Belt and Road Initiative Launched to Boost Economic Globalization

Carting small commodities, clothing and other goods, China-Europe Railway Express No. X8024 (Yiwu-Madrid) trundled out of Yiwu West Station on May 13, 2017, a day before the Belt and Road Forum for International Cooperation kicked off. It was embarking on the 1,000th trip along the railroad freight line this year. A total of 612 more trips have been seen this year, up 158% compared with the same period last year.

By Wang Ke

The Belt and Road cooperation initiative on trade connectivity was launched on May 14 by China together with some 60 countries and international organizations. As the initiator, Chinese officials have told the world their determination to support economic globalization.

The initiative document is the outcome of the ongoing Belt and Road Forum for International Cooperation and is also an effort to implement Chinese President Xi Jinping’s call to build an open world economy.

At the opening speech of the Belt and Road forum, Zhong Shan, head of the Ministry of Commerce and also an initiator of the document shared Xi’s sentiments on global trade: “Xi reiterated the proposition to build a broad community of shared interests by upholding and growing an open world economy, creating an environment that will facilitate opening up and development, and establishing a fair, equitable and transparent system of international trade and investment rules.”

Zhong added, “The Chinese stance and proposition delivered by Xi was praised by the delegates and the international community. The newly-launched initiative on trade connectivity was also seen as a step to achieving wide consensus, deepening economic and trade cooperation, and pushing forward the Belt and Road construction with joint efforts.

The minister then elaborated three aspects that would be of top priority when implementing the plan:

“First, the Belt and Road would be built into an open route by persisting on the Silk Road spirit, working together through consultation to meet the interests of all; putting heads together and pooling consensus. The route is scheduled to be constructed into an open platform to promote cooperation and build an open world economy.

Next would be to explore new growth engines for trade and investment, expand space and update ways for trade and investment, unleash potentials for cooperation to facilitate trade and investment growth, as well as to solve bottlenecks confronted by economic growth and balance.

The third would be to give full play to the role of trade in boosting economic growth, maintaining the multilateral trade system, accelerating the construction of free trade zones, pushing ahead with free and convenient trade and investment, and seeking an open and inclusive global financial environment.”

Zhong continued that the initiative stemmed from the common wish of all parties to promote the Belt and Road construction and that it reflects their shared aspiration to pursue integration, high-efficiency, win-win outcome and development, the joint action to boost trade growth, two-way investment, and finally, inclusive and sustainable development. The initiative will be a platform upon which the world would use to forge ahead in dealing with concrete challenges.

As one important outcome of the forum, the initiative has, until now, received positive responses from more than 60 countries and international organizations, and will embrace more participants and supporters in future.

Such positive momentum indicates the common wish of the participants to support economic globalization and promote free and convenient trade and investment. This has also demonstrated China’s rising international status and influence as well as the popularity of the Belt and Road Initiative among the international community.

[Source: People’s Daily]