Belt and Road Initiative boosts world’s economic growth

Updated: February 7, 2017 Source: China.org.cn
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China's Belt and Road Initiative and Asian Infrastructure Investment Bank (AIIB) will help boost the world’s economic growth, said Michael Spence, US economist and Nobel Economics laureate, in a recent interview with the People's Daily.

Spence said the Belt and Road Initiative and AIIB will improve the economic development of Central Asia, Eastern Europe and East Africa, especially countries in Asia.  

He said China’s external demands provide developing countries at the primary level with important opportunities for economic growth. China’s investment in these countries will accelerate local economic growth.

Talking about the Chinese economy, he said that China’s idea of fulfilling innovative, coordinated, green, open and shared development represents the correct direction  in transforming economic growth model, and it has  achieved progress in many fields.

Spence noted China needs to strengthen regulations in finance, food safety and drug standardization. China has made progress in the green economy, but still has a long way to go to make its environmental protection meet the public’s requirements.

Spence said China has made marked progress in economic structural reform. China’s consumption is increasing, many private companies show their innovative ability and China’s economic structural reform is marching in the right direction. But challenges remain. RMB needs to find a new value balance in transactions or capital outflow will continue.

He said the Chinese economy will maintain a growth of more than 6 percent and most developing countries’ economies will improve.

Editor: zhangjunmian