Belt and Road Initiative reflects new trends of globalization

The former secretary general of Boao Forum for Asia said on Saturday that de-politicization of the Belt and Road Initiative will increase its effectiveness, as it is a global investment strategy which reflects new trends of globalization.

Long Yongtu, who is also former Chinese vice minister for trade, made the remarks at the Singapore Forum.

Panelists discussed regional integration with topics such as impact of the Belt and Road Initiative to the region, the development of Regional Comprehensive Economic Partnership (RCEP) and the Trans-Pacific Partnership (TPP) agreements.

Long said the process of globalization has showed new features in the past years: international investment is becoming more and more important; and the major players of globalization have also changed with new technology and e-commerce.

"The Belt and Road Initiative is trying to get more marginalized countries into the mainstream," he said. "If we see from this perspective, the Belt and Road Initiative is not only a Chinese initiative which has its geopolitical implication, but a global investment strategy which reflects the new trends of globalization."

The Silk Road Economic Belt and the 21st Century Maritime Silk Road, proposed by China in 2013, is aimed at reviving the ancient trade routes that span Asia, Africa and Europe.

Masahiro Kawai, project professor at the Graduate School of Public Policy of the University of Tokyo, echoed with Long during the panel discussion.

Kawai proposed to improve the Belt and Road Initiative through multi-lateralization, rather than make it China's unilateral plan.

He said different countries should join in the program and work together because the Belt and Road Initiative is such a big project that affects so many countries and has a direct global implication.

He also encouraged the Asian Infrastructure Investment Bank (AIIB) to enhance cooperation with the Asian Development Bank (ADB) and the World Bank in joint projects.

Themed "Asia and the World - Shared Opportunity, Shared Prosperity," the two-day forum attracted over 200 business and political leaders.

As an annual flagship event of S. Rajaratnam Endowment, the Singapore Forum establishes itself as a key platform to discuss geostrategic, politico-economic and governance issues facing Asia with an impact on regional development and stability.

Source: XINHUA