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WORLD: BRITISH PM IN CHINA P.22 | NATION: PROVINCIAL TWO SESSIONS P.

28

VOL.61 NO.6 FEBRUARY 8, 2018 WWW.BJREVIEW.COM

TOGETHER WE RISE
A new vision for a global future

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For almost 60 years, Beijing Review has presented contemporary news and views of China to the world in English and other
languages. Targeting an African audience, ChinAfrica, an English and French monthly published by Beijing Review, brings news,
views and analysis on hot topics related to China, Africa and China-Africa relations over the past 30 years. Find out about
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VOL.61 NO.6 FEBRUARY 8, 2018 CONTENTS

EDITOR’S DESK CULTURE


02 Standing Together 42 China’s Six Archaeological
Discoveries of the Year
THIS WEEK " """Vjg"oquv"ukipko"ecpv"o"pfu"htqo"
across the country in 2017
COVER STORY
16 Sharing the Future FORUM
China offers experience of its own 46 Belt and Road Boosts RMB
economic development Internationalization
18 A Global Consensus
The world gets behind China’s vision
20 Call of the Times
12 COVER STORY ESSAY
48 Reforming the International
Expert’s view on the changing nature From Davos to the World Order
of international cooperation Building a global system that works
The foremost trends at this year’s for everyone
WORLD World Economic Forum
24 Putting Down Routes
Cooperative opportunities abound
for China and Latin America
WORLD
P.22 | Still Golden
NATION Bilateral ties remain on track
28 Reporting for Duty
Provincial legislative and advisory as British prime minister visits China
bodies convene annual sessions
BUSINESS
BUSINESS P.38 | Cut and Thrust
Pgy"rqnke{"tgfgo"pgu"vjg"hwvwtg"
40 Market Watch

of the NEV industry

Ú
NATION
Cover Design: Cui Xiaodong
P.32 | Above and Beyond
The 20th anniversary of China’s
©2018 Beijing Review, all rights reserved.
squad of astronauts

www.bjreview.com Follow us on
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Economic globalization was a hot topic at in global governance, the country’s eco-
Editorial Administrators: Zeng Wenhui, Shi Bosen the 2018 World Economic Forum (WEF), nomic policies, the international impact
Commentator: Lan Xinzhen which closed in Davos, Switzerland, on of the Belt and Road Initiative, and the
Opinion/Culture Editor: Bai Shi
World Editor: Yu Lintao January 26. Notably, participants at the opportunities China presents for the rest
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Yuan Yuan, Wang Hairong, Li Fangfang, Deng Yaqing, Ji Jing, Lu Yan,
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ftkxgp"d{"kphqtocvkqp"vgejpqnqi{."ctvko"ekcn"
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E-mail: casa201208@hotmail.com topic continued this year. shared future for all has been written into
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2 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


THIS WEEK

TOTAL LUNAR ECLIPSE XINHUA

A multiple exposure photograph taken on the evening of January 31 shows the moon during a total lunar
eclipse in Dalian, northeast China’s Liaoning Province. A super blue blood moon appeared in the sky
across most of China for over an hour. An ancient Chinese tale tells of a celestial hound that bites the
moon during a lunar eclipse.

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 3


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4 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


THIS WEEK
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fbtu"DijobÈt"Kjbohtv"Qspwjodf-"po"Kbovbsz"41/"Bt"DijobÈt"Tqsjoh"Gftujwbm"
bqqspbdift-"npsf"gftujwf"tobdlt"bsf"cfhjoojoh"up"bqqfbs"jo"mpdbm"nbslfut"
obujpoxjef/

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 5


THIS WEEK ECONOMY
DOOD"jt"b"nbkps"qmbzfs"jo" Bnfsjdbo"Dibncfs"pg"Dpnnfsdf" dpnqbojft"sfqpsufe"sfwfovf"
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Nuclear Power Firms efwfmpqnfou"jo"DijobÈt"ovdmfbs" ofstijq"xjui"Cbjo"'"Dpnqboz-" jo"3127"boe"66"qfsdfou"jo"3126/
Uif"Tubuf"Dpvodjm"ibt"bqqspwfe" qpxfs"tfdups/ bmtp"tipxfe"jodsfbtjoh"pqujnjtn" Ofbsmz"tjy"jo"21"dpnqbojft"
uif"sftusvduvsjoh"pg"uxp"mfbejoh" Tusbufhjd"sftusvduvsjoh"pg" jo"Dijob.V/T/"sfmbujpot"eftqjuf"uif" sbol"Dijob"bnpoh"uifjs"upq"uisff"
Dijoftf"ovdmfbs"qpxfs"dpnqbojft-" DijobÈt"tubuf.pxofe"foufsqsjtft"jo" qpttjcjmjuz"pg"uif"Usvnq"benjo. jowftunfou"qsjpsjujft-"vq"gspn"uif"
Dijob"Obujpobm"Ovdmfbs"Dpsq/" frvjqnfou"nbljoh-"dpbm-"qpxfs-" jtusbujpoÈt"bdujpo"bhbjotu"Dijoftf" qsfwjpvt"zfbs"cvu"tujmm"cfmpx"uif"
)DOOD*"boe"Dijob"Ovdmfbs" dpnnvojdbujpo-"boe"difnjdbm" usbef"boe"jowftunfou"qsbdujdft/ ijtupsjdbm"bwfsbhf/
Fohjoffsjoh"boe"Dpotusvdujpo" fohjoffsjoh"tfdupst"xjmm"bddfmfsbuf" Tpnf"47"qfsdfou"pg"sftqpo. Uif"tvswfz"bmtp"gpvoe"pof"
Hspvq"Dpsq/"Mue/")DOFD*-"bddpsejoh" uijt"zfbs-"bddpsejoh"up"fyqfsut/ efout"cfmjfwf"sfmbujpot"cfuxffo" uijse"pg"nfncfst"qmbo"up"fyqboe"
up"bo"pgÐ"djbm"boopvodfnfou"po" uif"uxp"dpvousjft"xjmm"jnqspwf"uijt" uifjs"jowftunfou"jo"Dijob"cz"npsf"
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DOFD"xjmm"cf"ublfo"pwfs"cz" qfsdfou"pg"dpotvnfs"dpnqbojft"
Companies
year.
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pg"nbkps"tubuf.pxofe"foufsqsjtft" fowjsponfou-"bddpsejoh"up"b"tvswfz" cvtjoftt"up"fyqboe-Å"tbje"Xjmmjbn" Sftqpoefout"djufe"jodpotjtufou"
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upq"dibmmfohft"up"epjoh"cvtjoftt"
in China.
Uif"tvswfz"xbt"dpoevdufe"
cfuxffo"Pdupcfs"34"boe"Opwfncfs"

XINHUA
37-"3128-"boe"xbt"tfou"up"95:"
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pg"xipn"522"dpnqmfufe"b"tjhojÐ".
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pg"hspxui"bddfmfsbujoh"gps"uif"Ð"stu"
ujnf"jo"tfwfo"zfbst/

Cultural Industry
DijobÈt"dvmuvsbm"joevtusz"bddfmfs.
bufe"jut"fyqbotjpo"mbtu"zfbs-"ifmqfe"
cz"uif"sbqje"hspxui"pg"jogpsnbujpo"
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nbovgbduvsf"pg"dvmuvsbm"qspevdut/
B"sfbdups"qsfttvsf"wfttfm"jt"jotubmmfe"bu"uif"Dijob"Obujpobm"Ovdmfbs"Dpsq/Èt"Gvrjoh"Ovdmfbs"Qpxfs"Qmbou""jo"Gvkjbo" Sfwfovf"gspn"jogpsnbujpo"
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pqfe"uijse.hfofsbujpo"sfbdups"eftjho/ uif"nptu-"cz"45/7"qfsdfou"zfbs"

6 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


THIS WEEK
boe"uif"mbshftu"Dijoftf"cbol"gps"
International Lender

XINHUA
gpsfjho"jowftunfou-"mpoh.ufsn"
Dijob"Efwfmpqnfou"Cbol")DEC*-"b" mfoejoh"boe"cpoe"jttvbodf/
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jo"cbe"mpbot"mbtu"zfbs/ bmpoh"uif"spvuft"pg"uif"Tjml"Spbe"
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tbje"uif"sbujp"pg"opo.qfsgpsnjoh" Nbsjujnf"Tjml"Spbe"mbtu"zfbs"boe"
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year.

po"zfbs-"gpmmpxfe"cz"dvmuvsbm"boe" 3128"upubmfe"bmnptu"2"cjmmjpo-"bd.

XINHUA
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DijobÈt"5H"ofuxpsl"vtfst"jo" hspxui"mbtu"zfbs/ po.hspvoe"fyqfsjnfou"uibu"ebz/

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 7


THIS WEEKWORLD
XINHUA

XINHUA
Ú

PAKISTAN SOUTH KOREA


Fishing boats are moored in the bay at Gwadar port Firefighters work at the ruins of the
on January 29. The first phase of Gwadar Port’s Sejong Hospital in the southeastern
Free Zone was inaugurated on the same day, city of Miryang following a fire on
seeking to facilitate regional and global trade January 26. The blaze killed 37 people,
wpfgt,vjg,Ejkpc/Rcmkuvcp,Geqpqoke,Eqttkfqt injuring over 100 more
Ú

FRANCE
A building on the bank of the Seine River
is submerged in Paris on January 28.
The Seine burst its banks due to heavy
rainfall in late January which led to the
evacuation of around 1,500 people in the
Kng/fg/Htcpeg,tgikqp
XINHUA

8 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


THIS WEEK

Ú
RUSSIA
Russian Foreign Minister Sergei Lavrov (center)
speaks at the Congress of the Syrian National
Dialogue in Sochi on January 30. Participants
agreed to form a constitutional committee
composed of representatives of the Syrian
Government, the opposition and independents

XINHUA
XINHUA

XINHUA

Ú
AUSTRALIA
Fireworks light up the sky by Lake Burley
Griffin in Canberra on January 26, in
celebration of Australia’s national day

FINLAND
President Sauli Niinisto attends a press
conference in Helsinki on January 28
after a landslide reelection victory

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 9


THIS WEEKPEOPLE & POINTS
Ü BILLIONAIRE’S HUGE DONATION FOR WILDLIFE
He Qiaonu, the billionaire founder of Oriental Landscape Group, donated $1.5 billion to the
International Union for Conservation of Nature for the protection of endangered species, U.S.
media recently reported, in what might be the world’s largest personal endowment for wildlife
Technology Helps
conservation.
Born in Wuyi County, Zhejiang Province, in 1966, she graduated from the School of
Improve Rural
Landscape Architecture at Beijing Forestry University in 1988. She resigned from her job in
Jcpi|jqw›u"Owpkekrcn"Dwtgcw"qh"Ictfgpu"cpf"Rctmu"kp"3;;2"cpf"uvctvgf"c"eqorcp{"ugnnkpi"Š"qy/ Education
ers with her father. Today, He’s company has grown to become the largest Oriental Outlook
landscape developer in China. The market value of Oriental Landscape is
nearly 50 billion yuan ($7.95 billion), according to the latest stock market data. January 25
One of China’s preeminent female entrepreneurs, He has dedicated It is a priority of China’s education policy
herself to charitable causes for many years, showing a particular fondness to promote the development of compul-
for wildlife protection. In 2015, He donated 3 billion yuan ($476.9 million) to sory education in rural areas and ensure
establish the Qiaonu Foundation, which aims to protect wildlife around the that every child has access to a good ed-
world. ucation. But the imbalance of education
between urban and rural areas remains a

ogvgtu0"Uocnn"cktetchv"ctg"cnnqygf"vq"Š"{"kp"fguki/
reality in the country.
The Ministry of Education has
Regulations on nated areas on the condition that they upgrade
their software on time.
taken measures to solve this problem.
However, education authorities and
Unmanned Aircraft Drones have big market potential in China,
with most products bought for aerial photog-
society as a whole need to explore

tcrj{"cpf"vcmkpi"ugno"gu0"Jqy"vq"dcncpeg"cgtkcn"
more ways to promote fairness in edu-
Qianjiang Evening News cation. Now, the rapid development of
control and safety, as well as the growth of the information technology and general im-
January 29 drone market, has become a pertinent issue. provement of infrastructure conditions
The Ministry of Industry and Information The draft is expected to resolve this debate. in rural areas are making it possible to
Technology released a draft of regulations on With rapid growth in sales and sharp tech-
wpocppgf"cktetchv"ocpcigogpv"qp"kvu"qho"ekcn"
narrow the educational gap.
nological advantages, some Chinese drone A major problem for rural schools is
website in January, inviting suggestions on it. producers now rank among the leading compa-
Vjku"ku"vjg"o"tuv"pcvkqpcn"ftchv"hqt"vjg"tgiwncvkqp"
the lack of high-caliber teachers and a
nies in the world. They have expressed concern quality curriculum. Today, online educa-
of unmanned aircraft. about the impact of more stringent regulation, tion is increasingly seen as a solution to
Drones have become popular for surveying but the release of the draft should allay fears of this problem. In theory, teachers at urban
and photography in recent years, with many a negative impact on business. schools are able to provide instructions
observers deeming it necessary to improve reg- Today, aerial technologies are more devel- and resources to students in remote
ulation over these remote-controlled devices. oped, which makes it possible to offer better villages via online services. Moreover,
The highlight of the draft is that it no longer regulation over unmanned aircraft, striking a these Internet-based technologies en-
sticks to the principle of demanding all un- balance between public safety and individual
ocppgf"cktetchv"vq"dg"tgikuvgtgf"rtkqt"vq"Š"kijv0"
able teachers and students to share real-
freedom. A new series of measures, includ- time interaction. But the weakness of
Light and small unmanned aircraft are exempt ing real-name registration, are expected to be
from such applications if they fly below 50 implemented in the coming years.

