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LONDON, Sept 14 -- A world-renowned economist from the United Kingdom said he expects the Belt and Road Initiative, proposed by President Xi Jinping, will play an increasingly important role in global trade, which has been buffeted by growing protectionism and unilateralism.
"The BRI is possibly the most important thing for the future of world trade," said Jim O'Neill, who had coined the acronym BRIC (now BRICS) for the group of emerging economies. O'Neill, former British commercial secretary to the Treasury, listed the BRI as one of the priorities for China in coming years for the country's new round of reform and opening-up. O'Neill spoke on Thursday in London at the fifth edition of Vision China, an event with the theme "40 Years On — China and the World", hosted by China Daily.
O'Neill has urged China to encourage more countries to "guide" the initiative, which is in the same vein as the Chinese government's statements advocating "joint efforts" from various global players to enrich the colossal connectivity project.
To continue its success, O'Neill said, China needs to continue to increase the share of consumption in its economic output, control pollution and protect the environment, open its financial sector wider and become bolder in reforming the household registration — hukou — system. Liu Xiaoming, Chinese ambassador to the United Kingdom, called the BRI one of the "three big opportunities" China will bring to the world as a result of its firm commitment to the new round of reform and opening-up.
In September and October of 2013, when Xi made overseas visits in Asia, he proposed the BRI as a way to boost connectivity among countries. Liu added that China will continuously drive global growth and expand market scale.
More reform and opening-up packages are expected to be announced this year when China celebrates the 40th anniversary of reform and opening-up. Other speakers at the event included Fu Xiaolan, professor of technology and international development, and founder of the Technology and Management Centre for Development at Oxford University; Nikhil Rathi, chief executive of the London Stock Exchange Plc; and Martin Jacques, author of the international best-seller When China Rules the World.
The guests shared their thoughts and observations on the achievements of China's reform and opening-up during the past 40 years. The event drew about 200 guests, including Neil Davison, former advocate general for Scotland, representatives of British government departments, the media, think tanks, international organizations and transnational corporations as well as businesspeople and Chinese embassy officials.
Followers of China Daily's social media platforms worldwide also were able to participate in brainstorming elements of the discussion. (Ecns)
