China's economic initiatives boost global growth

Updated 2017-09-08 13:30:36 Xinhua

From the Belt and Road Initiative, a grand project spanning dozens of countries, to "BRICS Plus", a mechanism aiming to expand South-South cooperation, China has made concrete efforts for boosting global economic growth amid rising protectionism in the West, U.S. experts say.


The just-concluded summit of the BRICS, namely Brazil, Russia, India, China and South Africa,in Xiamen, China, highlights China's new initiative for adding new impetus for an open economy, multilateral trade that benefit the world as a whole, Stephen A. Orlins, president of the National Committee on U.S.-China Relations (NCUSR), told Xinhua in an interview on Wednesday.

China has put forward the "BRICS Plus" approach by inviting leaders of Egypt, Mexico, Thailand, Tajikistan and Guinea for a dialogue on the sidelines of BRICKS' summit held in Xiamen on Sept. 3-5.

"All the initiatives I just talked about, are exactly what (former U.S. Deputy Secretary of State) Robert Zoellick meant (in 2005).That is China being a 'responsible stakeholder' in the world," Orlins noted.

There were "two big takeaways" out of the BRICS gathering in Xiamen, said Sourabh Gupta, a senior policy analyst at the Institute for China-America Studies, in an email interview with Xinhua.

First, he said, the BRICS countries "proved in their unified approach yet again" that they are "indeed a supple entente of independent-minded rising powers" which are organized as "a mutual support network and committed to assisting each other's rise within the international system."

Second, the BRICS countries showed that "they are not willing to rest on their laurels," that "they are optimistic of the future and their future potential as a group," and that "they are already devising new pathways -- such as the 'BRICS Plus' model -- to broaden and institutionalize their cooperation over the next decade," he added.

To this end, the BRICS countries should ensure that they become "the premier developing country forum to discuss South-South cooperation and inclusive development" as well as "the premier emerging market forum to discuss the overhaul of the international monetary system" over the next decade, Gupta pointed out.

Zhiqun Zhu, professor of Political Science and International Relations at Bucknell University, agrees.

The BRICS summit is "significant" since it has become "a symbol of close South-South cooperation," he noted.

This is "particularly important when globalization has hit some hurdles in the developed West," he said.

"These emerging economies have become a major force for globalization and an engine for global growth," Zhu said. "Without doubt BRICS and other developing countries are active players in today's global governance and are contributing positively to a new global political and economic order of the 21st century."

"Gradually, they should also ramp up political cooperation on the great security challenges of the day so that they become an alternative voice for a more multilateralized, conciliatory, and less-violent approach to the myriad global security challenges during the first half of this 21st century," Gupta added.


"If you look at the Belt and Road Initiative, you look at the economic development initiatives (proposed by China) at APEC, BRICS and others. It's positive in that regard (boosting global economic growth), so I think America should welcome this," Orlins commented.

However, the coverage of the BRICS and the Belt and Road Initiative have remained very limited in the U.S. media, he added.

"Even though the term (of BRICS) was invented by an American (former Goldman Sachs economist Jim O'Neill in 2001), it's by and large not known (to Americans). I think if it were known, it will be portrayed positive," he said.

"From a U.S. perspective, all of these things are good for two major reasons," Orlins said.

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