“The centrifuges will provide strong “As its first platform in Japanese,
support to research in areas such as the news service will allow Xinhua to
wpfgtitqwpf,cpf,fggr/ugc, provide a new channel for Japanese
exploration, disaster control, waste subscribers to more conveniently
disposal, and new material access Chinese news.”
manufacturing.” Eck,Okpi|jcq, President of Xinhua News
Chen Yunmin, an engineering professor with Agency, speaking at the launch ceremony for the
Zhejiang University, speaking about plans to Japanese news service in Tokyo on January 31
dwknf,vjg,yqtnfÔu,oquv,rqygthwn,j{rgt/itcxkv{,
centrifuges in Hangzhou on January 31

10 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


THIS WEEK
Developing Preschool gzvtgogn{"fkho"ewnv"vq"tckug"lwuv"qpg0"Cu"c"tg/
sult, the two-child policy may not be able to
Education achieve its desired effects, further accelerat-
ing the aging of China’s society.
Guangming Daily In the long term, the government must
take action to develop a sound system
January 29 for encouraging the supply of preschool
With the arrival of the “two-child era,” pre- education and childcare services. All par-
school education becomes an even more ties, including the government, companies,
difficult issue for most parents. For vari- organizations, communities and individu-
ous reasons, children below the age of 3 als, should be encouraged to participate in
are mostly taken care of by their families. building a diverse childcare service network.
Despite strong demand, it is extremely Premium preschool education should be
difficult for families to find qualified early included as one of the country’s basic public
stage education and care services for services.
these toddlers. Children are the future of a nation. The
The lack of preschool education resourc- government should also improve supervi-
es, particularly for children up to 3 years old, sion over preschool education services,
is straining parents who are under huge pres- ensuring the protection of children’s rights.
sure from daily life and work. This problem is For those families facing economic or
not only affecting social productivity, but is other hardships, both the government and
also jeopardizing the future of the country’s society should provide help so that their
online education is obvious too. When next generation. This is discouraging people children can enjoy equal access to educa-
the online class is over, teachers cannot from having a second child, since it is already tion and childcare services.
mentor distant students.

Ü PING PONG CHAMPION


To make up for the shortcoming of
online classes, some education service
providers are finding a solution in the

qh"Rkpi"Rqpi"chvgt"c"vqwij"o"pcn"cickpuv"jku"qrrqpgpv"kp"Nqpfqp"qp"Lcpwct{"4:0"Vjku"ku"vjg"
so-called “dual teachers” approach, by Wang Shibo, a 34-year-old Chinese table tennis player, has won the World Championship
which teachers from prestigious schools
in cities give lessons online and teach- second consecutive year that a Chinese player has won the annual trophy. The sport is
ers at rural schools mentor students in distinguished by its use of old-fashioned wooden paddles covered with sandpaper.
person. Teachers and students at rural Wang is a teacher at the Xuzhou College of Industrial Technology.
schools can both learn in this way. Now He was a table tennis player for the Guangdong Province team and
the solution has been accepted by a later the national youth team of China. Two years ago, Wang began
growing number of schools, and other playing ping pong with a sandpaper bat. A total of 11 Chinese players

swctvgt"o"pcn0"
Internet-based innovations can pro- qualified for the championship this year, with four making it to the
foundly reform China’s education in the
future. Now onto its sixth year, the World Championship of Ping Pong is a
throwback to the early days of table tennis. The game is becoming popular
around the world for its enjoyable and technology-free approach.

“China will continue to support “The certificate signals that the


Afghanistan’s peace and Chinese electric vehicle manufacturer
reconstruction process in order is now allowed to enter the European
to see a peaceful and prosperous Union’s market.”
Afghanistan.” Zheng Gang.,Igpgtcn,Ocpcigt,qh,Dgklkpi/dcugf,
Liu Jingsong, newly appointed Chinese electric carmaker BAIC BJEV, speaking about
Ambassador to Afghanistan, speaking at a vjg,eqorcp{Ôu,rtqfwev,uchgv{,egtvkÛ,ecvg,kuuwgf,
seminar in Kabul on January 30 by German accreditation provider DAkkS

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 11


COVER STORY

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12 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
The main venue of the 2018 World Economic attendant global elites, and Chinese voices
Forum Annual Meeting in Davos, Switzerland could be heard almost everywhere in the
venue. Among them was Liu He, China’s
top representative, who called on the inter-
national community to push for economic
globalization that is more open, inclusive,
balanced, equitable and beneficial in a
speech delivered on January 24, echoing the
remarks of Chinese President Xi Jinping at
last year’s meeting.

cpf"cv"vjg"WP"Qhoeg"cv"Igpgxc"c"{gct"ciq."
In his two keynote speeches in Davos

Xi proposed his vision of a community with a


shared future for mankind and his desire to
cejkgxg"ujctgf."owvwcnn{"dgpgoekcn"fgxgnqr-
ment. He suggested that countries should
view their own interests in a broader, global
context and refrain from pursuing them at
the expense of others.
Xi described this community with a
shared future as an open, inclusive, clean
and beautiful world that can enjoy lasting
peace, universal security and common pros-
perity.
“The 2018 WEF theme revives the con-
cept of a community with a shared future for
mankind put forward by Chinese President
Xi last year,” said WEF Executive Chairman
Klaus Schwab, stressing that Xi’s speech was
qh"jkuvqtke"ukipkoecpeg."fixgt{"korqtvcpvfl"cpf"
had “brought us some sunshine.”
Speaking in Davos, UN Secretary General
António Guterres said that the UN would
join China in promoting world peace and
development, and in realizing the goal of a
community with a shared future for man-
kind.

Worthy praise
Last February, Xi’s concept of a community
with a shared future for mankind was incor-
rqtcvgf"kpvq"c"WP"tguqnwvkqp"hqt"vjg"otuv"vkog"
at the 55th Session of the UN Commission
for Social Development, and in the same
year won recognition from the UN Security
Council, the UN Human Rights Council and
the First Committee (Disarmament and
International Security) of the UN General
Assembly.
“China has created a new possibility,
XINHUA

which is to set aside the law of the jungle,


abandon hegemony and power politics, go
dg{qpf"vjg"|gtq/uwo"icog."cpf"opf"c"pgy"

A
s heavy snow engulfed the alpine ski and civilized path featuring cooperation,
owvwcn"dgpgovu"cpf"lqkpv"ghhqtvu.fl"uckf"Octvkp"

RLD
resort of Davos, a remote Swiss town
populated by a mere 13,000 people, Jacques, a senior fellow at the Department of
3,000 government officials and business Politics and International Studies, Cambridge
heavyweights from around the world arrived University.
to attend the World Economic Forum (WEF). His words were echoed by former French
Running from January 23 to 26, this Prime Minister Jean-Pierre Raffarin. “The
year’s WEF annual meeting was tasked with community with a shared future for mankind
,By Deng Yaqing the theme of creating a shared future in a
fractured world. China was on the lips of the
proposed by Chinese President Xi respects
multilateralism and equal dialogue, which
u
u

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 13


XINHUA
Jack Ma, founder and Chairman of China’s e-commerce giant Alibaba Group, and WTO Director General Roberto Azevedo attend a session during the
World Economic Forum Annual Meeting in Davos, Switzerland, on January 24

has provided a feasible solution for the world the increasing competition between na- tries along the routes.
vq"rwtuwg"oqtg"kpenwukxg."ghoekgpv"cpf"swcn- tions and deep divides within society. Yet “China has proven that the wellbeing
ity development,” Raffarin said. the sheer scale of the challenges our world of citizens in a country doesn’t necessarily
Global development is confronted with faces makes concerted, collaborative and contradict its engagement globally,” said
a series of challenges, such as social and integrated action more essential than ever,” Arancha González, Executive Director of the
economic transformation, inclusive growth Schwab warned. International Trade Center.
and sustainable development, which cannot Swiss President Alain Berset called to
be solved by any single country or organiza- make 2018 a year of international collabora- Reform commitments
tion, according to Gao Jifan, Chairman of tion and multilateralism. “Let nationalists and At this year’s WEF annual meeting, Liu, head
qh"vjg"Igpgtcn"Qhoeg"qh"vjg"Egpvtcn"Ngcfkpi"
the Board of Trina Solar Ltd. “That given, protectionists be but a passing phase,” he
building a community with a shared future said. Group for Financial and Economic Affairs,
for mankind is imperative to overcoming all In 2013, President Xi proposed the Belt elaborated on China’s plans for economic
these problems,” he said in an interview with and Road Initiative, deemed China’s solu- development in the coming years and the
Xinhua News Agency. tion to the fractured international situation country’s pledge to join hands with the rest
and blueprint to achieve shared, mutually
dgpgoekcn"fgxgnqrogpv0"Vjg"kpkvkcvkxg"ckou"
of the world to create a brighter future for all.
Chinese solutions “China will encourage both inbound and
“We should follow the general trend, to build a trade and infrastructure network outbound investment and business activi-
proceed from our respective national con- connecting Asia with Europe, Africa and ties as it seeks greater economic and trade
ditions and embark on the right pathway the world at large along and beyond the interactions with other countries, and will
of integrating into economic globalization ancient Silk Road trade routes. It comprises work with them to establish an open world
with the right pace,” said Xi in his Davos the Silk Road Economic Belt and the 21st- economy,” said Liu, noting that China plans
speech last year, making clear China’s Century Maritime Silk Road. to let the market play a decisive role in re-
intention to remain open to the world. So far China has reached cooperative source allocation and strive to better protect
“Pursuing protectionism is like locking agreements with more than 80 countries property rights, intellectual property rights in
oneself in a dark room,” said Xi, imploring and organizations within the framework of particular.
the world to share opportunities in an open the Belt and Road Initiative, with over $50 bil- He also suggested that China should fur-
global economy. lion of investment from Chinese companies ther embrace international trade rules and
“Our world has become fractured by and around 200,000 jobs created in coun- expand market access. The country will take
14 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
XINHUA
China’s Ongoing
Transformation
Domestic demand has
steadily expanded, with
consumption contributing
Nearly
58.8% 4 percentage
points

oxg"{gctu"ciq
higher than

to economic growth.

The added value of the


services sector takes up
More than
60% 5 percentage
points

oxg"{gctu"ciq
higher than

of China’s GDP.

With more rural workers relocating


to cities, the number of permanent

qxgt":2"oknnkqp"kp"vjg"rcuv"oxg"
urban residents has increased by

years, accounting for


Visitors interact with a doctor on an intelligent diagnosis system at an exhibition during the World Internet Nearly
Conference in Wuzhen, east China’s Zhejiang Province, on December 2, 2017 6 percentage
58.52% points

oxg"{gctu"ciq
higher than
substantial measures to open up the service major pollutant emissions and lower the in-

vjg"eqpetgvg"cevkqpu"Ejkpc"yknn"vcmg"vq"hwnonn"
and financial sectors, and to create a more tensity of resource consumption. “These are
attractive investment environment. of the total population.
In an interview with Xinhua, Rupert its pledges to counter climate change and to
Adams, a partner of investment company honor the Paris Agreement,” Liu said.
Alignvest UK LLP, called Liu’s remarks a China’s efforts in tackling climate
message from China on its continuation of change won praise from French President Energy consumption
reform and opening up, and real practical Emmanuel Macron, who acknowledged the per unit of GDP
action showing firm support for economic achievements of China’s carbon trading down by 23.9%
globalization. system in Davos and suggested that the Belt kp"vjg"rcuv"oxg"{gctu
Liu also noted that a large middle- and Road Initiative could play an important
income group has emerged in China, giving role in combating climate change.
rise to a vast domestic market, and that the Before concluding his speech, Liu said
China, still a developing country despite Since 2016:
open market in China will make significant
contributions to global prosperity. its economic progress, will run its own
However, Liu admitted that China’s own business well, and on that basis, it is ready
to work with the rest of the international
development also faces major challenges,
community to champion a vision for global
including risk prevention, poverty reduction Over
governance that features extensive con-
and pollution control. In efforts toward risk
115 140 500
dgpgovu0"
sultation, joint contribution and shared
prevention, China aims to bring the overall mln tons mln tons mln tons
opcpekcn"u{uvgo"oqtg"cfcrvcdng"cpf"dgvvgt"
leverage ratio under control and make the “Together, we will stand firm for multi-
lateralism, for the multilateral trading regime Cut steel Eliminated Coal capacity

vgocvke"tkumu"yknn"dg"jctpguugf"cpf"vjg"Šqy"
able to serve the real economy, while sys- and for common development and prog- capacity substandard phased out
ress,” he said. p steel capacity
of economic activities improved.
In the next three years, China is aim- (Source: National Development and Reform
ing to eliminate absolute poverty and will Copyedited by Laurence Coulton Commission; designed by Pamela Tobey)
strengthen pollution control in order to slash Comments to dengyaqing@bjreview.com

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 15


COVER STORY

SHARING THE FUTURE


What can China offer for inclusive global growth? By Fu Jun
ars and government officials from developing “As long as we keep to the goal of building
The author is academic countries to share the Chinese experience of a community with a shared future for mankind

cpf"qxgteqog"fkho"ewnvkgu."yg"yknn"dg"cdng"vq"etg/
dean of the Institute growth. One example is the Institute of South- and work together to fulfil our responsibilities

cv"Rgmkpi"Wpkxgtukv{"kp"4238"ykvj"kvu"o"tuv"72"uvw/
of South-South South Cooperation and Development, created
Cooperation and ate a better world and enable better lives for our
Development at Peking dents from developing countries in Africa, Asia peoples,” said Chinese President Xi Jinping at
University and Latin America. This move symbolizes a shift the World Economic Forum annual meeting in
in China’s technology transfers to the develop- Davos in January 2017. These words represent
ing world. Once a provider of hardware, now China’s commitment to equitable, inclusive and

W
China shares software: its knowledge and ideas. sustainable development around the world.
e live in fast-moving times and an
o"gnf"vtkru"vq"ukvgu"vjcv"gzgornkh{"fkhhgtgpv"rqkpvu"
Learning and training sessions often involve Xi’s proposal to build a community with a
increasingly interconnected world. shared future for mankind seeks to strengthen
Globalization has reached new heights on the developmental spectrum—from rural multilateralism to address global and regional
qi{."kv"jcu"dtqwijv"gpqtoqwu"dgpgo"vu"vq"ocp{."
in the 21st century. Together with new technol- areas to special economic zones, coastal cities imbalances. It is believed that development

fgxgnqrogpv"o"tuv/jcpf."uvwfgpvu"eqog"vq"cr/
and the interior. By seeing different stages of on a wider scale could generate new impetus
but these gains have not been distributed for inclusive global growth. According to the
evenly, which has been a source of discontent preciate the importance of learning by doing, World Map of Economic Growth produced by
and the cause of recent backlashes against the and of moving from exploiting comparative ad- the Center for International Development at
very processes of globalization. vantage to developing competitive advantage Harvard University, the countries with the big-
Indeed, when about half of the world’s through innovation. In other words, in China, gest potential for growth in the coming decade
wealth rests with the top 5 percent of the popu- they can see how economies move from labor- are mostly in South Asia and East Africa. Others
lation, the economy is in trouble. Economic and resource-intensive models to being capital- in South America and the Middle East are also
principles tell us that equilibrium must exist intensive and finally developing a knowledge- poised to take off. Meanwhile, growth will slow
between supply and demand for growth to intensive edge within global value chains. in advanced economies. The United States
continue.
Pressing global issues call for global efforts.

