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Year-ender: China's global contributions in 2015

Editor: Li Kun 丨CCTV.com

01-04-2016 16:09 BJT

By Ren Kangyu, G20 Research Institute of Beijing Foreign Studies University

Looking back to 2015, China faced with the structural transformation and upgrading of its economy, entering a new normal development stage. As the largest developing country, China has played more significant roles to enhance global peace, stability and progress.  

 

Beijing also promoted the Free Trade Area of the Asia Pacific (FTAAP), continued with Regional Comprehensive Economic Partnership (RECP) negotiations, and signed free trade agreements with South Korea and Australia. China's economic growth has largely profited from an open trade environment. 

In March, the Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road was issued to bring financial support in the fields of energy, transportation, urban and rural development, as well as logistics for related regions.

On June 29, representatives of 57 founding member states of the Asian Infrastructure Investment Bank (AIIB) signed an agreement in Beijing, marking the official establishment of the bank.

Supporting "highly capable, clean and green" concepts, the AIIB will boost connectivity of member states, contributing to regional economic growth and employment, and greater well-being of the world.

Meanwhile, as representatives of emerging marketing economy, the BRICS (Brazil, Russia, India, China, South Africa) have accelerated the building of the Development Bank.

Additionally, China's central bank has signed currency swap agreements with a few other central banks in 2015 and forged a system of safeguards to adjust shocks together in the future.

On Nov. 30, the Chinese currency, Yuan (CNY), was approved by the International Monetary Fund (IMF) to join the SDRs (special drawing rights) reserve currency basket that will go into effect this October.

It's the fifth currency to join the basket after the United States dollar, euro, Great Britain pound and Japan yen; and the first currency hailing from a developing country. The CNY's share in the basket would surpass the yen and pound to reach 10.92% of the basket's valuation share.

The CNY would strengthen its attraction as currency reserve assets, moving ahead to the internationalization of the CNY.

This is a major upgrade to the existing international currency system, which had become too reliant on the USD. Beijing would get more involved with coordinating currency policy with the main economies and defending global financial risk.

Meanwhile, Beijing has reached a new energy cooperation agreement with Moscow and Canberra, while signing a climate change agreement with Washington during Chinese President Xi Jinping's visit to the US last September.

China, a responsible major nation had played an important role in facilitating the conclusion of the United Nations Framework Convention on Climate Change in Paris.

Beijing will undertake its international obligations and promote the setting up of a global climate governance system for mutual benefits. In other diplomatic efforts, Chinese leaders had joined the G20 Summit in Turkey and APEC (Asia Pacific Economic Cooperation) meeting in the Philippines.

China made two commitments in Turkey, such as introducing the sustainable development agenda 2030 into its Thirteenth Five-year Plan (2016-2020) and establishing South-South Cooperation Aid Funds to support the most undeveloped countries.

Beijing has demonstrated its confidence to the world in the Philippines and jointly signed the APEC declaration with leaders from 20 economies.  China would be the host country of the G20 Summit in 2016, making Beijing a more significant player in global governance.

Despite the difficulties of economic adjustments, China is making its growth as an important contribution for the world to sustain stability and development. Beijing has gotten more involved in regional and international development to undertake its responsibility as a major nation.

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

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