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The Belt and Road Initiative Favours Supply-and-Demand Side Reform
2017-03-15
By Long Guoqiang, DRC
2017-1-18
Compared with other regional cooperation initiatives, the One Belt and One Road Initiative is a huge project in terms of the number of population as well as the number of countries and areas involved along the routes. The Belt and Road Initiative will bring unprecedented opportunities for relative enterprises to promote supply-and-demand side reform.
First, it will bring opportunities for resource and energy cooperation. The countries and regions along the Belt and Road routes all boast rich natural resources. With the increasing number of Chinese enterprise, China’s demand on external resources and energy will become higher. The Belt and Road Initiative will undoubtedly ensure the security of national energy and resources while resource enterprises will find new opportunities for cooperation with relevant countries and regions in various industrial fields including energy resource exploitation, processing and transportation.
Second, it will bring opportunities for capacity cooperation. A very important part of the Belt and Road Initiative is to establish overseas economic cooperation zones in light of the experience gained in setting up the special and development zones at home. With regard to those enterprises that will transfer their production overseas, it is necessary for them to make reasonable use of the opportunities brought about by the various low cost factors of production in the host country and enhance their competitive power in the global value chain through division of labor in local regions so as to achieve win-win results.
Third, it will bring opportunities for technological progress. Most of the countries along the Belt and Road routes are not well off, whereas these countries have their distinctive resources of science and technology, which are easily to be neglected. Forth, there are about three billion people along the Belt and Road routes. The huge market demand will promote the industrial and export structure upgrading in China.
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