XINHUA
What can China offer to the cause of promoting
inclusive growth?

New educational initiative


Education is one crucial step in addressing
uneven development. China has benefited
from learning this, and is now ready to give
back. When the country started its process
of reform and opening up in the late 1970s,
Deng Xiaoping—the architect of China’s eco-
nomic modernization—sent large numbers
of Chinese students to study abroad. Now, it is
increasingly recognized that growth is fostered
more profoundly by developing human talent
than by supplying physical capital. Where siz-
able investments have been made in education
and other elements of the human factor, tech-
nological advances, which are a byproduct of
sophisticated human ideas, have played a key
role in economic growth or industrial catch-up.
In light of this, China has established train-
ing and degree programs in its higher learning
institutions that have enabled students, schol- Expressways cross farmland in Taizhou, east China’s Jiangsu Province

16 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


XINHUA
is expected to grow at 2.58 percent per year
and Britain slightly faster at 3.22 percent, while
Germany, one of the leading economies in
Europe, will grow at just 0.35 percent.
Against this backdrop, and while China’s
economy is now the second largest in the world
growing roughly three times as fast as that of
the United States, China can play a role in bring-
ing developed and developing countries closer
together by narrowing the rich-poor gap.

Improving infrastructure
One manifestation of China’s leadership is the
Belt and Road Initiative it proposed. Launched
in 2013, it aims to forge partnerships—or joint
ventures—along the historical Silk Road to im-
prove connections across Asia and beyond with
infrastructure projects such as roads, bridges,
rqtvu."icu"rkrgnkpgu."rqygt"itkfu"cpf"odgt/qrvke"
cables. To facilitate inclusive growth, it is critical
not only to deploy means of production, but
also means of delivery and access to informa-
tion. And one can envision that some of today’s
low-income countries—having heeded the
popular refrain, “Want to get rich? Build roads
first!”—may one day tell growth stories that
mirror China’s.
The apparently homespun wisdom that
roads precede wealth corresponds to the criti-
cal role governments have to play in providing
Locals ride bicycles operated by Mobike, a Chinese bike-sharing company, in Manchester, UK
public goods, especially risky, long-run physi-
cal infrastructure, to lift their countries out of
poverty. For example, in the past three years, climate accord, and the bank has an energy developing countries, if only because many of
the Chinese Government invested more than strategy that prioritizes investment in renew- them now occupy the same stage of develop-
$182 billion to expand and improve China’s able energy and increased energy efficiency. ment that China did half a century ago.
fiber-optic network. Between 1996 and 2016, Pledging to be “lean, clean and green,” and with To sustain growth, the role of the state and
it built 4.2 million km of roads, connecting 95 its projects also open to private investment, the role of the market are important, but neither
percent of villages across the country—and AIIB has great potential in the area of scaling up should be taken to the extreme. The market
private businesses popped up along the way. financing for inclusive and sustainable devel- and the rule of law need to go hand in hand, but
Even in Shenzhen, China’s foremost market- opment in the fastest-growing regions of the both need time to be nurtured and develop.
driven special economic zone—initial rounds world. A successful reform strategy is thus often a
of infrastructure were built by army engineers. As another example of institution-building delicate matter of sequencing and balancing.
Private investments followed later. and commitment to green development, China When either the sequencing or the balancing
has rolled out a nationwide carbon-trading iqgu"cyt{."kv"uvkŠgu"rtqitguu."cu"vjg"gzrgtkgpegu."
Boosting institutions scheme that makes it the largest carbon-trad- successes and failures of many transitional
economies have amply demonstrated.
ing market in the world by far.
The rationale behind the Asian Infrastructure Just as China has learned and achieved a
Investment Bank (AIIB) aligns with this logic. As
a multilateral development bank (MDB), pro- Sharing experiences great deal during the globalization of the last
40 years without merely reproducing models
posed by China in 2013 and launched in 2016, China’s market-oriented reforms mark their and systems from the rest of the world, China’s
AIIB aims to bring states, or sovereign money, 40th anniversary in 2018. In the past four de- intention is not for other developing countries
together to address the daunting infrastructure cades, the country’s economic growth has been to directly replicate the structures that have
shortfalls across Asia and beyond. astonishing, lifting some 700 million people out brought about its own success.
Asia alone needs to invest $1.7 trillion in of poverty. China’s per-capita GDP was about If strategies for economic growth are to
infrastructure each year until 2030 to maintain $150 in 1978. Today, it is close to $9,000, and succeed, they must, with clear visions and prin-
climate-resilient growth momentum, according projected to reach $12,700—the threshold for ekrngf"rtciocvkuo."cnuq"tgŠgev"nqecn"eqpfkvkqpu"
to the Asian Development Bank. As a comple- a high-income country—around 2025. China and be tailored to the various stages of develop-
ment to—not a substitute for—existing overtook Japan as the world’s second largest ment in different countries and regions. p
kpvgtpcvkqpcn"opcpekcn"kpuvkvwvkqpu."CKKD"ewttgpvn{" economy in 2009, and became the world’s larg-
has an approved (and still-growing) member- est trading nation in 2013.
ship of 84 countries from all continents, making China’s rapid rise from being an agrarian
it one of the world’s largest MDBs. backwater in the 20th century to a global power Copyedited by Laurence Coulton
All AIIB members have signed the Paris in the 21st century presents lessons for other Comments to yushujun@bjreview.com

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 17


COVER STORY

A GLOBAL CONSENSUS
Common values bring China closer to the world By Wang Yiwei
of the same year , the First Committee sion transcends traditional thinking. The
The author is vice dean (Disarmament and International Security) keywords are mankind, shared future and
of the Institute of Xi of the 72nd Session of the UN General community. “Mankind” transcends national
Jinping Thought on Assembly approved two draft resolutions identity, embodying the responsibility of
Socialism with Chinese on Further Practical Measures for the the world. Shared future upgrades win-win
Characteristics for a New Prevention of an Arms Race in Outer Space cooperation to embody closely intercon-
Era at Renmin University and No First Placement of Weapons in nected interests. Community goes beyond
of China Outer Space. This Chinese vision was again the concept of a global village to embody
included in the UN resolutions. the awareness of an extended collective

H
UN Secretary General António Guterres with a common identity.
istorians of the future will probably
fgo"pg"vjg"{gct"4239"cu"c"ycvgtujgf"
commented, “China has become an im- Interconnectedness and inclusiveness.
portant pillar of multilateralism, while There are differences among countries,

inqdcnk|cvkqp"cpf"vjg"o"tuv"{gct"kp"vjg"dwknf/
moment in the development of the purpose of multilateralism is to build and the world is diverse, but our common
a community with a shared future for history, common situation and common
ing of a community with a shared future mankind.” pursuits keep countries closely linked,
for mankind. At the beginning of the year, Peter Thomson, President of the 71st shaping common identities for a shared
when Chinese President Xi Jinping delivered Session of the UN General Assembly, ob- future. There is a saying in the West, “One
a keynote speech at the opening session served, “From my perspective, this is the for all, and all for one. In the East, there’s
of the World Economic Forum Annual only prospect for mankind on this planet.” the philosophy that “one should value not
Meeting in Davos, Switzerland, he sug- Why is the vision of a community with only one’s own interest, but also the inter-
gested that “we should adapt to and guide a shared future for mankind welcomed by est of others, and this will contribute to the
economic globalization.” In his speech at the world? interest of all.” As the inclusion and inte-
the United Nations Office at Geneva, he Inheritance and transcendence. In gration of human thoughts, “a community
thoroughly explained the definition and Geneva, Xi said, “From the principles of with a shared future for mankind” seeks to
purpose of a community with a shared fu- equality and sovereignty established in the expand common ground and narrow dif-
ture for mankind. At the Communist Party Peace of Westphalia over 360 years ago to ferences for a new human consensus. At
of China in Dialogue With World Political international humanitarianism affirmed in the general debate of the 70th Session of
Parties High-Level Meeting at the end of the Geneva Convention 150-plus years ago; the UN General Assembly, Xi pointed out
the year, Xi further elaborated on how to from the four purposes and seven prin- that “the greatest ideal is to create a world
build this community. ciples enshrined in the UN Charter more truly shared by all. Peace, development,
In 2017, the 55th Session of the UN than 70 years ago to the Five Principles equity, justice, democracy and freedom
Commission for Social Development ad- of Peaceful Coexistence championed by are the common values of all mankind and
opted by consensus the resolution on the the Bandung Conference over 60 years the goals of the United Nations.” The ideal
social dimensions of the New Partnership ago, many principles have emerged in the of a community with a shared future for
for Africa’s Development. The vision of evolution of international relations and mankind is to seek the convergence of hu-
building a community with a shared future become widely accepted. These principles man values for a common human value.
for mankind was written into a UN reso- should guide us in building a community Pragmatism and vision. The Belt and
lution for the first time. On November 1 with a shared future for mankind.” The vi- Road Initiative is a key driver in building
a community with a shared future for
mankind. While the vision contributes
The vision of a community with a shared future Chinese wisdom in solving the problems
facing mankind, the Belt and Road offers
for mankind is the extension of China’s path to a Chinese approach to doing so. A com-
munity with a shared future is the further
peaceful development and mutually beneficial development of a community of shared
interests and responsibility, originally a vi-

cooperation, in the belief that the world is a


sion for China’s immediate neighborhood
where the country thrives. Later, the vision
was applied to developing countries, the
commonwealth highest realm being a community with a
18 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
XINHUA
The China Pavilion at the 23rd Conference of Parties to the United Nations Framework Convention on Climate Change in Bonn, Germany, showcases China’s contribution
toward mitigating the effects of global warming

dgpgoekcn"fgxgnqrogpv0"
shared future for mankind. The vision has mankind and achieve shared and mutually tion states and different interests. For the
extended from the real world to cyber- lasting and sustainable development of
space, from the traditional domain to the All in all, the vision of a community human civilization, it pushes for a new type
global commons, to make the deep sea, with a shared future for mankind car- of international relations featuring win-win
cooperation and a more just and equitable
qvjgt"ognfu"kpvq"c"pgy"ognf"qh"eqqrgtcvkqp"
polar regions, outer space, the Internet and ries on the purpose and principles of the
Charter of the United Nations. It’s the core international order. This is the valuable in-
spiration we have drawn from the vision of
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among all parties. With a common identity, of the principle of extensive consultation,
joint contribution and shared benefits for a community with a shared future from the
velopment in a secure environment. global governance, and the soul of the height of human civilization.
The vision of a community with a shared Belt and Road Initiative. It transcends the In the world today, the vision of a com-
future for mankind is the extension of China’s traditional saying that “mankind has only munity with a shared future for mankind
conforms to the universal aspiration of all
dgpgoekcn"eqqrgtcvkqp."kp"vjg"dgnkgh"vjcv"vjg"
path to peaceful development and mutually one earth, and it is home to all countries”
to form a positive value that “we have a countries to be at the helm of their own fu-
world is a commonwealth. The world shares stake in each other’s success and our fu- ture, and to follow the path of development
the common need to reform global gover- ture is closely connected.” As members of in accordance with their own national con-
nance and build a new model of international a global human community with a shared ditions. That is a fundamental cause to be
relations as well as a new international order. future, we have come together to build embraced by the whole world. p

ujctgf"d{"gxgt{qpg"cpf"hqt"vjg"dgpgov"qh"
Peaceful development is what the people of a new human civilization—a world truly
every country long for. It is also the respon-
sibility of all statesmen. China’s proposal is to all. The community with a shared future This article was originally published on China Report
Comments to yushujun@bjreview.com
build a community with a shared future for transcends the narrow perspective of na-
http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 19
COVER STORY

CALL OF VJG,VKOGU
China plays its part in building a mutually beneficial international order
By Zhang Yansheng
sition is to build a community with a shared To build a community with a shared future
future for mankind and achieve shared and win- for mankind, China should continue to promote
win development.” strong, sustainable, balanced and inclusive glob-
The author is a principal
hqt"ocpmkpf."Ejkpc"ujqwnf"o"tuv"hwno"nn"kvu"tgurqpuk/
To build a community with a shared future al growth. The Belt and Road Initiative involves
researcher at the China many developing countries in Asia, Europe and
Center for International bility as a major country. Acting as a responsible Africa. Some of these countries have fallen into
Economic Exchanges emerging major country is an important public “a trap of low-level development,” while others
good that China provides to the world. As a par- find themselves nowhere near national mod-
ticipant, contributor and torchbearer in global ernization due to their inability to eliminate long-

