Belt and Road Initiative helps build confidence in globalization: expert

The Belt and Road Initiative, with its principle of cooperation, openness and inclusiveness, consolidates the international community’s confidence in globalization when many countries are worried that globalization arrives at a crossroad, Long Guoqiang, deputy president of the Development Research Center of the State Council, told China Development Observation magazine in a recent interview.

The initiative shows China’s wisdom and ability in taking part in and leading global governance, and upgrades China’s opening-up to a higher level, Long said, stressing that China, in its new round of opening-up, is shifting its attention from attracting investment and expanding export to global governance.

“The initiative further broadens the scope and vision of China’s opening-up policies. Taking part in global governance has become an important part of China’s national development strategy,” he noted.

The initiative creates conditions for China to optimize its resource allocation on a larger scale in the world, Long added.

Long said the initiative has received widespread recognition in the world and more countries have shown their willingness to take part in it. Many early-stage harvest projects in various areas, including infrastructure and industrial production cooperation, have been successfully implemented.

“All of these projects have important demonstration effects,” Long noted.

“To better implement the initiative, we need to exert our efforts to gain more recognition, attach more importance to regional cooperation, develop relevant mechanisms, especially the mechanism on dispute resolution, and strengthen our cooperation partners’ understanding of the initiative,” Long said.

Currently, implementation of the initiative is mainly focused on bilateral cooperation, Long said, stressing that China will adhere to the principle of extensive consultation, joint contribution and shared benefits, with more efforts made to promote regional cooperation.

In aligning the initiative with the development plans of the participating countries, we must seek consensus, abide by the principle of mutual respect and equal consultation and strive to yield more projects in early-stage harvest, so as to further stimulate enthusiasm of different countries for cooperation.”

Long stressed there should be a set of effective mechanisms to solve the possible trade conflicts and frictions among countries participating in the initiative. This is one of the major tasks for the next stage.

China’s local governments should make a thorough use of their strengths and find their proper positioning in the initiative, he said.