SCIO briefing on trade and economic cooperation under B&R Initiative
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E-mail China.org.cn, May 11, 2017
Phoenix TV:
We've noticed that Chinese companies may face some risks when joining construction projects in countries along the Belt and Road. How will the Ministry of Commerce assess such risks? What specific measures are being taken to guide or help the enterprises? Besides, we've also noticed that a trend in favor of reversing globalization is rising around the world. In particular, we are facing difficulties in cooperation with our principal trade partners. How will the Belt and Road Initiative ensure expanding trade with China, especially in countering any trade barriers from some countries? Thank you.
Zhang Xingfu:
Foreign investment and cooperation are important to the Belt and Road Initiative. The Chinese government is encouraging qualified and capable enterprises to go international in their investment and cooperation activities. Generally speaking, the overall situation is good, according to ministry statistics. However, enterprises inevitably face some difficulties and problems when going international. We know the problems and risks involve political, economic, legal, social and security factors, as well as for business operational reasons. In recent years, we have been enhancing our guides and services for enterprises, by attaching equal importance to development and risk control, to ensure they go ahead in a steadier and better way. We have built a precaution system against risks involving foreign investment and cooperation so as to be able to issue timely risk warnings. We have signed investment agreements with countries related, provided guidance to enterprises on how to reduce and cope with overseas emergencies, and worked hard to safeguard the legal rights and interests of Chinese enterprises as well as foreign nationals. Meanwhile, the enterprises should carry on their business in accordance with the laws and regulations at home and abroad and create feasible international development strategies especially in avoiding blind investment without full investigation.
Qian Keming:
In general, the impact of the global financial crisis that hit the world in 2008 has lasted until now. In the midst of an economic downturn, trade protectionism is rising due to objective reasons, namely that economic globalization may bring about imbalances between the developed and developing countries in regard to their specific interests, within an individual country and among the developed countries themselves. In regard to structural imbalances, different countries take different measures, some turning to trade protectionism. China is committed to open development. In this context, we need a global public product to lead and promote and add fresh momentum to economic globalization, or to offer new political choices. It is in this context that the Belt and Road Initiative has been put forward at exactly the right time. The Initiative will add new impetus to China's future development, especially development of the middle and western regions of the country as well as the opening-up strategy. It will also inject new vitality to the world economy and the development of countries along the Belt and Road in particular and offer a new public product as well.
The Initiative plays a key role in boosting confidence in economic globalization and global economic growth, invigorating the world economy and providing new impetus for the globalization drive. Besides, it is known that the many countries along the Belt and Road, especially those in Central Asia, are landlocked. In a period of rapid development of globalization, they lag behind in economic development and participation in the globalization process. Thus, the previous round of globalization hardly brought any tangible benefits to the region, which is the deficiency we have analyzed in the process of developing our globalization approach, that is, lack of inclusiveness. Moreover, global development is imbalanced. The Belt and Road Initiative exactly covers that particular region and will offer them opportunities for economic integration and development.
Infrastructure construction is an important part in the Belt and Road Initiative. As you know, geographical factors play an important role in creating barrier-free trade and economic integration. The trade in landlocked countries is not smooth. Once the infrastructure is connected, the flow of capital, logistics and information, plus human interaction, will be enhanced. Trade and investment also will be boosted. So, the Belt and Road Initiative is of great significance in breaking down trade protectionism and promoting the development of the regions along the Belt and Road as well as further development of economic globalization.
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