A
s the sum of rules, norms and regulations governance, China aims to establish a fair and term development bottlenecks. Infrastructure
that govern states and other actors in equitable international order and a beautiful connectivity and production capacity coop-
global affairs, global governance is now home for mankind, so as to transform and re- eration under the framework of the Belt and
undergoing complex and profound changes. place “a disorderly and fragmented world.” Road Initiative will inject new impetus into the
Working toward a new type of cooperative part- To build a community with a shared future economic development of countries along the
nership has gradually become an urgent matter for mankind, China should continue to promote routes.
for the international community. In the spirit of economic globalization. The China-proposed To build a community with a shared
no conflict, no confrontation, mutual respect, Belt and Road Initiative plays a significant role future for mankind, China should work hard
mutual benefit and win-win results, this new in fostering a new type of inclusive globaliza- to make cooperation beneficial to all. It is
partnership is based on peace, cooperation and tion. Issues concerning inclusive, shared and equally important to build railways and ports
development, as well as respect for different equitable growth should be handled in the spirit as well as schools and hospitals, but the
social and political systems, religions, cultures, of extensive consultation, joint contribution and most vital task is to establish fair, equitable,

vtcfg."kpxguvogpv."o"pcpeg"cpf"kpfwuvt{"ujqwnf"
national conditions and stages of development. shared benefits. International cooperation in regulated, green and shared mechanisms.
In his speech made at the United Nations “Harmony in diversity” is cherished in
Office at Geneva in January 2017, Chinese be green, open, inclusive and beneficial to all. Chinese culture, which underlines the im-
President Xi Jinping said, “Pass on the torch of Balanced development should be promoted portance of respecting different cultures,

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between the real economy and the virtual religions, political systems and stages of de-
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peace from generation to generation, sustain
velopment. Inclusiveness is the foundation
This is what people of all countries long for; it is resource development and non-resource in- for cooperation and this is China’s funda-
also the responsibility that statespersons of our dustries, as well as human and social capital and mental principle when participating in global
generation ought to shoulder. China’s propo- material capital. governance.
Xi has noted that no matter how reform
XINHUA

of the system of global governance unfolds,


China must always take an active and con-
structive part in the process and make the
international order more just and equitable
so as to provide institutional safeguards for
world peace and stability.
Looking to the future, China will take
more solid steps toward further improving
the international order, establishing a mech-
anism for international macroeconomic

kv{"vq"dgpgo"v"vjg"yqtnf0"Cnn"vjgug"ghhqtvu"ctg"
policy coordination and enhancing its capac-

aimed at building the global village into a


community with a shared future as well as a
beautiful home for all mankind. p

A worker examines China-made passenger cars near Buenos Aires, Argentina, on April 11, 2017 before they are put This article was originally published on China Report
into use on a local intercity railway Comments to yushujun@bjreview.com

20 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


WORLD

Still Golden
mote trade and support the Belt and Road
Initiative.
During May’s visit, the two governments
agreed to take the golden era of the Sino-
British partnership to a new level.
China agreed to accelerate the final
preparations for the Shanghai-London Stock
Dtkvkuj,ROÔu,Ejkpc,vqwt,gpjcpegu,Ukpq/Dtkvkuj,vkgu, Connect scheme and to review the timeline
for its launch when conditions permit. China
in the new era By Yu Lintao also announced that it has allowed a British
bank to offer lead underwriting services for

Cnvjqwij"Oc{"fkfp›v"hwno"nn"jgt"rncppgf"

B
certain types of Panda bond issuances as
ritish Prime Minister Theresa May ar- part of its efforts to open up the financial
rived on her maiden trip to China as trip to China in 2017, high-level bilateral market, a major move conducive to bilateral
the head of the British Government interaction between the two was frequent. financial cooperation. A panda bond is a
on January 31. Owing to numerous uncer- In February 2017, the second China-UK yuan-denominated debt sold by a foreign is-
tainties at home including ongoing Brexit High Level Security Dialogue was held in suer in China.
negotiations, terrorist attacks, a general London. Chinese Premier Li Keqiang and
gngevkqp"cpf"c"ecdkpgv"tgujwhŠ"g."vjg"jkijn{"
China and Britain also agreed to jointly
May exchanged congratulatory messages dwknf"c"o"pcpeg"cpf"vgejpqnqi{"rctm"kp"pqtvj"
anticipated visit had been postponed for on the 45th anniversary of bilateral dip- China’s Xiongan New Area, an area near
almost a year. lomatic ties in March of the year. During Beijing slated for major development as an
Nevertheless, the visit has been suc- the G20 Hamburg Summit last July, Xi alternate location for companies and other
cessful, evidenced by plentiful consensus met with May, and the two leaders reaf- qho"egu0
and cooperation deals, and is believed to o"togf"rncpu"vq"ockpvckp"vjg"iqnfgp"gtc"qh" The visit also witnessed the signing of
add impetus to the upward momentum bilateral relations. After the 19th National $12.8 billion worth of business deals between
of China-UK relations, guaranteeing the Congress of the Communist Party of the two countries covering construction,
continuation of the golden era that started China (CPC) last October, May sent a letter o"pcpeg."citkewnvwtg"cpf"vgejpqnqi{0"
during David Cameron’s tenure as prime to Xi congratulating him on his reelection Cui Hongjian, Director of the Department
minister. as general secretary of the CPC Central for European Studies with China Institute
Committee. of International Studies, said the stable mo-
Ockpvckpkpi,oqogpvwo Construction on the Hinkley Point C mentum of relations between China and the
nuclear power project started in March 2017. UK will continue against the backdrop of the
Chinese President Xi Jinping’s state visit to
The landmark project, with one third of the ongoing Brexit process.
the UK in 2015 was believed to have ush-
total investment from a Chinese company, is According to Cui, May and her cabinet
ered in a golden era for bilateral ties, with
expected to power 6 million homes by 2025, ministers hope to minimize the uncertainty
the Cameron administration viewing China
creating 25,000 jobs during construction from Brexit and are trying to boost confi-
as a great opportunity for the UK’s develop-
and 900 permanent positions throughout dence in the UK around the world. They
ment, committing to developing a global
the station’s 60-year lifespan. believe that maintaining a good economic
comprehensive strategic partnership for the
Last year the volume of trade between relationship with China can help to offset the
21st century with the world’s second larg-
the two nations hit $79 billion, up nearly 6.2 negative effect of leaving the EU.
est economy. Cameron was also successful
in attracting Chinese business. Based on percent on the previous year, with Britain’s
the UK’s advantages in financial services, exports to China increasing 19.4 percent. Belt and Road potential
more than two thirds of the Chinese capital Currently Britain is China’s second largest The UK has been at the forefront of support
invested in Europe flowed through London trading partner within the EU and China for the Belt and Road Initiative, which aims
at that time. Cameron also expressed great is Britain’s second largest non-EU trading to connect Asia with Europe, Africa and the
enthusiasm toward cooperation with China partner. British exports to China have in- world at large through infrastructure and
under the framework of the China-proposed creased 60 percent since 2010, and China trade in order to build a shared and prosper-
Belt and Road Initiative, with the UK becom- is expected to be one of the UK’s largest ous future. Last May, British Chancellor of the
ing the first European country to apply for foreign investors by 2020. Exchequer Philip Hammond attended the Belt
membership of the China-initiated Asian In recent years more than 500 Chinese and Road Forum for International Cooperation
Infrastructure Investment Bank launched in enterprises have set up their offices in the in Beijing and announced that Britain was a
January 2016. UK, with a total of $21.8 billion invested in willing partner in this historic project.
Despite Sino-British ties cooling down when projects ranging from traditional sectors
uwej"cu"vtcfg."o"pcpeg"cpf"vgngeqoowpkec/
The May administration has also pledged
May, shortly after becoming prime minister in up to 25 billion British pounds ($33.3 billion)
2016, delayed approving the Hinkley Point C tions to the emerging industries of new yqtvj"qh"o"pcpekcn"uwrrqtv"hqt"Dtkvkuj"eqorc/
nuclear power project on England’s southern energy and high-end manufacturing. In addi- nies participating in Belt and Road projects in
coast citing “security concerns” about China’s tion, at the China-UK Economic and Financial Asia.
investment, bilateral relations soon got back Dialogue held last December, the two sides At a media briefing at her residence
on track once she had stopped obsessing over proposed a bilateral investment fund with an in Beijing ahead of May’s visit, British
domestic problems. initial round of $1 billion to create jobs, pro- Ambassador to China Barbara Woodward
22 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
WORLD

XINHUA
Chinese President Xi Jinping (right) meets with British Prime Minister Theresa May in Beijing on February 1

said, “Britain is eyeing closer cooperation vtcfg"o"pcpeg"vtcpucevkqpu"cnqpi"vjg"Dgnv"cpf" potential for conducting cooperation with
with China on the Belt and Road Initiative.” Road routes. China under the framework of the Belt and
According to Woodward, Britain is espe- When meeting Xi in Beijing, May hailed Road Initiative, particularly in the markets of
cially keen to work on the initiative in three that the Belt and Road Initiative has far- third-party countries.
ways: fostering partnerships with Chinese reaching global influence, and her country According to Wang, many of the legal
companies in third party countries along will enhance cooperation with China in this systems in these countries are modeled on
the Belt and Road, harnessing London’s regard to boost global and regional econom- that of the UK, and British enterprises often
o"pcpekcn"gzrgtvkug"vq"etgcvg"c"uqnkf"o"pcpekcn" ic growth. have a better understanding of the markets
and legal footing for the major projects of May also said as a defender of free trade, in these places. Sino-British cooperation on
the initiative, and sharing its experience of Britain is willing to cooperate with China Belt and Road projects in these countries is
international engagement and multilateral in areas of trade, investment, science and thus conducive to policy coordination and
organizations so as to maintain high opera- technology, environment, culture, and the strengthening intercultural bonds.
tional standards. Internet, as well as intensify coordination on British enterprises have long shown in-
During May’s stay in Beijing, China major global and regional issues and jointly terest in participating in the construction of
Development Bank (CDB) and Standard promote the Britain-China global compre- the China-Pakistan Economic Corridor. If the
Chartered Bank signed a deal worth 10 billion hensive strategic partnership for the 21st involved parties can devise a proper frame-
yuan ($1.6 billion) on Belt and Road coop- century. work for cooperation and reap the rewards,
eration. CDB will make available up to 10 In the view of Wang Yiwei, Vice Dean it will produce a good example for others to
dknnkqp"{wcp"kp"vjg"pgzv"o"xg"{gctu"vq"Uvcpfctf" of the Institute of Xi Jinping Thought on follow, Wang said. p
Chartered to facilitate Belt and Road projects. Socialism with Chinese Characteristics for
Standard Chartered will use this to support a New Era at Renmin University of China, Copyedited by Laurence Coulton
nqcpu"vq"hwpf"eqtrqtcvg"o"pcpeg"rtqlgevu"cpf" Britain has many advantages and great Comments to yulintao@bjreview.com

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 23


WORLD

Putting Down Routes


The Belt and Road Initiative is an opportunity for China and Latin America to
enhance cooperation By Jiang Shixue
of this initiative can reach even more coun- American region as a whole, but mutual
tries and regions of the world. cooperation between China and the indi-
The author is a professor Enhancing cooperation with Latin vidual states is also vital since projects are
at Shanghai University America under the framework of the Belt more often than not undertaken at a na-
and the City University of and Road Initiative is of great importance tional level. The role of think tanks in policy
Macau to China. On January 22, while address- communication will also be of great value
ing the opening ceremony of the Second in both China and Latin America.
Ministerial Meeting of the Forum of China Facilitating connectivity concentrates
and Community of Latin American and on the construction of infrastructure, which

