Expert: China should speed up B&R free trade arrangements

Chi Fulin, director of China Institute for Reform and Development [File photo]

China should promote a free trade based opening-up transformation and speed up free trade arrangements for construction of its Belt and Road Initiative as the world has entered a new phase of economic globalization, said Chi Fulin, director of China Institute for Reform and Development during a recent economic forum.

Chi argued that China’s reform and opening up is embracing a new era with new characteristics in external environment, internal competence, key areas and approaches for opening up.

Chi said that the Belt and Road Initiative will play a more important role in the global free trade process in a time of transition in globalization. While promoting infrastructure connectivity, the focus in the future should be on establishing various forms of free trade zone networks and develop free trade arrangements at the earliest possible time.

Further reforms in such areas as taxation, finance, State-owned enterprises and property right should be deepened to unleash the great potential for growth in economic transition and power the country’s economic growth in the future, Chi said.