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China leads development cooperation of Asia

Editor: Tong Xinxin 丨CCTV.com

03-25-2016 17:54 BJT

By Zhong Feiteng, director of Major Countries Relationship Research Department, Institute of Asian-Pacific and Global Strategy, Chinese Academy of Social Sciences 

Chinese Premier Li Keqiang said Asian countries would benefit from China's development at the opening ceremony of the Boao Forum for Asia (BFA) annual conference on March 24.    

Beijing has taken practical steps to promote relations with Asian nations. The Asian Infrastructure Investment Bank (AIIB) and Silk Road Funds will serve the developing countries in Asia.

Beijing had also proposed the establishment of the Asian Financial Cooperative Association and to hold an Asian Civilization Dialogue Convention, which seeks new development impetus from Asian history.    

Li called for the completion on negotiations of the Regional Comprehensive Economic Partnership (RCEP) by the end of 2016. Beijing is focused on Asian regional integration.  

The Trans-Pacific Partnership (TPP), US-led trade deal, is trying to create 21st century trade investment rules, while RCEP supports Asia's diversified development phases that feature mutual respect, consultation and inclusiveness, while taking the interests of  countries at different developing stages into consideration. 

The RCEP is a mechanism that small countries can share the development bonus of major countries to enhance regional peace.  

China's "Belt and Road" Initiative is a long-term concept to establish a new regional development pattern. The 13th Five-Year Plan put forward five development concepts with Chinese characteristics that contribute to global development knowledge. 

After World War II, most developing countries have become experiments of economic theories created by developed countries. Yet, few developing countries have enjoyed much success.  The theories were only based on their specific economic developmental levels.  

It is unwise to consider tariff or non-tariff barriers as the biggest obstacle to regional integration, which neglects national competence and infrastructure construction capacity for a sovereign state to embark on an economic takeoff stage.

Only a few free trade agreements have proven to show successful results so far.  China has a per capita GDP of about 8,000, ranking 80th worldwide.  China’s average economic growth rate over the last three decades is 9.8 percent.  And China has already escaped the “poverty trap.”

Compared to countries with an average GDP under 1,000 US dollars, China could offer more suitable experiences for those underdeveloped nations than that of developed countries. Accordingly, Beijing hopes to avoid the “middle-income trap.”

Many areas of China’s eastern coastal provinces have already succeeded and enjoying widespread prosperity. There are hundreds of millions of Chinese, who are middle class consumers, which offer a broad market for developing countries.

In 2015, only China and the United States had a GDP (gross domestic product) above US$10 trillion in the world, but the economic growth rate of the US stood at only 2.4 percent, while China’s was 6.9 percent.

China has entered a “new normal” economic development stage, and stepping up efforts to maintain long-time medium-high growth moving towards a high-end development level. 

The economic growth rates of China will continue to surpass the US, which means China will play a more pivotal role in the regional development of Asia.

 

By Zhong Feiteng, director of Major Countries Relationship Research Department, Institute of Asian-Pacific and Global Strategy, Chinese Academy of Social Sciences 

 

( 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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