‘T
Caribbean States (CELAC), Foreign Minister considering that China and Latin America are
he Belt and Road Initiative is rooted Wang Yi described how President Xi has of- ugrctcvgf"d{"vjg"Rceko"e"Qegcp."hqewugu"qp"
in the ancient Silk Road. It focuses vgp"ogpvkqpgf"vjg"vtcpurceko"e"octkvkog"Uknm" connections via sea and air.
on the Asian, European and African Road which once connected China and the The appropriate modes of cooperation
continents, but is open to all the other coun- LAC countries, as well as the Spanish ships, must be carefully considered in efforts to fa-
tries of the world. Every nation, from Asia, often referred to as La Nao de China, which cilitate connectivity under the initiative of the
Europe, Africa and the Americas, can be an starting in the mid-16th century set out 21st Century Maritime Silk Road. The building
international partner of the Belt and Road from Fujian before stopping off in Manila and of infrastructure usually requires a lot of time,
Initiative.” These were the words of Chinese ucknkpi"cetquu"vjg"Rceko"e"vq"fgnkxgt"rtkoctkn{" money and technology, and is consequently
President Xi Jinping, speaking at the opening Chinese goods to Acapulco in Mexico. characterized by a relatively slow return on
ceremony of the Belt and Road Forum for There is both a strong cause and a solid investment. Based on past experiences and the
International Cooperation in Beijing last year. traditional foundation for China-LAC coop- regional conditions of Latin America, public-
As an inclusive and open platform for co- eration under the Belt and Road Initiative. To private partnership and build-operate-transfer
operation, the Belt and Road Initiative includes this end, Belt and Road cooperation will be ctg"uwkvcdng"oqfgnu"hqt"o"pcpekpi"rtqlgevu0""
regions and countries in different stages of the golden key that unlocks a brighter future Another critical issue is how to minimize
development and the various, connected birth- for both sides. risk. Infrastructure projects are of vital im-
places of civilizations. Latin America, then, is an portance to a region and nation, and so they
important aspect of this vision.
Last year’s Belt and Road forum had at- Policy and connectivity are easily weaponized by political parties and
interests groups. Guarding against potential
tracted high officials from around 20 Latin Coordination of policy provides an important
interferences of this kind is an important
American and Caribbean (LAC) countries, in- guarantee for China-LAC cooperation under
step in project initiation.
cluding Chilean President Michelle Bachelet the Belt and Road Initiative as it contributes
Feasibility research must also be care-
and Argentine President Mauricio Macri . to political trust while synchronizing devel-
fully undertaken before starting a project.
During the event, LAC representatives opment strategies.
Infrastructure projects are expensive, and
expressed their hopes for greater synergy China had already established various
their commercial value and profitability are
between regional development strategies high-level and wide-ranging policy coordina-
vital issues which should not be overlooked.
and the Belt and Road Initiative, the con- tion mechanisms with Latin America before
Thorough investigation into the practicalities
struction of infrastructure in the Southern the Belt and Road Initiative was put forward
and the proper handling of the relationship
Hemisphere, and an increase in South-South in 2013, such as the high-level coordination
between countries and commercial profits
cooperation. This suggests that the Belt and and cooperation commission, economy and
are necessary to avoid incidents akin to the
Road Initiative corresponds with the develop- trade consultation platform as well as the
shutdown of Venezuela’s high-speed railway
mental needs of LAC countries, and echoes comprehensive strategic dialogue mecha-
project following the country’s economy col-
the voices elsewhere in the international nism at the foreign minister level.
lapse, a project which was undertaken by a
community calling for enhanced connectiv- Policy coordination between the two
kv{"cpf"owvwcnn{"dgpgo"ekcn"eqqrgtcvkqp0"
Chinese company.
sides should focus on enhancing the ef-
China is also looking forward to seeing ficiency of existing mechanisms so as to
the LAC countries play an active role in the align development strategies, plans and Unimpeded trade
Belt and Road Initiative, strengthening the projects. Mutual and multilateral coopera- Ensuring unimpeded trade is also an im-
coordination of their respective economic tion should also be promoted. The China- portant part of the Belt and Road Initiative.
policies and complementing each other’s CELAC forum is conducive to enhancing Trade and investment are the impetus for
development strategies so that the dividends cooperation between China and the Latin China-Latin America relations, with the trade
24 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
WORLD
volume between the two regions reaching In order to promote cooperation in in- Financial integration between China and
$63.2 billion in 2017, 20 times the $12.6 bil- vestment, LAC countries should make efforts Latin America has already borne fruit. The
lion registered in 2000. Chinese investment to improve the unsatisfactory local business Sino-Latin American Production Capacity
in Latin America has also increased, stand- environment according to the findings of Cooperation Investment Fund and the China-
ing at $207.15 billion by the end of 2016, a recent World Bank report. Chinese enter- LAC Cooperation Fund have been playing
15.3 percent of China’s total investment prises should not only remain alert to host an instrumental role in providing the neces-
worldwide. countries’ risks but also better shoulder the sary capital for economic development. The
In order to better enable trade between social responsibilities of investment there. People’s Bank of China has signed currency
China and Latin America, it is necessary to More Latin American investment should also swap agreements with central banks in
understand the bilateral nature of their eco- be welcomed and encouraged in China. Brazil, Argentina, Suriname and Chile. The
nomic and trade relations. China’s comparative Chilean branch of the China Construction
Bank and the Argentine branch of the
advantage is its manufacturing capability, and
Latin America’s strength lies in an abundance
Financial integration Industrial and Commercial Bank of China
of natural resources. The respective advantages Financial integration is another critical aspect have been appointed as renminbi clearing
offered by both parties have laid the foundation of facilitating connectivity and unimpeded banks. In addition, a number of commercial
trade.
Vjg"gpjcpegogpv"qh"o"pcpekcn"kpvgitcvkqp"
for complementarity and provides further impe- Chinese banks have opened branches in
tus for bilateral trade. Latin America.
However, many countries in the region also corresponds with the “1+3+6” frame- Efforts to improve financial integra-
are not satisfied with the current system work for cooperation laid out by President Xi tion should see the security, liquidity and
of trade between China and Latin America. in his keynote speech at the China-LAC sum- profitability of China’s capital ensured, and
They believe that this model cannot help the mit held in Brasilia in 2014. In this concept, inclusive finance should be developed to
LAC countries improve their industrial struc- “1” refers to the establishment of the China- allow more small and medium enterprises
Latin American Countries and Caribbean to enjoy the benefits generated through
o"pcpekcn"eqqrgtcvkqp0"Oqtg"hqewu"owuv"cnuq"
tures, but instead fuels commoditization,
leaving Latin America keen to move into States Cooperation Plan (2015-2019) with
manufacturing themselves. the aim of achieving inclusive growth and be placed on intensifying cooperation with
In reality, however, the economic rela- sustainable development. “3” represents the development banks in Latin America.
tionship between China and the LAC allows three driving forces for cooperation: trade,
vjg"ncvvgt"vq"dgpgo"v"htqo"kvu"kpvtkpuke"eqpfk/ kpxguvogpv"cpf"o"pcpeg0"fi8fl"tghgtu"vq"dqquv/ Rgqrng/vq/rgqrng
tions, to obtain more revenue from exports ing China-Latin America industry connection Bonds between peoples provide the so-
and to diversify its foreign economic rela- with energy and resources, infrastructure cial basis for the Belt and Road Initiative.
tions. Nonetheless, China should make an construction, agriculture, manufacturing,
uekgpvko"e"cpf"vgejpqnqikecn"kppqxcvkqp."cpf"
Although cultural and interpersonal ex-
effort to satisfy these demands by further changes have accelerated over the past two
opening its market to more goods imported information technologies as cooperation decades, mutual understanding is still insuf-
from the region. priorities. ficient and lags behind the comparatively
close bonds in economic cooperation and
XINHUA

trade. Distance, politics, culture, language,


thinking and behavior all have a major part to
play in this regard.
Yet despite their differences, neither side
jcu"c"lwuvko"cdng"tgcuqp"vq"jqnf"dcem0"Kpuvgcf."
the peoples of both regions should make full
use of the historical opportunity presented
by the maritime Silk Road in the 21st cen-
tury, and should adopt measures to improve
intercultural understanding.
Through innovation China and Latin
America can diversify their means of cultural
exchange with publicity campaigns, utilizing
the opportunities brought about by global-
ization and the rapid development of the
Internet. Tourism must also be keenly devel-
oped as a way of sharing experiences of local
life and culture.
In order to enhance a mutual under-
standing between peoples, countries should
seek to popularize the results of academic
research, making it easier for the public in
both places to acquire knowledge related to
China and Latin America. p
Employees work at a factory for environmental sanitation equipment in a China-Latin America industrial park
in Tangshan, north China’s Hebei Province, on August 29, 2017. The industrial park focuses on promoting Copyedited by Laurence Coulton
China-Latin cooperation in production capacity Comments to yulintao@bjreview.com

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 25


NATION

Reporting for Duty


Provincial Two Sessions meet to review 2017 and establish plans for 2018
By Yuan Yuan

28 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


NATION

J
anuary is the month that the prov- deputies to the people’s congresses and tions to develop the city’s rental market.
inces, municipalities and autonomous the members of the CPPCC committees Beijing will develop a rental market focused
regions of China hold annual sessions listened to work reports delivered by lo- on long-term leases and further promote the
of their local people’s congresses, the local cal governments and made plans for the construction of rental housing on collectively
legislative bodies, and local comittees of coming 12 months. Local governors and owned rural land, he said.
the Chinese People’s Political Consultative deputies to the 13th National People’s The city has also introduced a spate
Conference (CPPCC), the political advisory Congress were also elected. of measures to cool the housing market,
bodies, prior to the national equivalent of Northwest China’s Qinghai Province took including higher down payments, higher
these two sessions in March. the lead this year, starting the session of the mortgage rates, tougher purchase restric-
At the provincial Two Sessions, the provincial committee of the CPPCC on January tions and joint property rights.
21 and the session of the people’s congress Beijing also unveiled series of new regu-
on January 22. The other provincial-level re- lations relating to people’s daily lives. Li Wei,
CNSPHOTO

gions across China soon kicked off their own Beijing’s top legislator, said that the new
Two Sessions, and by January 26 all the prov- rules are aimed at tackling Beijing’s “big city
inces, municipalities and autonomous regions fkugcugufl"uwej"cu"jgcx{"vtcho"e."dcf"rqnnwvkqp"
in the country had begun theirs. and high housing prices.
“This year we will review the work reports
Oclqt,vcumu of the governmental departments whose
The work reports delivered by the local gov- work is most closely related to residents’
ernors sum up achievements and challenges everyday lives such as education and health,
faced over the past year while setting goals hoping to provide better services for the
for the next. people by increasing supervision,” Li said.
Improving people’s livelihood was a key Over the past five years, the legislature
feature of work reports nationwide as the of Beijing has brought in 18 new regulations
central focus of regional government efforts and revised eight existing rules, as work
for 2018. focus transfers from the city’s economic de-
Shanghai Mayor Ying Yong revealed in velopment to the quality of people’s lives.
his report that the city plans to enhance ef- In southwest China’s Guizhou Province,
forts to foster the residential leasing market 1.2 million people were lifted out of poverty,
in 2018 by accelerating real estate develop- 763,000 people relocated from uninhabit-
ment and offering support for home leasing able homes, 200,000 dilapidated houses
companies and institutions. renovated, and 830,000 subsidies provided
Ying unveiled plans to build or con- for poor students in 2017, according to the
vert 200,000 housing units into rentals government work report delivered by Acting
in 2018, while adding a further 90,000 Governor Chen Yiqin on January 25.
housing units managed by house rental The proportion of people living below the
agencies. poverty line has dropped sharply from 26.8
The mayor pledged to stick to the cur- percent to less than 8 percent in Guizhou
rent tightening of housing market policies over the past five years, with governments
and vowed to expedite the establishment at various levels striving to help more people
of a housing system that will ensure supply out of poverty in 2018, sparing no efforts to
from multiple sources. achieve China’s national target of completely
Acting Mayor of Beijing Chen Jining eradicating poverty by 2020.
revealed in his government work report Statistics released at the people’s
on January 24 that the city supplied 721 congress of southwest China’s Tibet
hectares of land for the construction of resi- Autonomous Region showed a 23.9-percent
dential housing in 2017, having announced increase in fixed assets investments in the
plans in April last year to supply a total of region, totaling around 205 billion yuan
6,000 hectares by 2021 in a bid to meet the ($32.59 billion). The per-capita disposable
demand for residential housing. income of urban and rural residents in the
According to Chen, Beijing will allocate region also increased by 10.3 percent and
13.6 percent respectively.
Qxgt"vjg"rcuv"o"xg"{gctu."Vkdgv"jcu"dggp"
a further 1,200 hectares of land for the con-
struction of residential housing this year,
with the likelihood of additional contribu- one of the fastest growing provincial regions
in China, with livelihoods, the environment,
infrastructure and competitive industries all
having improved.
To aid the development of Xinjiang
The newly elected chairman, vice chairpersons
and secretary general of the Standing Committee Uygur Autonomous Region in the northwest,
of the 15th Beijing Municipal People’s Congress 19 provinces or municipalities paired with
u
u

pledge allegiance to the Constitution on January 30 the autonomous region committed a total
http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 29
NATION
Members attending the people’s
political consultative conference
of Guizhou vote for a resolution
at the closing ceremony
on January 30

of 15.18 billion yuan ($2.41 billion) toward GDP, a sign echoing the transformation of
poverty alleviation efforts and increasing the China’s economy from high-speed to high-
rate of employment in the region. quality growth. Anhui lowered its target GDP
“Textile, electronic and agricultural pro- growth rate for 2018 from last year’s 8.5 per-
cessing enterprises were introduced to the cent to just over 8 percent; Hubei Province,
region last year, which have helped promote from 8 percent to 7.5 percent and Gansu
employment among local people, maintained Province, from 7.5 percent to 6 percent.
stability in the region and increased commu- Economic performance indicators such
nication between local residents and inland as GDP have been the historical measure of
cities,” said Shohrat Zakir, Chairman of the government performance, but these have
Xinjiang Regional Government, in his report. given way to other criteria such as the green
Since the 18th National Congress of the development index, released by the National
Communist Party of China in 2012, these Bureau of Statistics in 2017 and covering 55
19 partner provinces or municipalities have categories such as energy consumption ef-
invested 72.4 billion yuan ($11.51 billion) in o"ekgpe{."ectdqp"gokuukqpu"cpf"ckt"swcnkv{0
Xinjiang, providing more than 500,000 job In 2017, southeast China’s Fujian
opportunities to local residents, according to Rtqxkpeg."tcpmgf"ugeqpf"qp"Ejkpc›u"o"tuv"gxgt"
qho"ekcn"uvcvkuvkeu0 green development index rankings, main-
Governor of north China’s Hebei Province taining its reputation as one of the country’s
Xu Qin introduced in his work report that the greenest province while remaining on course
three major objectives for Hebei in 2018 are for rapid economic growth.
promoting coordinated development with In 2017, Fujian also embraced the clean
Beijing and Tianjin, constructing the Xiongan river initiative, which sees officials at each
New Area and preparing for the Beijing level of government assume responsibility
Winter Olympic Games in 2022. for the water sources in their area, while the
China unveiled plans for the Xiongan green development index was incorporated
New Area on April 1, 2017, a 2,000-square- into government appraisal systems at every
km economic zone spanning Xiongxian, administrative level of the province.
Rongcheng and Anxin counties in Hebei Tang Dengjie, Acting Governor of the
designed to integrate Beijing with its sur- province, revealed at the opening of the
rounding areas. session of the provincial people’s congress
Xu said that Hebei plans to roll out a that Fujian’s air quality was in line with na-
series of key projects in 2018 including tional standards on 351 days in 2017. In
high-speed railways, expressways, reforesta- the province’s 12 major rivers, 95.8 percent
tion and environmental protection of the of the water reached Grade III or higher,
Baiyangdian Lake. meaning it was potable. The province’s for-
These plans were echoed in the work est coverage rate also increased to 95.95
reports of both Beijing and Tianjin. percent, a national high.
Central China’s Henan Province pro- Traditional manufacturing center
posed increasing pensions for retirees in Chongqing set shifting from fast to qual-
urban areas, while Heilongjiang Province in ity growth as its main goal for the next five
the northeast also pledged to increase the years, according to Tang Liangzhi, the city’s
basic pension for its urban population from acting mayor.
80 yuan ($12.7) to 108 yuan ($17.2). East Tang said that Chongqing will promote
China’s Anhui Province plans to increase the the integration of the real economy with the
minimum standard of the basic pension by Internet, big data and artificial intelligence
50 percent. to develop smart industries. The city will GDP growth of 7.2 percent in 2017. Three
Medical care, general practitioners and also upgrade traditional manufacturing, ex- cities in the province, Suzhou, Nanjing, and
compulsory education all featured elsewhere pand the application of big data and cloud Wuxi, reported GDP above 1 trillion yuan
in the plans for 2018. computing to more areas, and nurture an ($159 billion).
emerging industry cluster consisting of new- After years of industrial upgrading and
Shifting gear energy vehicles, high-end equipment, new structural reform, hi-tech companies like
materials and medicine. Huawei and Alibaba are making considerable
High-quality development was another key
Jiangsu Province, the country’s largest investment in Wuxi, and the city has become
word at the local Two Sessions, with many
manufacturing area and second largest home to projects related to integrated cir-
locales expecting a slowdown in the rise of
contributor to national GDP, reported annual cuits and the Internet of Things.

