coordinating the economic policies of different countries to launch wider-range, higher-level and more profound regional cooperation to jointly set up a regional economic cooperation framework boasting opening-up, inclusiveness, balanced development and mutual benefits. It will lead to well-ordered free flow of economic factors, highly efficient resource allocation and deep market integration, forming a diversified economic cooperation circle with common industrial chain, value chain and supply chain to promote an innovative development of regional cooperation mechanism.

  The Belt and Road Initiative is an upgrade of economic globalization. Over the past decades, economic globalization has brought the global markets together, leading to unprecedentedly accelerated international trade and investment, global economic growth and prosperity as well as a huge advance in science and technology development and productivity. However, this was accompanied by many new challenges and negative effects, which should be overcome by pursuing a more inclusive, more vigorous and more sustainable development. Under the background with sluggish global growth and upsurge of ideological trend against economic globalization, the Belt and Road Initiative is committed to promoting the development of related countries, increasing job opportunities and residents’ income, improving global income distribution structure and enhance the world people’s confidence in economic globalization. It advocates co-work, co-construction, sharing, common interests and common density to make the economic globalization more inclusive. It calls to promote trade and investment facilitation, optimize industrial chains, expand financial cooperation and strengthen the vigor for economic globalization. It also proposes to promote transformation toward an environment-friendly development, enhance ecological improvement, desertification monitoring and prevention through cooperation between different countries, enhance cross-border river protection, development and utilization as well as deepen the cooperation in biodiversity protection, environmental monitoring and pollution control, aimed at promoting sustainable economic globalization. This has blazed new trails toward a brighter future of the world economy.

  China offers more public goods through the Belt and Road Initiative. From opening-up to joining the WTO, and then becoming the biggest trading country in the world, China has been a participator and promoter for economic globalization. In return, China has benefited from the economic globalization. Therefore, different from many developed countries that refuse to offer global public goods, China would like to offer more public goods for the international community with no political strings attached, regardless of the difficulties faced for self-development. This demonstrates China’s awareness of responsibility as a great power. For example, China has been highly motivated to promote construction of bilateral investment and trade systems, supporting Asian Infrastructure Investment Bank and other multilateral financial institutions to play an important role. China has provided more opportunities for students from the countries along the Belt and Road to study in the country, offering government scholarship for 10,000 students each year. More efforts have been made to strengthen cooperation in science and technology development as well as co-construction of united laboratories, international technology transfer centers and maritime cooperation centers, promote science and technology professionals’ exchange, and improve science and technology innovation ability. These facts suggest that China is becoming a major contributor to economic globalization.

    (The author is from the Development Research Center of the State Council.)


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