Source: Xinhua Published: 2016-12-26
With the current globalization mode being challenged by rising protectionism, China-proposed Belt and Road Initiative (B&R) provides insight into building a new mode that better suits world development, said Chinese experts here on Monday.
Though the progress of globalization may have been set back by surging isolationism and populist sentiments in the West, its general trend will not change, said scholars on international relations at a forum held by Xinhuanet.com, the website of Xinhua News Agency.
At present, it is impossible for any country to live in a closed system any more, said Wang Yiwei, director of the Center for International Studies at China`s Renmin University.
The biggest obstacles to the current globalization mode stem from its institutional defects and its unadaptable governance structure, said Yang Xiyu, a researcher from the China Institute of International Studies.
"The world calls for a new mode of globalization," Yang added.
Launched in 2013, the B&R is perceived as an efficient way for promoting a new mode.
Globalization at the regional level has gone smoothly under the B&R, said Ni Feng, deputy director of the Institute of American Studies at Chinese Academy of Social Sciences.
As a master plan, the B&R integrates 65 countries from East Asia to Western Europe with an aim to facilitate trade and achieve common prosperity within the areas.
In June, Renmin University published a report on the progress of the initiative, chronicling successes in transportation, pipelines and telecommunications infrastructure, trade expansions, as well as financial and cultural cooperation.
Acknowledging the success of the initiative, experts at the forum also pointed out challenges that may lie ahead.
For countries along the route, possible religious or ethnic conflicts, along with other problems in the legal, financial and environmental areas, may hinder the sound development of the initiative, said Guo Xiangang, a researcher from the China Institute of International Studies.
"China should improve risk assessment, reinforce enterprise-led management and encourage the market to play its role," said Guo.
He also suggested China foster experts in relevant fields and train employees to respect local customs.
Wang Yiwei is a senior fellow of Chongyang Institute for Financial Studies, Renmin University of China.