China's SEZ experience valued along Belt and Road

China's experience in building special economic zones (SEZs) brings benefits to countries taking part in the Belt and Road Initiative, expert says, Xinhua reports.

Douglas Zeng, a senior economist with the World Bank, said, "China's experience in establishing SEZs wins increasing recognition around the world, especially in Africa, where China's practice is highly praised and followed."

China's economic growth brought increasing dividends to its neighboring countries over the past years, he said. With the implementation of the Belt and Road Initiative, construction of various kinds of industrial parks and SEZs has been expanded to Africa.

Zeng noted the SEZ is a broad definition in general. It includes different kinds of zones and parks, such as free trade zones, export processing zones, industrial parks, economic and technological development zones, high-tech zones, science and technology parks, free ports and bonded areas, he said.

Zeng's research shows that, as a policy tool, the SEZs can become effective means to boost industrialization and economic restructuring, if they are well used. In this sense, some emerging economies, especially those in East Asia, have proved it thoroughly. In recent years, more and more countries have started using this means to advance their industrialization.

China's rich experience and success stories in developing SEZs and industrial parks can offer precious models for the Belt and Road countries, Zeng mentioned. The SEZs have played an important role in promoting China's industrialization and economic growth since the country adopted its reform and opening-up policy in 1978.

Many Chinese enterprises have established industrial parks overseas, including in the Belt and Road countries in Southeast Asia, South Asia, Central and Eastern Europe and Africa.

He suggested that operators of SEZs along the Belt and Road pay special attention to adapting to host countries' laws, culture and institutions, as well as cooperate with SEZs with successful experience at home, so as to promote their projects smoothly.