久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Talking Business

BRI allows countries to coordinate economic, trade policies

By David Blair | China Daily | Updated: 2019-04-30 09:24
Share
Share - WeChat
Coordinated fiscal, monetary, trade, and development policies made possible by the BRI are a great opportunity for many countries to implement more effective macroeconomic and development strategies. [Photo/IC]

In his speech on Friday to the Second Belt and Road Forum for International Cooperation, President Xi Jinping emphasized the close links between China's domestic reform, its opening-up policies and the Belt and Road Initiative.

Xi laid out five reform and opening-up measures. Four of them will open China's markets further to international trade and investment. These include broadening market access for foreign investment, strengthening international cooperation in intellectual property rights protection, increasing imports of goods and services on a larger scale and attaching greater importance to the implementation of opening-up policies.

His fourth measure stressed the need for more effective international macroeconomic policy coordination. Why is this critical?

Macroeconomic policy coordination is important even in normal times. Ordinarily, policymakers who need to alleviate a coming slowdown or recession have two major tools. They can use stimulative fiscal policy - tax cuts or increased government spending - to put more funds directly into the hands of consumers and businesses. They can also use monetary policy - increases in the availability of loans and cuts in the interest rate - to encourage businesses to invest and consumers to buy large durable goods such as cars, homes or appliances. Ideally, additional spending will lead to more jobs, which in turn leads to more spending in a beneficial cycle.

However, some portion of that added spending will be used to purchase imports. This will drive up the trade deficit of the stimulating country if other countries don't also use stimulative policies. This means the stimulus may not achieve its desired domestic effects. Naturally, a country will be reluctant to implement a policy if much of the benefit goes to foreigners. So macroeconomic policy coordination among major trading partners makes anti-recessionary measures much more effective.

Coordination is even more critical in times of crisis. During the high point of the 2008 financial crisis, former US Treasury Secretary Hank Paulson worked closely with China and European countries to avoid imminent financial and currency collapse. For example, US Treasury bonds and bonds issued by US government-supported home mortgage lending agencies Fannie Mae and Freddie Mac were at risk of significant devaluation or even default during the worst days of the crisis. Many investors moved out of these unexpectedly risky assets into cash. But, the Chinese government supported the crisis-fighting efforts of the US government by continuing to hold them. If it had not done so, the world financial system may well have collapsed. In an October 2008 speech, Paulson stressed China's "useful and constructive" help in fighting the turmoil.

Both the US and China used extensive monetary and fiscal stimulus to recover from the crisis. Europe's recovery was much slower, because its nations were not able to coordinate fiscal policy and because the European Central Bank adopted a restrictive monetary policy.

President Xi's call for "attaching greater importance to the implementation of opening-up policies" reinforced a raft of recent policy initiatives to promote further supply-side structural reform of the Chinese economy, including very large domestic tax cuts and financial policies designed to support private companies.

By the end of June, China will set up an investment policy in which foreign companies will be welcome to invest throughout the economy except in sectors explicitly named on a "negative list". Sectors being opened up include transportation, infrastructure, energy, education, medical care and venture capital, among others. There will be increased enforcement of intellectual property rights.

Opening up to foreign competition by broadening market access to foreign investment, strengthening cooperation in intellectual property rights protection and increasing imports of goods and services will benefit foreign companies. But, more importantly, this competition is also a key part of China's long-term development strategy.

China is pushing competitiveness in its domestic markets by opening them further to foreign competition - thus forcing Chinese companies to step up independent innovation and industrial upgrading. At the Boao Forum in March, Premier Li Keqiang explained China will not resort to massive stimulus to boost growth, but will continue to open up and innovate to energize market players.

The infrastructure investments of the BRI can enable entrepreneurs immersed in this system to take advantage of opportunities by building businesses or technologies that can't be imagined in advance. In many cases in history, we've seen economies take off and prosperity spread because trade or transport costs are lowered. The latest studies by the World Bank and other international institutions suggest that cooperation has begun to pay off. The BRI will cut the costs of global trade by 1.1 to 2.2 percent, and those of trade along the China-Central Asia-West Asia Economic Corridor by 10.2 percent.

Coordinated fiscal, monetary, trade, and development policies made possible by the BRI are a great opportunity for many countries to implement more effective macroeconomic and development strategies.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 国产a国产片国产 | 日本欧美视频 | 国产午夜亚洲精品理论片不卡 | 性欧美videos 精品 | 大陆老头xxxxxhd | 美国一级毛片免费看 | 欧美毛片性视频区 | 久久成人免费播放网站 | 亚洲精品字幕一区二区三区 | 欧美精品久久一区二区三区 | 精品高清国产a毛片 | 毛片视频在线免费观看 | 91欧美激情一区二区三区成人 | 国产精品亚洲高清一区二区 | 婷婷亚洲久悠悠色在线播放 | 日韩一级不卡 | 理论视频在线观看 | 国产亚洲精品久久久久久午夜 | 午夜剧场福利社 | 极品精品国产超清自在线观看 | 国产福利久久 | 日本一级在线观看 | 成人黄18免费网站 | 亚洲一区二区三区精品影院 | 亚洲一区免费在线观看 | 美国毛片亚洲社区在线观看 | 国产aaa女人十八毛片 | 2020毛片| 三级黄色免费看 | 萌白酱香蕉白丝护士服喷浆 | 最新更新国内自拍视频 | 国产成人3p视频免费观看 | 久久亚洲人成国产精品 | 综合色久七七综合七七蜜芽 | 久久91精品国产91久久小草 | 91在线精品亚洲一区二区 | 日韩精品久久久久久 | 99视频福利| 免费国产99久久久香蕉 | 久久国产视频网 | 国产亚洲精品久久久久久久久激情 |