Gao Peiyong: The Development of the “Belt and Road” Initiative Should Be Based on and Focused on High-quality Development.

Source:World Finance Forum 

Published: 2019-04-23

      On April 22, 2019, the Second World Finance Forum and the “Belt and Road” Cooperation Beijing Forum co-hosted by the Center for BRICS and Global Governance (CBGG) , the World Finance Forum (WFF) and the Reinventing Bretton Woods Committee (RBWC) was successfully held in Beijing. Gao Peiyong, vice president of the Chinese Academy of Social Sciences and academic member of CBGG, participated in the forum and made a keynote speech. 

      Gao Peiyong said that the current international economic development cannot copy or follow the previous economic development model.When economic globalization comes, we need a new norm of international economic cooperation, a new order of international economic cooperation, or a new pattern of international economic development. This new pattern, according to President Xi Jinping, is based on the principles of extensive consultation, joint contribution and shared benefits. Countries around the world must jointly seek development opportunities and enjoy the fruits of development on such a large platform.  

      Gao Peiyong said that since the turning point of China’s economy in 2012, we have highly summarized that the main contradictions are structural issues, and the main aspect of contradictions is on the supply side. When we said that the main contradiction is a structural problem, it means that the main contradiction is not a matter of totality. When we said that the main aspect of the contradiction is on the supply side, it means that the main aspect of the contradiction is not on the demand side. Therefore, since the contradictions and problems we need to face have changed differently from the past, the path and method of solving the problems must also be different from the past. This path and method, which is different from the past, can be summarized is to implement supply-side structural reform. This means that in today’s China, when we are pursuing a macroeconomic regulation and control method, and when we are pursuing a “Belt and Road” Initiative, the basic economic work methods and ways we use are changing. The main standpoint and focus of the company should be placed on high-quality development. Based on such a changing concept, changing thinking, and changing strategy, it is important to review the “Belt and Road” initiative proposed by President Xi Jinping six years ago, and to summarize the experience around the “Belt and Road” in the past six years for the future high-quality development of the “Belt and Road”.