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5. The “Belt” and “Road” initiatives feature “five links” and focus on result-oriented and project-based cooperation, all aimed at bringing tangible benefits to the people in the region.
The first of the “five-links” is policy. Countries can discuss strategies and policies on economic development and in the spirit of seeking common ground while shelving differences, harmonizing their positions through consultation, formulate corresponding plans and measures for cooperation and give regional economic integration their policy and legal “green light”.
The second “link” is road. We have a saying in China that goes as “if you want to get rich, get started by building roads”. Many countries share this view. There is need for China and its neighboring countries to improve on their cross border transportation infrastructure, put in place a transportation network linking Asia’s sub-regions and connecting Asia with Europe and Africa and effectively address the existing inadequacies of connectivity and transportation in regions targeted by the project.
The third “link” is trade. We should study issues of trade and investments facilitation while making proper arrangements accordingly, remove trade and investments barriers, promote economic circulation and improvement in the region, unleash still greater trade and investment potential of participating countries and make the regional cooperation “pie” bigger.
The fourth “link” is currency. We should promote greater trade settlement in local currencies and more currency swap schemes, strengthen bilateral and multilateral financial cooperation, set up financial arms for regional development, bring down transaction costs, enhance capacity to fend off financial risks through regional arrangement and make teh region’s economy more competiive globally.
The fifth “link” is people. Amity between peoples holds the key to sound relations between states. China and the neighboring countries need to shore up popular support for their state-to-state relations, promote inter-civilization dialogue, enhance exchanges, understanding and friendship among different peoples, especially those at the grassroots level.
The “Belt” and “Road” initiatives are a long-term systematic engineering that cannot be done overnight. They can only be advanced in a step-by-step manner, moving from easier tasks to more difficult ones, and from scattered spots to wider areas and finally to the whole region. The ancient Silk Road was mainly about trade in goods, while the “Belt” and “Road” cooperation envisaged now can have a much wider scope. Priority areas and early-harvest projects may include infrastructural connectivity, trade and investment facilitation, industrial cooperation and cultural and people-to-people exchanges. In the area of industrial cooperation, we can think of agriculture, fishery, science and technology, manufacturing and service sector. We can also think of traditional and high-end manufacturing. When it comes to projects that parties have common understanding and common interests, such as road, railway aviation, river and maritime shipping, energy resources, pipeline, electricity and telecommunications, as well as FTA negotiations, policies and measures serving personnel exchanges, we must move quickly in consultation and implement them as soon as conditions are ripe. The key pilot zones for development and opening-up as well as the selected boarder ports and harbors can serve as testing grounds for cooperation. All the projects and modalities of cooperation are designed to translate advantages of political relations, geographical proximity and economic complementarity into strengths of practical cooperation and sustained growth, the the aim of achieving uninterrupted flow of goods, sound governance, social harmony, mutual benefit and common development.
Throughout this process, China will follow the right approach of upholding justice first and pursuing justice and interests simultaneously, provide developing countries and friendly neighbors with assistance as its abilities permit, and earnestly help them achieve speedier growth. China will step up its input in the neighborhoods, actively enhance connectivity there, explore the establishments of regional infrastructure investments and financing platform, and strive to turn the neighboring land and sea area into those of peace, friendship and harmony. Not only will China upgrade its own economy, it will go for an upgraded version of opening-up through such schemes as the “Belt” and “Road” initiatives.
