BRI cooperation to see brighter future

By Liu Hui, Yang Mu, People’s Daily Online

Chinese President Xi Jinping's keynote speech at the second Belt and Road Forum for International Cooperation (BRF), which reflects the far-sighted vision of the Chinese leader, has not only responded to concerns of the international community, but also pointed out priorities and direction of Belt and Road cooperation.

Gu Xueming, President of Chinese Academy of International Trade and Economic Cooperation (CAITEC) under the Ministry of Commerce, made the remarks in an interview with People’s Daily Online on Belt and Road Initiative after Xi’s speech delivered at the opening ceremony of the BRF at China National Convention Center in Beijing on April 26.

In his speech, President Xi also called for all parties to work together to deliver a better future for Belt and Road construction and announced a series of major measures for China reform and opening-up.

Over the past six years, China and relevant countries have joined hands to carry out vigorous cooperation on Belt and Road construction and delivered the outcomes to people of the region and across the world.

From 2013 to 2018, the trade volume between China and Belt and Road countries grew from $1.04 trillion to $1.27 trillion, representing an increase from 25 percent to 27.4 percent in proportion to the country’s total foreign trade in the same period, according to a report released by the CAITEC.

In the period, China’s non-financial direct investment in Belt and Road countries exceeded $90 billion, rising by 6.2 percent on a yearly basis, the report indicated. The contract value of newly signed projects in Belt and Road countries has maintained an annual growth of 11.8 percent on average, and the annual business volume grew 6.4 percent on average.

Highly valuing high-quality economic development, President Xi mentioned the phrase “high-quality” for six times in his keynote speech of over 4,000 Chinese characters.

Looking ahead, it is necessary to promote the BRI construction toward high-quality development.

“We should focus on priorities and project execution, move forward with result-oriented implementation, just like an architect refining the blueprint, and jointly promote high-quality Belt and Road cooperation,” President Xi said.

To promote high-quality development, Gu said efforts are needed to promote sustainable growth of global economy, and let developing countries take part in global division of labor.

Global industrial chains, supply chains and value chains should be improved for resolving structural imbalances in the world economy, he said.

In addition, efforts should be made to advocate green, low-carbon, recyclable and sustainable production and life styles, strengthen cooperation in environmental protection and build ecological civilization.

Efforts are also required to gather strength and build broader consensus, so as to increase appeal and attraction of the Belt and Road construction, Gu added.

Following the principle of wide consultation, joint contribution and shared benefits, the BRI is committed to building a community of a shared future for mankind with a focus on policy, infrastructure, trade, financial, and people-to-people connectivity.

The BRI, which conforms to the inherent requirement of the reform of global governance system, reflects the building of a community of a shared future of mankind in which countries stick together through thick and thin and share rights and responsibilities.

The BRI, an international public product that China gives to the world, gathers countries to cooperate for international economic governance and work for win-win results in economic globalization. The initiative has offered a new way of thinking and a new formula for improving global economic governance system.