30 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


NATION

XINHUA
CNSPHOTO

Ujgpujcp"Xknncig"kp"Lkpiicpiujcp."Lkcpizk"Rtqxkpeg."ku"vjg"dgpgo"ekct{"qh"oclqt"rqxgtv{"cnngxkcvkqp"ghhqtvu
XINHUA

XINHUA

An employee of the Jinan branch of the China National The Gonghuwan Wetland Park, a scenic area in Wuxi, Jiangsu Province. Ten years ago, the lake was heavily polluted
Heavy Duty Truck Group Co. Ltd. works on an engine
assembly line on January 25

“From a traditional manufacturing city born in 1992, is a deputy to the Henan fiFkueqxgtkpi"c"itggp."jgcnvj{"cpf"rtqo"v/
that relies on labor and resources to a smart Provincial People’s Congress. Graduating able means of agricultural development is an
city focusing on intelligent manufacturing, from the University of Liverpool in 2014, urgent issue for our country as we have vast
Wuxi’s progress demonstrates the trans- he returned to Dulouma Village in Weishi agricultural lands and a large population,” Shi

vqyctf"pqy"cpf"K"jqrg"vq"o"pf"c"yc{"vjcv"ecp"
formation of the manufacturing sector in County to become a farmer. Two years of told Henan Daily. “This is what I am working

dgpgo"v"oqtg"rgqrng"kp"twtcn"ctgcu0fl""p
Jiangsu, and even in China,” said Huang Qin, hard work without weekends or holidays has
Executive Vice Mayor of Wuxi. transformed him from a bookworm into a ca-
In a freshening up of the provincial Two pable farm hand, and has taught him many
Sessions, more young faces were visible in lessons about developing green agriculture Copyedited by Laurence Coulton
the local two sessions this year. Shi Pengfei, in his hometown. Comments to yuanyuan@bjreview.com

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 31


NATION

Above and Beyond


China’s Taikonaut Corps celebrates 20 years of space exploration By Lu Yan

32 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


NATION

XINHUA

XINHUA
Yang Liwei exits the reentry capsule of China’s Shenzhou 5 spacecraft following its successful return to earth in north
China’s Inner Mongolia Autonomous Region, on October 16, 2003

and the nurse made fun of me for being ‘too Academy of the Ministry of National Defense,
proactive,’” Yang recalled. proposed that China should start its own
It has been 14 years since he made ocppgf"urcegŠ"kijv"kpkvkcvkxg0
history. During that time he has witnessed However, the project was delayed due to a
the growth of China’s manned spacecraft lack of expertise and a weak national economy.
program. He has become one of the national Nevertheless, the trial and error project laid a
heroes known as taikonauts, a compound solid base for future development.
word from taikong, meaning space in
Ocpfctkp."cpf"cuvtqpcwv."cpf"urgeko"ecnn{"tg/
In 1992, the Central Government intro-
duced a manned spaceflight project and a
fers to a person who travels in space for the three-step development strategy, Project 921,
Chinese space program. which included launching a crewed spacecraft,
On January 4, Yang together with 10 other completing a spacewalk mission and building a
taikonauts renewed their oath before a na-
vkqpcn"Š"ci"cv"vjg"Ejkpc"Cuvtqpcwv"Tgugctej"cpf"
larger permanent space station. From then on,
the country’s space program has enjoyed stable
Training Center. advancement.
“I am willing to devote my whole life to In November 1999, the first unmanned
manned spacecraft endeavor with undaunted
eqwtcig"cpf"ugnŠ"guupguu0fl"
launch of the Shenzhou spacecraft, Shenzhou
1, took place. As a prototype, the spacecraft
This year’s January 5 marked the 20th showed the performance and reliability of
anniversary of the establishment of the China’s carrier rocket. And the following launch
Taikonaut Corps of the People’s Liberation of unmanned Shenzhou spacecraft led to the
Taikonauts undergo Army (PLA) of China. successful take-off of Shenzhou 5, China’s very
weightlessness training in “I’ve been to space three times, but I still
Russia on July 26, 1999
first manned spaceflight, with Yang aboard, in
have more goals and dreams. As we said in our 2003.
oath 20 years ago, we will continue to face new “This is a glorious page in the history of our
tasks and challenges,” said Jing Haipeng, who motherland, and also the most important day of
has flown on three missions: Shenzhou 7 in my life,” Yang said to the cheering crowd right

I
2008, Shenzhou 9 in 2012 and Shenzhou 11 after he stepped out of the spacecraft cabin on
n the summer of 1996, 31-year-old Yang
in 2016, during an interview with China Central his return.
Liwei was informed that he could participate
Television (CCTV). After Shenzhou 5, China has success-
hwnn{"eqpfwevgf"o"xg"urceg"okuukqpu0"Dgjkpf"
in the first round of physical examinations
for China’s space program. He had no idea at
the time that he would go on to become the Two decades of effort each of them was a rigorous training pro-
first Chinese person to go beyond the earth’s China’s manned spacecraft program can be gram and numerous tests for taikonauts
atmosphere. and researchers.
Chvgt"rcuukpi"vjg"o"tuv"tqwpf"qh"vguvu."jg"ycu"
traced back to the 1970s. After Dong Fang
Hong I, the country’s first space satellite, was Wang Yaping is the second female
called to Beijing for the second round. “I was so launched in April 1970, Qian Xuesen, renowned taikonaut to be named by the China National
thrilled that I went three days before schedule, Chinese engineer and then Director of the Fifth
u
u

Space Administration, and the second Chinese


http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 33
NATION

EjkpcÔu,Ocppgf,Urceg,Okuukqpu

Shenzhou 5 The mission made China the third country


in the world, after Russia and the United
October 15, 2003 States, to send humans into space.

Yang Liwei

Shenzhou 6 The mission successfully sent

vq"fgoqpuvtcvg"urceg"Š"kijv"
two astronauts into space
October 12, 2005
technology and test the design
of the spacecraft and ground
support systems.
Fei Junlong Nie Haisheng

Shenzhou 7 The main objective of the mission

cnuq"vjg"o"tuv"vkog"vjcv"vjg"Ujgp|jqw"
was to carry out spacewalks. It was
September 27, 2008
spacecraft carried three taikonauts.

Zhai Zhigang Liu Boming Jing Haipeng

Shenzhou 9 The objective of the mission was to perfect the orbital


rendezvous docking technique, using both automated and
June 18, 2012
qh"fiHktuvufl"kp"Ejkpc›u"ocppgf"urcegŠ"kijv"jkuvqt{."kpenwfkpi"vjg"
manual docking methods. The mission achieved a number

nqpiguv"okuukqp"fwtcvkqp."vjg"o"tuv"tgpfg|xqwu"fqemkpi"ykvj"
etgy"qpdqctf"c"Ujgp|jqw"urcegetchv."vjg"o"tuv"ocpwcn"fqemkpi."
cpf"vjg"o"tuv"Ejkpgug"yqocp"kp"urceg0
Jing Haipeng Liu Wang Liu Yang

Shenzhou 10 Kv"fgoqpuvtcvgf"vjg"cfcrvcdknkv{"cpf"gho"ekgpe{"
of the crew in orbit and also broadcasted a
June 26, 2013 classroom lesson to Chinese students.

Nie Haisheng Zhang Xiaoguang Wang Yaping

Shenzhou 11 Kv"ycu"vjg"ukzvj"ocppgf"urcegŠ"kijv"okuukqp"vq"ugpf"
November 18, 2016 a crew of two astronauts to the Tiangong 2 space
laboratory module, where they spent 30 days living
and working in orbit.

Jing Haipeng Chen Dong

(Compiled by Beijing Review; designed by Pamela Tobey)

34 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


NATION

XINHUA
Zhang Xiaoguang, Wang Yaping and Nie Haisheng (left to right) simulate broadcasting a lesson in space on May 22, 2013

woman in space. During her selection test, decades since Liu Boming, one of the three chance to fly but are no less dedicated to
Wang asked Yang what is the most difficult taikonauts who completed the Shenzhou 7 China’s space mission.
thing about being a taikonaut. Yang answered mission in 2008, joined the Taikonaut Corps Among the first batch of 14 taikonauts,
in one word: studying. They need to cram a of the PLA. He has kept his weight change to eight people have been to space, five retired,
yearlong advanced mathematics course into within 1 kg over the years. Liu, now 52, said while Deng Qingming is the only one among
three months. a recent physical examination result showed them who is still in active service but has not
During the day, the taikonauts take courses that his body index now was superior to that been on a mission.

vjtgg"okuukqpu0"Vjg"enquguv"jg"iqv"vq"Š"{kpi"
and train, while at night they review what in his 30s. Deng has been the backup astronaut for
they’ve learned and prepare for the next day’s However, risks still exist despite exacting
courses. Sleeping is a luxury they just cannot preparation and countless training sessions, was the Shenzhou 11 mission in 2016, how-
afford. which may put taikonauts in severe danger. ever the day before the launch he was told
Besides basic knowledge, the taikonauts When Zhai Zhigang was on his spacewalk to stand down.
also have to memorize the flight manual, during the Shenzhou 7 mission in 2008, a But he didn’t complain. Right after
which includes millions of words in nine o"tg"cncto"kp"vjg"qtdkvcn"oqfwng"uqwpfgf"tg/ Shenzhou 11 was launched, Deng devoted
hefty books. They must each complete any himself to ground support work. “My colleagues
peatedly.
of the operations from tens of thousands of are in space, but my job is not over until they
“I felt my blood freeze when I heard the
instructions smoothly even with their eyes are back safe and sound,” he said.
alarm,” Zhai remembered. Within four minutes,
closed. Deng didn’t see being a backup as a failure,
Zhai, together with his fellow taikonauts Liu and but an episode of life. “I will stay the course,
Acclimatization training is also essential. Jing, reported that it was a false alarm, but de-
The weightlessness training requires the because only when you work as hard as you
spite that the fear and urgency felt was real. can do others do the same, and the entire team
taikonauts to stay in a high-speed centrifuge
for 40 seconds. The grueling fast gravitation- unites as one,” he said in an interview with news
al acceleration distorts their face, puts their Backroom heroes portal People.com.cn. p
The names of taikonauts who have com-
rngvgf"vjg"ukz"ocppgf"urcegŠ"kijv"okuukqpu"
chest under pressure, and prevents lifting
their arms freely.
Keeping in peak physical condition is are household names. But behind them are Copyedited by Francisco Little
Comments to luyan@bjreview.com
of course a priority. It has been over two several unsung pilots who haven’t had the
http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 35
BUSINESS

XINHUA
Robotic arms assemble cars at a new-energy vehicle plant in Tianjin on December 4, 2017

Cut and Thrust


Tgfwekpi,uwdukfkgu,vq,pgy/gpgti{,xgjkengu,uggmu,vq,urwt,vjg,fgxgnqrogpv,qh,
the industry By Wang Jun

