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China鈥檚 new economic initiative helps its restructuring, economists say
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CHINA'S "One Belt, One Road" initiative and the reforms taken out in the pilot free trade zones can help the country adapt to its new economic status and coordinate with the growth of other countries in the Asia Pacific region, Justin Lin Yifu, former Vice President at the World Bank and now a professor and honorary dean of National School of Development at Peking University, said in Shanghai today.
"China takes quite some responsibility in the international economic development, and the country is to gain corresponding influence," said Lin at the Free Trade Zone and New Opportunities in China forum organized by the Shanghai University of Finance and Economics.
“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 initiatives," Lin said.
The Asian Infrastructure Investment Bank, a part of the "One Belt, One Road" initiative and aiming to collect capital for funding infrastructure in Asia, has its strength when China plays a leading role in it, Lin said.
"China can do a good job because the country has huge foreign reserves to spend and sound capability of infrastructure construction, while it is just at a growth stage of being able to outsource labor and capital," Lin said.
The bank has attracted 57 founding 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 focus 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 certain way... we should focus on being pilot, rather than being FTZs."
Wang said the reforms taken out in the pilot zones can help China refit into the global value chain, and help the country balance between openness and risk control.
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