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May 16, 2015

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China to build on initiative

CHINA’S “One Belt, One Road” initiative and the reforms carried out in the pilot free trade zones can boost the country’s economic status and also help in regional economic cooperation with Asia Pacific countries, Justin Lin Yifu, former vice president at the World Bank, said in Shanghai yesterday.

“China will be an active participant in the regional economic cooperation, and it is in the interest of not only China, but also countries involved, to accelerate the initiative,” Lin said at the Free Trade Zone and New Opportunities in China forum organized by the Shanghai University of Finance and Economics.

He added that China sees itself as a responsible country in international economic development.

China has an important role in the Asian Infrastructure Investment Bank, a financial institution under the “One Belt, One Road” initiative that funds infrastructure projects in Asia, Lin, now a professor of the National School of Development at Peking University, said.

China has huge foreign reserves to spend and has sound experience in infrastructure construction, and its ability to outsource labor and capital continues to grow, according to Lin.

The AIIB has attracted 57 member countries so far.

Wang Xinkui, director general at the Shanghai WTO Affairs Consultation Center, said at the forum that the four pilot free trade zones in China have focused on reform trials as they are defined as a testing ground for new policies.

“The four zones are not traditional FTZs,” Wang said. “The name is misleading in a certain way ... we should focus on being pilot, rather than being FTZs.”


 

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