A
reduction in subsidies for new-energy mediate impact on companies.” the country’s total automobile output, the
vehicles (NEVs) has been officially Wu Zhixin, Vice President of the China highest in the world for a third successive
confirmed, with some observers Automotive Technology and Research Center, year. Of the total NEVs produced, 777,000
predicting that the industry could face chal- had previously predicted that NEV subsidies were sold.
lenges following the reduction and ultimate would be further reduced this year, and that In its current state, government support
cancellation of favorable policies. vjg"oqfgnu"vjcv"swcnko"gf"hqt"uwdukfkgu"kp"4239" for NEVs comes in the form of cash subsi-
“The reduction of NEV subsidies is im- would have just four months left to enjoy the dies, a preferential license plate policy and
perative,” said Miao Wei, Minister of Industry dgpgo"vu"qh"vjg"rtghgtgpvkcn"rqnke{0 exemption from auto purchase tax. Under
and Information Technology, at the China the subsidy policy, NEV producers sell their
EV100 Forum in Beijing on January 20. vehicles to consumers at the price after the
“Compared with postponing the cancellation Necessary action deduction of government subsidies, and the
of subsidies until the end of 2020, it is better In 2017, 794,000 NEVs were manufactured Central Government then reimburses the
to gradually reduce them to lessen the im- in China, accounting for 2.7 percent of manufacturers for these deductions.
38 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
BUSINESS
According to Cui Dongshu, Secretary that the development of electric vehicles must policies are to be put in place.
General of the China Passenger Car focus on improving quality, reducing costs and Miao said to replace cash subsidies,
Association, at the initial stage of develop- increasing the capacity of batteries. In order to the Ministry of Industry and Information
ment, the cost-performance ratio of NEVs find solutions to these issues, it is important Technology (MIIT) has introduced a grading
is far from able to meet consumer demand, for the government to be discerning over the system for producers according to power
and so the market itself is unable to develop, type of subsidies it provides. “For example, the consumption and the number of vehicles pro-
making it necessary for governments at the government can use subsidies to encourage duced, which aims to establish a new market-
central and local levels to offer subsidies. the development of batteries and innovation,” oriented subsidy system after the current
However, in certain aspects continuous he said. arrangement is phased out by 2020. The new
cash subsidies have backfired. Subsidies to system is to be implemented as of April 1.
consumers could only ever be temporary
and are not sustainable, said Lin Boqiang,
Industry shift “Under the new system the government
sets a maximum limit for power consumption,
head of the China Institute for Energy Policy Ultimately the reduction of cash subsidies is and if a car producer surpasses this amount it
Studies at Xiamen University. “Subsidies will inevitable, and so NEV producers will invariably will be punished. Large automakers must also
increase the volume of sales, but will not nec- have to suffer for a certain period of time. assume a certain proportion of NEV produc-
essarily improve the quality of the product. The Yin Chengliang, a professor at the tion,” Lin explained.
subsidies are also very likely to be exploited in Institute of Automotive Engineering at According to the MIIT system, the grades
some way,” said Lin. Shanghai Jiao Tong University, said the re- are tradable among different car producers so
According to a report by the China News duction of cash subsidies will directly affect companies that fail to meet the government
Service, in 2015 the central budget allocated car models whose sales volume accounts for targets must purchase scores from those that
17.5 billion yuan ($2.76 billion) in advance for 70 percent of the market total, which may have met the targets.
NEV subsidies, and in 2013-15 local govern- in turn disrupt the production plans of NEV Miao said the grading system is designed
ments at various levels paid a total of 20 billion producers. to encourage car producers to reorient their
yuan ($3.16 billion) to this end. Cui estimates Wu believes that the rapid reduction of research and development and product strat-
that considering the current speed at which subsidies will put a lot of pressure on NEV egies as early as possible, otherwise losses
NEVs are growing, the actual cash subsidies to producers, and the industry will consequent- may be suffered and future development
the industry over the past two years may be ly have to adapt. In the “post-subsidy era” restricted.
83 billion yuan ($13.11 billion) higher than the following the deadline in 2020, the driving China’s policy of supporting NEVs has
quantity originally assigned. force behind the NEV industry will shift from transitioned from one that is inclusively pref-
“High subsidy standards have encour- government policy to consumer demand. erential to one that is based on competitive
aged NEV producers to blindly expand their “This phase will be very short, and in the selection, said Liu Bin, chief expert of the
production,” said Cui, who suggested that the coming three years NEV producers must re- China Automotive Technology and Research
government raise the technical standards for vise the structure of their businesses. Market Center. p
subsidies in order to encourage NEV producers competition will mainly focus on innovation,
to improve their technology. product quality, value-added services and
Lin believes that reducing cash subsidies business models,” said Wu. Copyedited by Laurence Coulton
will encourage producers to reduce costs and However, as cash subsidies fade out, new Comments to wangjun@bjreview.com

XINHUA

New-energy vehicles come off the production line at a factory in Fujian Province on December 20, 2017

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 39


BUSINESS MARKET WATCH

OPINION
Tougher Regulation on the Way

VCG
hose involved in illegal capital market
activities have reasons to be fearful in
2018 as China’s top securities watch-
dog takes a tougher stance on market
irregularities.
The China Securities Regulatory
Commission (CSRC) rejected six of seven
initial public offering (IPO) applications on
January 23, making it the biggest single day
of rejections this year.
“The IPO review will become stricter
in 2018, and the requirement for the
authenticity of corporate finance and
business compliance has been raised to
unprecedented levels,” the CSRC said in a
statement.
Tighter control over public listings was
the latest move following toughened mar-
ket oversight and severe punishment for
illegal trading over the past year to prevent
risks and protect investor interests.
Last October, the CSRC set up a new
committee in charge of reviewing IPO
applications in an effort to curb market Representatives celebrate the initial public offering of the Monalisa Group, a ceramics company based in
irregularities. The committee has the ulti- Guangdong Province, on the Shenzhen Stock Exchange on December 19, 2017
mate say in deciding whether a company
ku"swcnko"gf"vq"iq"rwdnke"kp"Ejkpc"yjkng"cnuq"
regulating fraud. thenticity were among the reasons for the of the CSRC, said China would continue
China’s review-based IPO approval sys- rejections. to strengthen oversight in the securities
tem has long been criticized by investors Aside from tightening control over market in 2018 to keep it fair, open and
for granting too much power to reviewers public listings, the CSRC has also created impartial.
while suppressing the function of the mar- severe punishments to deter market viola- “The regulator will continue to crack
ket. In order to put checks on the powers tions and ensure that the capital market down on violations of securities laws and
of reviewers, the CSRC has also set up a functions properly. regulations, including insider trading and
committee overseeing IPO applications, The CSRC imposed a record 224 ad- market manipulation,” Zhang said.
refinancing and mergers and acquisitions. ministrative penalties in 2017, with the The CSRC will carry out research and
The supervision committee will uphold combined total of the fines rising 74.74 set up an investor compensation fund to
percent to a historical high of 7.48 billion better protect investor interests, and will
{wcp"*&3036"dknnkqp+0"Vjg"o"pgu"ygtg"jcpfgf"
the principle of “no forbidden zones, full
coverage, zero tolerance [on irregularities] give priority to innovation such as better
on-site surveillance and the use of big data
vq"kortqxg"gho"ekgpe{0
and life-long accountability,” said CSRC out for various infractions, including in-
Chairman Liu Shiyu. formation disclosure breaches, market
Since the beginning of the year, the manipulation and insider trading, the state- “China will work to ensure that the cap-
approval rate of the IPO review committee ment said. ital market better serves the real economy,
has been only 44.44 percent, significantly These efforts have already paid off. The and the capital market will not alter its
lower than the 81 percent recorded in stock market in 2017 was much steadier direction of reform toward market-oriented
the first three quarters of 2017. Over the compared with the year before. Only three and law-governed development,” Zhang
trading days registered changes beyond 2 said. p
rgtegpv"ncuv"{gct."cpf"vjg"Š"wevwcvkqp"tcvkq"
past three years, the rate stood above 90
rgtegpv."ceeqtfkpi"vq"Ykpf"Kphq."c"o"pcpekcn"
information service provider. of the benchmark Shanghai Composite This is an edited excerpt of an article originally published
Abnormal financial conditions, an in- Index recorded a historical low of 13.98 by Xinhua News Agency
ability to generate sustainable profits and percent, according to the CSRC. Copyedited by Laurence Coulton
Comments to yushujun@bjreview.com
application documents of questionable au- Zhang Shenfeng, Assistant Chairman
40 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
MARKET WATCH BUSINESS
PWODGTU,
($1=6.50 yuan)

Industrial Enterprises’ Profit and Growth


54.6 By Business Type $8.8 bln
2017
General purchasing RtqŠ"v (bln yuan) Growth (y.o.y.%)
Value of exports to
managers’ index for 60
China from New Zealand
January. A reading above 6,000 A State-owned and state holding in 2017, representing
5,240.44 B Collectively owned
50 indicates expansion, 22 percent of its total
yjkng"c"nqygt"o"iwtg"ujqyu"
50 C Joint stock
45.1
5,000 exports, according to
vjg"eqwpvt{›u"qho"ekcn"
Foreign-, Hong Kong-,
D Macao- and Taiwan-funded
contraction 40
E Privately owned
4,000 statistics
30
23.5
3,000
2,375.31 20 15.8
1,875.29 11.7
2,000 1,665.12
3.24% 10
500
B
1,000 0
Increase in China’s crude A C D E
oil stocks for December 39.99 Number of freight trains
0 -10 -8.5 scheduled to Europe
2017 from a month
dghqtg0"Uvqemu"qh"tgo"pgf"
A B C D E
from Wuhan, central
Industrial Enterprises’ Profit by Sector China’s Hubei Province,
oil products surged 9.1
2017 (bln yuan) in 2018, compared with
percent
377 in 2017

77 458.68
Mining
6,651.11
Manufacturing
408.92
Electricity, thermal, fuel gas and
Number of “unicorn com- water production and supply
12
Pwodgt"qh"dcpmu"o"pgf"
panies”—private startups Profit Changes for Major Industrial Sectors
valued at more than $1 2017 (y.o.y. %)
billion—in Internet and by China’s banking
information industries in Coal mining and washing 290.0 regulator over a fraud
China as of December case in Gansu Province
Ferrous metal smelting
and processing 180.0
2017
Chemical raw material and
product manufacturing 40.9
Nonferrous metal
smelting and processing 28.6
Rgvtqngwo"tgo"pkpi."eqmkpi"
27.0
11.6 bln yuan
43 and nuclear fuel processing
Manufacture of nonmetal
20.5
Predicted net
mineral products losses of Leshi Internet
Number of new small Agricultural products and Information and
and medium-sized byproducts processing 4.5
Technology in 2017.
enterprises that debuted Textile 3.6 Vjg"o"to"ycu"c"uvct"kp"
on China’s new third China’s growth
board, the National -15.4 Electricity, heat production and supply
enterprise market before
Equities Exchange and -150 -100 -50 0 50 100 150 200 250 300 it was struck by a debt
Quotation, from January crisis last year
(Source: National Bureau of Statistics)
22-26

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 41


CULTURE
Prehistoric migration
In a cave at the crossroads of China
and Europe, archaeologists have
unearthed stone artifacts dating back 3,500
to 45,000 years. It is the first Paleolithic cave
site found in the southern foothills of the Altay
Mountains, northwest China’s Xinjiang Uygur
Autonomous Region.
The methods apparent in the creation of
an oval shaped stone scraper found in the cave
match those of similar artifacts from cultures in
the western regions of the Eurasian landmass.
According to experts, this discovery could shed
light on cultural exchange throughout Eurasia
and help us to better understand the early
migration of our human ancestors.

The Paleolithic cave in northwest China’s Xinjiang Uygur Autonomous Region


where archaeologists discovered artifacts dating back 3,500 to 45,000 years

42 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com


CULTURE

China’s Six
XINHUA
Archaeological
Discoveries
Of the Year
On January 16 in Beijing, the Chinese Academy of Social
Uekgpegu"cppqwpegf"vjg"ukz"itgcvguv"ctejcgqnqikecn"o"pfu"kp"
China for 2017. These discoveries have provided people with
information on human activity spanning a period of more than
62.222"{gctu0"C"dtkgh"kpvtqfwevkqp"vq"vjg"ukz"o"pfkpiu"cpf"yjcv"
they reveal follows:

XINHUA
Pottery vessels unearthed from a Neolithic
site in Jinan City, capital of east China’s
Shandong Province

Stratified society and jade vessels found in ancient tombs were


wugf"kp"ucetko"ekcn"egtgoqpkgu"cpf"dcpswgvu"d{"
Buildings, crypts, walls, trenches and jade arti-
facts have all been found in what appears to a ruling class who sought to distinguish them-
be a prehistoric settlement from around 5,000 selves from the common people.
to 4,600 years ago near Jinan City, east China’s The Neolithic relics indicate a polarization
Shandong Province. of the rich and poor, and a society with a strict
u
u

According to archaeologists, the pottery hierarchy of social status.


http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 43
CULTURE
Ancient grains

XINHUA
In Mingxi County, southeast China’s
Fujian Province, carbonized rice and
millet dating back 5,800 to 4,300
years have been found in middle and
late Neolithic vessels.
The discovery of the grains over-
turned previous theories that hunting
rather than farming formed the prima-
ry means of subsistence in the region,
and a further five graves found at
the site could also help to determine
more details about the lives of these
people.
The vessels themselves helped to
fill gaps in the archaeological record
for the northwestern part of Fujian be-
tween the Neolithic Era and the early
dynastic period including the Shang
(1600-1046 B.C.) and Western Zhou
(1046-771 B.C.).

Archaeologists inspect an excavation


site in Mingxi County, southeast China’s
Fujian Province, on November 5, 2017

XINHUA

Bronze vessels unearthed at an archaeological site in Jingshan County, central China’s Hubei Province

O{uvgt{,uvcvg Zeng some 2,700 years ago.


As more relics have been unearthed, the
(1046-256 B.C) in the north.
Archaeologists believe that the number
Over half a century ago, nearly 100 bronze ves- mystery surrounding the state has gradually re- of bronze articles found at the site indicates
sels were unearthed in Jingshan County, central ceded. Last year, a bronze pot was discovered, that the Zeng State was probably a center for
China’s Hubei Province, leading to the discovery proving that metal was once transported from the smelting, production and transportation of
of the previously unrecorded ancient state of south China to the capital of the Zhou Dynasty bronze utensils during the Zhou Dynasty.
44 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
CULTURE

XINHUA
A pit containing the remains of horses and a chariot in
Xingtang County, north China’s Hebei Province

Cultural integration
XINHUA

Remains of five chariots and 16 horses were excavated last


year from a pit in Xingtang County, Hebei Province, revealing
the story of the Rong and Di, two ancient ethnic groups.
In addition to the chariot pit, discoveries dating from the
late Spring and Autumn period (770-476 B.C.) to the early
Warring States period (475-221 B.C.) included caves where
the heads and hooves of a large number of cattle, sheep and
horses were buried in different layers.
Bronze utensils and pottery from the central plains of the
Han ethnic group were also found, indicating the integration of
the Han culture with those of the Rong and Di, nomadic tribes
in north China.

