China expected to play more practical role in Belt and Road Initiative: report

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The International Seminar on the Belt and Road Initiative is held in Xi’an, capital of northwest China’s Shaanxi Province, Sept. 26, 2016.  (Xinhua/Shao Rui)

By Yuan Can (People’s Daily Online)

China sees itself not only as an initiator but also a responsible and reliable practitioner of the Belt and Road Initiative, suggested a think tank in a report on the three-year progress of “Belt and Road,” released on Sept. 26.

Since the Belt and Road Initiative is a long-term and systematic program, China should take measures in five areas, including policy, talent cultivation and business support, the report stated. These measures will ensure that China plays a more practical role in the development of the initiative. The report, titled “Adhering to the Planning, Order and Pragmatic Construction of the ‘Belt and Road,'” was released on Monday.

The report emphasizes the role of business support systems as a source of power for the initiative’s development.

“Comprehensive support for Chinese enterprises in terms of investment banking services, business trust, administration, legal affairs, auditing, consulting and investigation should be in place, so as to help Chinese enterprises prosper while going global,” the report said. The report also stated that both a “positive list” and “negative list” should be introduced in the initiative to build a comprehensive mechanism for efficient and integrated progress.

In light of the fact that there’s no existing precedent, efforts should be made to explore innovative construction, the report said. A productive network of global Chinese talent should be developed, as overseas Chinese serve as an important link to reduce the gap between China and foreign countries.

Furthermore, the report said that China should offer a full interpretation of the significance of the initiative, clearly explaining its positive effects. This has the potential to facilitate the deepening of international cooperation and reduce misunderstanding of the initiative abroad.

By the end of June 2016, China had issued joint proposals and statements with 56 countries and regional organizations for implementing the initiative, and signed relevant memorandums of understanding or agreements accordingly. China has signed investment treaties with various countries along the Belt and Road route, investing over $50 billion. To ensure adequate financing, China has been pushing for trade settlement in RMB, currency swaps and other financial arrangements.

The report, the country’s first authoritative report on the three-year progress of “Belt and Road” and a result of research done by a team at the Chongyang Institute for Financial Studies of Renmin University of China, was released at a seminar on the Belt and Road Initiative, which opened on Sept. 26 in Xi’an, the capital city of Shaanxi province.


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