The BRI is a global public goods
- 时间：2017-07-27
The BRI is a global public goods
Xu Hongcai, 15 June, 2017, Astana
Deputy Chief Economist of China Center for International Economic Exchanges (CCIEE)
Good morning, everyone. It is an honor for me to be here today to make a presentation to such a prominent audience. I would like to take some time to share with you my view on the Belt and Road Initiative.
Firstly, the BRI as a global public goods is becoming a new engine to promote the sustainable development of world economy. The past four years have seen deepened policy connectivity, enhanced infrastructure connectivity, increased trade connectivity, expanded financial connectivity, and strengthened people-to-people connectivity. Over 100 countries and international organizations have shown their support and got involved in the BRI. Total trade between China and other Belt and Road countries from 2014 to 2016 exceeded US$3 trillion, and China's investment in these countries has surpassed US$50 billion. Chinese companies have set up 56 economic cooperation zones in over 20 countries, generating some US$1.1 billion of tax revenue and 180,000 jobs for them. The Asian Infrastructure Investment Bank has provided US$1.7 billion of loans for 9 projects in Belt and Road participating countries. The Silk Road Fund has made US$4 billion of investment. The positive achievements reached are over expectations. China’s president Xi Jinping said that there are three deficits in today’s world, which are deficit in peace, development and governance; yet, development holds the master key to tackling all problems.
Since the financial crisis in 2008, the world economy has experienced a slowing down and has been lack of momentum. Meanwhile, protectionism and populism have become popular. In fact, we have seen many drawbacks and malfunctions of globalization in its old framework in recent years. The economic interests of the middle-class shrink in some developed economies. Also, the social vulnerable groups could not be protected that boosts the income disparity and social polarization. Today, the North-South economic imbalance is still a serious problem. Developed economies have entered in the post-industrial era while there are still many developing countries on their way toward industrialization and urbanization. The imbalance of global economy is becoming unneglectable. In this complicated context, the G20 summit held in Hangzhou China last year took the implementing of the UN 2030 agenda for sustainable development as one of its main tasks. This is a milestone that the G20 started to transfer its role to promoting the sustainability of the global economy from a short-term mechanism for solving the crisis.
Secondly, the BRI provides an updating framework to promote the new globalization from an innovative perspective. Spanning thousands of miles and years, the ancient silk routes embody the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit. The Silk Road spirit has become a great heritage of human civilization. Today, the Initiative has been recognized by the United Nations. It provides an open platform for international cooperation. The philosophy of openness, inclusiveness, and pragmatics mean that it is neither a mandatory or compulsory framework of rules nor an established organization or partnership. It is a cooperation platform, following the principle of wide consultation, joint contribution and shared benefits. The goal is to jointly build a community of common benefit, destiny and responsibility. The BRI is an opportunity for multiple sides. The open spirit of Silk Road emphasizes the Inclusiveness of development. It is not one-side win. Instead it is win-win situation for multiple sides involved. It is of the common interest of the regional and global community.
Under this framework, we should avoid and abandon the malfunctions of the past framework, which imposed forcefully exclusive values and rules. There is no specific road-map and time-table for the BRI. There is more flexibility in the framework. Along the Belt and Road region, in the past three years, more than 30 FTA’s have been signed. It promotes job creation and economic growth brought byenhanced network externality caused by increasing infrastructure investment in the region. It is coherent to a strong, sustainable, balanced and inclusive global growth. The goals set by the BRI, Hangzhou G20 summit and the UN 2030 agenda are coherent in their nature. We should build the Belt and Road into a road for peace, a road of prosperity, a road of opening up, a road of innovation. In short, the BRI would be an updating framework of globalization with an innovative perspective and would bring a good bright future for all of us, it was indeed raised by China, but it needs cooperation and joint action of the international community to fulfill a bright perspective shown in front of us.
Thank you very much.
Xu Hongcai, 15 June, 2017, Astana
Deputy Chief Economist of China Center for International Economic Exchanges (CCIEE)
Good morning, everyone. It is an honor for me to be here today to make a presentation to such a prominent audience. I would like to take some time to share with you my view on the Belt and Road Initiative.
Firstly, the BRI as a global public goods is becoming a new engine to promote the sustainable development of world economy. The past four years have seen deepened policy connectivity, enhanced infrastructure connectivity, increased trade connectivity, expanded financial connectivity, and strengthened people-to-people connectivity. Over 100 countries and international organizations have shown their support and got involved in the BRI. Total trade between China and other Belt and Road countries from 2014 to 2016 exceeded US$3 trillion, and China's investment in these countries has surpassed US$50 billion. Chinese companies have set up 56 economic cooperation zones in over 20 countries, generating some US$1.1 billion of tax revenue and 180,000 jobs for them. The Asian Infrastructure Investment Bank has provided US$1.7 billion of loans for 9 projects in Belt and Road participating countries. The Silk Road Fund has made US$4 billion of investment. The positive achievements reached are over expectations. China’s president Xi Jinping said that there are three deficits in today’s world, which are deficit in peace, development and governance; yet, development holds the master key to tackling all problems.
Since the financial crisis in 2008, the world economy has experienced a slowing down and has been lack of momentum. Meanwhile, protectionism and populism have become popular. In fact, we have seen many drawbacks and malfunctions of globalization in its old framework in recent years. The economic interests of the middle-class shrink in some developed economies. Also, the social vulnerable groups could not be protected that boosts the income disparity and social polarization. Today, the North-South economic imbalance is still a serious problem. Developed economies have entered in the post-industrial era while there are still many developing countries on their way toward industrialization and urbanization. The imbalance of global economy is becoming unneglectable. In this complicated context, the G20 summit held in Hangzhou China last year took the implementing of the UN 2030 agenda for sustainable development as one of its main tasks. This is a milestone that the G20 started to transfer its role to promoting the sustainability of the global economy from a short-term mechanism for solving the crisis.
Secondly, the BRI provides an updating framework to promote the new globalization from an innovative perspective. Spanning thousands of miles and years, the ancient silk routes embody the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit. The Silk Road spirit has become a great heritage of human civilization. Today, the Initiative has been recognized by the United Nations. It provides an open platform for international cooperation. The philosophy of openness, inclusiveness, and pragmatics mean that it is neither a mandatory or compulsory framework of rules nor an established organization or partnership. It is a cooperation platform, following the principle of wide consultation, joint contribution and shared benefits. The goal is to jointly build a community of common benefit, destiny and responsibility. The BRI is an opportunity for multiple sides. The open spirit of Silk Road emphasizes the Inclusiveness of development. It is not one-side win. Instead it is win-win situation for multiple sides involved. It is of the common interest of the regional and global community.
Under this framework, we should avoid and abandon the malfunctions of the past framework, which imposed forcefully exclusive values and rules. There is no specific road-map and time-table for the BRI. There is more flexibility in the framework. Along the Belt and Road region, in the past three years, more than 30 FTA’s have been signed. It promotes job creation and economic growth brought byenhanced network externality caused by increasing infrastructure investment in the region. It is coherent to a strong, sustainable, balanced and inclusive global growth. The goals set by the BRI, Hangzhou G20 summit and the UN 2030 agenda are coherent in their nature. We should build the Belt and Road into a road for peace, a road of prosperity, a road of opening up, a road of innovation. In short, the BRI would be an updating framework of globalization with an innovative perspective and would bring a good bright future for all of us, it was indeed raised by China, but it needs cooperation and joint action of the international community to fulfill a bright perspective shown in front of us.
Thank you very much.
