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Deepen R&B Economic Cooperation, Connect Development Demands and Upgrade Cooperation Quality

Submit Time:19-09-2018 | Zoom In | Zoom Out

Author:Cheng Chengping, Wu Fang | Source:People’s Daily (August 16, 2018)

Abstract:

  This year marks the fifth anniversary of the Belt and Road Initiative put forward by President Xi Jinping. For five years, the Belt and Road has become an international cooperation platform and public product enjoying great popularity. Despite the new manifestations of unilateralism, trade protectionism and anti-globalization in the world today, win-win cooperation is still an inevitable trend. The international community strongly calls for a more equal and inclusive global economic governance system and international cooperation model. The Belt and Road Initiative put forward by China innovated the international economic cooperation model and the idea of global governance, and provided the world with a Chinese approach to realize win-win cooperation. This reflects China's accountability as a responsible member of the international community.

  Regional economic cooperation with Belt and Road participating countries is a key link of in pursuing the Belt and Road Initiative. Adhering to the principle of mutual consultation, joint construction and sharing, China is committed to working with the international community to tackle new challenges facing the world economy and enhance the inclusiveness, openness and universality of economic globalization. Economic cooperation with relevant countries under the framework of Belt and Road has achieved remarkable results.

  In the future, with the further advancement in pursuing the Belt and Road Initiative, the scope and projects of relevant economic cooperation between China and other participating countries will increase, and the task of improving the level and quality of regional economic cooperation will be heavier. The Belt and Road participating countries have different national conditions and development levels, and also face some common difficult problems in their development. This requires us to realize the mutual benefit as the starting point and the foothold, combine safeguarding national interests and cooperative development, to form differentiated and multilevel economic cooperation patterns, deepen economic integration, develop big links, and share results, vigorously expand the breadth and depth of regional economic cooperation, and make economic cooperation more targeted with better quality and return.

  In deepening economic cooperation, attention should be paid to the alignment of development strategies with those of participating countries. Pursuing the Belt and Road Initiative is not to start over again like setting up a new kitchen, instead, we should achieve strategic linking and complementary advantages. Policy communication and development strategy linking are the basis for carrying out practical cooperation in all aspects, the key to expanding the convergence of interests of the Belt and Road participating countries, and also the important guarantee for the joint development of Belt and Road. There are many emerging markets and developing countries in the Belt and Road participating countries. On one hand, these countries have a strong desire to promote economic development; on the other hand, they are limited by their own conditions and are unable to launch construction of major projects such as infrastructures. This requires relevant countries establishing a policy coordination and coordination mechanism, jointly formulate cooperation plans and take joint actions, so as to form a situation of coordinated planning, integrated development and interests sharing.

  The Belt and Road participating countries are at different stages of development, therefore they have different levels of cooperation needs. In countries in the pre-industrial stage, the main demand is to set up large number of industrial enterprises to promote the rapid development of industrial production. In countries in the medium term of industrialization, the main demand is to raise the technological level of industrial production. In countries in the later stage of industrialization, the main demand is to develop new and high technologies and critical core technologies to achieve transformation and upgrading. In pursuing the Belt and Road Initiative, efforts should be made to closely align with the national conditions, national strength and development needs of the cooperation partners, and carry out multi-level and multi-mode three-dimensional economic cooperation.

  Development is the universal key to solving all problems. To deepen the Belt and Road economic cooperation, we need to focus on the fundamental issue of development, break development bottlenecks and unleash the development potential of all countries. We should industries as the fundamental of economy, push in-depth industrial cooperation among all countries, facilitate the mutual compatibility and promotion of each other's industrial development plans, and work hard to build large projects. We should strengthen international cooperation in production capacity and equipment manufacturing, foster new businesses, and stimulate vitality in economic growth. The resource endowment and industrial structure of the Belt and Road participating countries are highly complementary, therefore investment and trade can be well combined, to advance the construction of economic and trade industrial cooperation zones, promote production capacity cooperation and economic and trade cooperation, and effectively transform economic complementarity into economic driving forces.

  Financial integration is one of the core factors in pursuing the Belt and Road Initiative. We should deepen the cooperation in the financial field and constantly complete the diversified investment and financing system for pursuing the Belt and Road. At present, infrastructure connectivity, production capacity cooperation, economic and trade industrial cooperation zones and other forms of cooperation have become important approaches for promoting Belt and Road economic cooperation. The implementation of these projects will require huge financing supply. The construction of diversified investment and financing system can provide more solid financing guarantee for the expansion of multi-level economic cooperation and further promote financial integration.

  (Author entity: Economics and Management School of Wuhan University)


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