While wknd. has consistently featured global stalwarts, we have kept our ear to the ground and documented the social and cultural changes taking place in the country
supplements2 weeks ago
China is expected to expand imports from countries and regions involved in the Belt and Road Initiative as part of its broader push for high-standard opening-up, said Zhang Yuyan, director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.
“Considering the current international situation, it is important for China to open up its market wider to the economies participating in the Belt and Road Initiative, apart from strengthening outbound investment into those economies in sectors like infrastructure construction,” said Zhang.
“Expanding imports from countries and regions participating in the BRI is quite essential for the (high-quality development of the) initiative,” he added.
Proposed by China, the BRI has made substantial progress since it was put forward in 2013, injecting new growth impetus into the global economy.
This year’s Government Work Report said two-way trade between China and other BRI countries increased at an annual rate of 13.4 per cent over the past five years, and exchanges and cooperation between China and these countries registered steady progress in a wide range of areas. Over the past five years, China has remained committed to achieving shared growth through dialogue and collaboration, observed market principles and international rules, and implemented a number of projects to boost connectivity and industrial capacity cooperation, according to the report.
Zhang said China is expected to expand market access for products from the economies participating in the BRI through multiple measures, which he suggested may include lowering tariffs or even granting zero tariff treatment for some products, reducing non-tariff market barriers and revising related import quota systems. The BRI has attracted the participation of over three-fourths of countries in the world and 32 international organisations, according to China’s Foreign Minister Qin Gang.
“Greater competition in the domestic market introduced by such increases in market openness will give better play to the decisive role of the market in resource allocation, as well as the functions of the government,” Zhang said. “Under current circumstances, China must focus on its own agendas and remain committed to deepening reform and expanding high-level opening-up,” he added. As China advances institutional opening-up, the country ’s investment environment will continue to improve and its protection of intellectual property rights will be strengthened, and that will make the country more attractive to foreign investors seeking better development, especially funds flowing into high-end industries, he said.
While wknd. has consistently featured global stalwarts, we have kept our ear to the ground and documented the social and cultural changes taking place in the country
supplements2 weeks ago
The leading English daily newspaper marks its 46th anniversary today, delivering credible and comprehensive news to its readers across the UAE and beyond
supplements2 weeks ago
Bank will continue to set the standard for digital excellence in the financial industry
supplements2 weeks ago
This Coffee Table book presents a unique perspective on more than four decades of historical moments and futuristic aims
supplements2 weeks ago
The group simplifies digital payments through their innovative products and services to customers all over the MEA region
supplements2 weeks ago
Coverage of major international and local sports events is an integral part of the
supplements2 weeks ago
Elevate your digital payment experience with state-of-the-art solutions, pioneering convenience & security
supplements2 weeks ago
Business conglomerate expanding its footprint across the globe to deliver a variety of products and services
supplements2 weeks ago