Royal temple ruins


The ruins of the town of Baoma, situated on a hill in Antu
County, northeast China’s Jilin Province, have been shown by a
jade book discovered there to be the site of a temple used by
the royal family of the Jin Dynasty (1115-1234) for worship at
Mount Changbai, according to archaeologists.
The ruins of Baoma Town are among the best preserved
and most important architectural remains of the Jin Dynasty.
The discovery will help historians to understand the lifestyle
and religious beliefs of the Jin Dynasty, which were established
The remains of a jade book discovered in the town of Baoma in Antu County, by nomadic tribes from northeast China. p
northeast China’s Jilin Province

http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 45


FORUM

Belt and Road Boosts


RMB Internationalization
Since it was put forward, the Belt and Road Initiative has attracted The third issue is overseas asset guarantee.
growing attention around the world. Xu Yanzhuo, an associate As their business expands, Chinese companies
have an accumulated amount of assets over-
researcher at the Institute of World Economics and Politics seas. Currently, their international financing
under the Chinese Academy of Social Sciences, shared her views relies on seller’s credit, buyer’s credit, conces-
on the growing role of China’s currency in promoting cooperation sional loans, syndicated loans and offshore loans
under this initiative. against onshore guarantees, but their overseas
assets are unable to serve as a guarantee. To
some extent Chinese companies’ capacity for
From a long term, global perspective, China and alization. In their operations overseas, Chinese qxgtugcu"o"pcpekpi"jcu"dggp"jkpfgtgf0
the countries along the land and maritime Silk companies need to handle a large amount of
o"pcpekcn"dwukpguu"uwej"cu"gzejcpig."iwctcpvgg."
Road routes have obtained a slew of benefits
in infrastructure construction and production debit and credit, and insurance. In less devel-
Road ahead
capacity cooperation, laying a concrete founda- RMB internationalization in countries in-
vkqp"hqt"hwtvjgt"eqqrgtcvkqp0"Jqygxgt."o"pcpekcn"
oped countries along the routes, however, one
of the perplexing issues for these companies is volved in the Belt and Road Initiative will
o"pcpekcn"tkumu"dtqwijv"cdqwv"d{"Š"wevwcvkqpu"kp" eliminate the bottlenecks affecting Chinese
eqorcpkgu"kp"gzejcpig"tcvgu."o"pcpekpi"cpf"
risks remain a hindrance to transnational
synergy. Facilitating the use of China’s RMB in policies.
countries involved in the Belt and Road Initiative The first and foremost risk comes from debts, and mark up the RMB’s status in the
can help Chinese investors get around bottle- inconvertibility. A few countries along the international monetary system. If settled in
necks in exchange rates, financing and debts, Belt and Road regulate foreign exchange dif- RMB, Chinese companies operating abroad
and further promote the currency’s status in ferently in light of the international balance will be able to avoid exchange risks in trade,
the international monetary system. of payments. Foreign businesses and inves- contracting and services, and Chinese ex-
The Belt and Road Initiative, a key measure vqtu"ctg"rtqjkdkvgf"qt"eqpo"pgf"kp"vjg"vtcpuhgt" porters will not need hedging receivables,
for Chinese companies going global, serves as of their legitimate incomes, including capital thus slashing costs. On the other hand,
an important platform for the RMB’s internation- cpf"rtqo"vu."vq"hqtgkip"eqwpvtkgu0"Uq"eqorc/ banks providing loans in RMB will increase
pkgu"vjcv"ocmg"nctig"rtqo"vu"htqo"eqpvtcevkpi" Chinese companies’ financing capacity and
projects, sales and services have no way to extend Chinese financial institutions’ pres-
exchange them to foreign currencies and ence overseas.
Dear Readers, transfer them. At present, there is a long way to go for
the RMB’s internationalization. In particular, the
In countries exercising tighter control on
Forum is a exchange, the U.S. dollar’s price keeps buoyant RMB’s recent depreciation lowered expectations
column that in the black market. Some countries have ad- in the market. The latest statistics by Swift show
provides a space qrvgf"c"Š"qcvkpi"gzejcpig"tcvg."dwv"vjg"dct."vq" that in June 2017, the RMB was the sixth most
a certain degree, is still there, especially for the used currency, and 1.98 percent of interna-
for varying import of non-strategic goods. tional payments were settled in it, while a year
earlier the RMB ranked as the fifth most used
perspectives on The second risk is rate fluctuation.
and accounted for 2.09 percent of settlements.
Chinese companies’ overseas projects are
contemporary However, the major reason for the dip is exter-
pcn"rqnkekgu"qp"tguvtkevkpi"ecrkvcn"qwvŠ"qy."tcvjgt"
generally settled in local currencies, and the
Chinese society. construction takes a long period of time,
than shrinking international trade. Therefore,
We invite you to they are therefore exposed to a higher risk
it is anticipated that the RMB can reach even
of rate fluctuations. For less developed
submit personal countries with a simple economic structure,
greater heights.
viewpoints on past exports are particularly vulnerable against
and current topics vjg"kpvgtpcvkqpcn"octmgv."tguwnvkpi"kp"c"fgo"ekv" Efforts needed
in international balance of payments and
cdtwrv"Š"wevwcvkqpu"kp"gzejcpig"tcvgu0
International cooperation under the framework
(in either English of the Belt and Road Initiative has created a be-
or Chinese). The adjustment to a nation’s exchange rate nign environment for RMB internationalization.
mechanism or policies further increases risks in On the one hand, the cooperation has yielded
baishi@bjreview.com
this regard. For example, on November 3, 2016, plentiful results. During the Belt and Road
the Egyptian Government announced its inten- Forum for International Cooperation last May,
vkqp"vq"htgg"Š"qcv"kvu"ewttgpe{."cpf"vjg"Gi{rvkcp"
Please provide your name
and address along with a list of deliverables was produced, including
pound against the U.S. dollar was revised down- 76 items comprising more than 270 concrete
your comments
ward from 8.8 to 13 overnight. results in five key areas, namely, policy, infra-
46 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com
FORUM

XINHUA
Gzrgtvu"fkuewuu"o"pcpekcn"eqqrgtcvkqp"cpf"TOD"kpvgtpcvkqpcnk|cvkqp"cv"c"hqtwo"fwtkpi"vjg"Gwtq"Hkpcpeg"Yggm"kp"Htcpmhwtv"qp"Pqxgodgt"37."4239

uvtwevwtg."vtcfg."o"pcpeg."cpf"rgqrng/vq/rgqrng" cooperation and bulk commodity trade of en- industrial parks, Chinese financial institutions
connectivity. Cooperation has expanded to min- ergy, minerals and agricultural raw materials. yknn"dg"cdng"vq"rtqxkfg"TOD/fqokpcpv"o"pcpekcn"
kpi."eqpuvtwevkqp."ocpwhcevwtkpi."o"pcpeg."cpf" Ejkpgug"o"pcpekcn"kpuvkvwvkqpu"ujqwnf"vcmg"cf/ support systems and form an RMB transaction
science and technology. vantage of their funds to iron out kinks in the network in these areas. Chinese companies
On the other hand, there is no dominant TOD"o"pcpekpi"cpf"ugvvngogpv0"Hwtvjgtoqtg." can then build platforms for international capi-
local currency in less developed countries the usage of RMB will be tied up with project tal management within the industrial parks, so
along the Belt and Road routes, which means operations. Chinese financial institutions as to prevent and control financial risks and
it is easier for them to accept and adapt to should tilt toward RMB financial products in reduce costs.
a new currency. With regards to the RMB, international aid, investment and loans, and Chinese financial institutions must be
the currency has been included in the IMF’s explore methods of RMB settlement in seller’s encouraged to provide supporting financial
Special Drawing Rights (SDR) basket, playing credit, buyer’s credit, concessional loans, syn- services to industrial capacity cooperation
a rising role in international payments, invest- dicated loans, industrial investment funds and and increase RMB-dominant financial prod-
ment and financing, and foreign exchange public-private partnerships. ucts such as RMB loans. Large-scale Chinese
transactions and reserves. At present, more Strengthening currency exchange be- financial institutions have a leading role to
than a few developing countries are begin- tween China and other countries along the Belt play in RMB internationalization. Only when
ning to consider subscribing to RMB bonds and Road, and extending the RMB swap from their RMB services are expanded to include
cross-border liquidation, settlement and
eqtrqtcvg"kpxguvogpv"cpf"o"pcpekpi."yknn"vjg"
to diversify their reserves in response to the the forex reserve to a local credit system, are
spillovers of the U.S. monetary policy and the important to increase capital resources for de-
related risks in foreign exchange. veloping the real economy. Since 2009, China RMB overseas market begin to take shape.
Meanwhile, China is becoming a major has signed agreements on currency swaps with To this end, China’s policy banks and large
creditor on the platform of the Belt and 31 countries and regions. In December 2016, commercial banks should further improve their
Road. Many projects undertaken by Chinese the Egyptian central bank and the People’s global networks, and provide their overseas of-
eqorcpkgu"ctg"uwrrqtvgf"d{"Ejkpgug"o"pcp/ fices with sufficient authorization. Due to the
nkokvgf"pwodgt"qh"vjgug"dcpmu›"dtcpej"qho"egu"
Bank of China signed a currency swap agree-
cial institutions. In other words, China is the ment involving 18 billion yuan ($2.84 billion),
in countries along the Belt and Road routes,
vjg"wucig"qh"vjg"TOD"ku"uvknn"eqpo"pgf"kp"vjgug"
largest lender in countries along the Belt and which provided Egypt with the same amount
Road routes. Therefore, though RMB inter- of liquidity to help ease the pressure from forex
nationalization is still limited in scope and reserves. The currency swap will definitely tap regions. With regards to project financing,
depth on a global scale, it is a historic op- capital resources for infrastructure and the real the government should encourage Chinese
portunity for China to promote its currency’s economy, and should be implemented at the financial institutions to issue RMB loans with
global status and knock down obstacles in market level. preferential interest rates. p
o"pcpekpi"hqt"kvu"dwukpguugu0"Ogcuwtgu"ujqwnf" Trials of RMB business should be expedited
be carried out in the following aspects. in key industrial parks overseas where Chinese
Accelerating the building of the RMB’s companies have congregated and have a This article was originally published in China Today’s
cross-border payment system can facilitate strong demand for financing, investment January issue
and payment. By setting up offices in these Copyedited by Laurence Coulton
RMB settlement in fields such as capacity
http://www.bjreview.com FEBRUARY 8, 2018 BEIJING REVIEW 47
ESSAY

Reforming the
International Order
D{,Ncp,Zkp|jgp

T
he accusation that China is seeking to overhaul systematic risks. For most countries, this kind of interna-

Ukpeg"vjg"422:"inqdcn"o"pcpekcn"etkuku."vjg"ogcuwtgu"
the current international order is often lobbied by tional economic order appears unreliable.
Western nations in their attempts at provocation
and containment. But is China really fomenting such a taken by Western countries against economic globaliza-
change? The remarks of Chinese President Xi Jinping on tion have placed the current international economic
order in conflict with changing global patterns. Issues
kp"hcev"c"dgpgo"ekct{"qh"vjg"ewttgpv"kpvgtpcvkqpcn"u{uvgo."
numerous international occasions suggest not. China is
such as the instability of the international currency
system and trade protectionism require immediate reso-
cfcrv"Ejkpc›u"fqoguvke"eqpfkvkqpu"vq"dgvvgt"o"v"vjku"inqdcn"
and the process of reform and opening up continues to
lutions. The rise of emerging economies necessitates an
order. adjustment of the current international economic order
Emerging economies like China are playing an to synchronize these nations’ growing economic clout
increasingly active role on the international stage and with a corresponding degree of authority in global dis-
are exerting more influence on global governance. As course.
globalization reaches new heights, Western countries China’s ideas, With expanding economic and political influence,

proposals,
are lurching toward conservatism. Calls for improving the China is naturally becoming the focus of greater atten-
system are thus on the rise. tion in the world amid calls for the reform of the current
Emerging economies do not intend to overthrow
the current system of international governance, but
mechanisms international order. In recent years, China has acted as
the driving force behind this change, establishing the
and measures Asian Infrastructure Investment Bank, proposing the
tghqto."uq"vjcv"vjg"qtfgt"eqphqtou"cpf"tgŠ"gevu"vjg"pgy"
do hope to see a more updated one emerge through
Belt and Road Initiative, and spreading the vision for a
circumstances of the international situation. Untenable are increasingly community with a shared future for mankind. These
systemic problems abound in the current state of both
the international political and economic structures.
attractive to a proposals demonstrate China’s intention to optimize the
current international order from within, insisting on the
The current framework of international politics took family of nations pguu."gho"ekgpe{"cpf"tgrtgugpvcvkqp"kp"inqdcn"iqxgtpcpeg0
openness of the global economy and advocating fair-
shape after World War II, and is dominated by Western
nations, designed to represent their interests. However, emerging from Hither theories on international governance are
70 years after the war, monumental changes have taken
place in the world. Despite their rise in terms of power
the shadow almost without exception derived from the political expe-
rience of Western countries. But China’s ideas, proposals,
and status, developing nations have long found their of Western mechanisms and measures are increasingly attractive to
a family of nations emerging from the shadow of Western
concerns disregarded while their rights and interests are
supremacy supremacy. Many in the international community are
vkqpcn"qtfgt"wpfgtiqgu"ejcpigu"vq"tgŠ"gev"vjg"uvcpfkpi"qh"
frequently overlooked. It is paramount that the interna-
realizing that in terms of international economics, politics
and security, China is offering a number of models which
the countries from which it is constituted.
owvwcnn{"dgpgo"ekcn"ugewtkv{"cpf"eqorngogpvct{"ewnvwtcn"
mean to promote economic prosperity, political trust,
Financial crises, climate change, epidemics, terrorism
and cyber security are modern challenges which demand
development.
effective and responsible transnational cooperation. However, the West is naturally cautious about any
The old system of governance proves itself increasingly reform of the current international order which seeks to
unable to deal with these challenges, which makes the redistribute the rights and interests which are currently
reform of the order even more imperative if it is to survive predisposed in its favor, and it is from this sense of inse-
in the modern world. curity that emerge the accusations of a so called threat
The current economic order is based on the monop- from China.
oly and hegemony of the U.S. dollar. Although the real As the world’s largest developing nation, China is
economy of the United States has seen a sharp decline both obligated and capable to assume responsibility for
in its value relative to the world, the U.S. dollar nonethe- the good of the mankind. Not only is China committed
less maintains its dominant position in the international to safeguarding world peace and stability, but it is also
currency system. The central role of its currency helps the engine of the world economy, and alongside those
to sustain the U.S. Federal Reserve’s monopoly on global who share in this vision, it is ready to lead the reform of
liquidity. the international system of governance. p
The current economic rules focus too intently on
the supervision of developing and emerging economies,
while failing to impose effective supervision on developed Copyedited by Laurence Coulton
Comments to lanxinzhen@bjreview.com
nations, unable to warn against or respond effectively to
48 BEIJING REVIEW FEBRUARY 8, 2018 http://www.bjreview.com