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Prof. Huang Yiping: Belt and Road Buttresses International Economic Order

Jul 07-2023   



 

As the international economic order is facing adjustments, the Belt and Road initiative might play a critical role in sustaining or supporting an open economic order by tapping its two core values: multilateralism and openness, said Prof. Huang Yiping of the NSD in a recent summit.

 

Changes are happening to the international economic order, said Prof. Huang. The observable signs include trade clashes unleashed by the Trump Administration, financial sanctions on Russia by over 30 countries led by the US, and shifts in US policy that amplify governmental support for industries and the economy. The US policy termed “small courtyard with high walls” and efforts to decouple from China in certain spheres have triggered a number of issues. Prof. Huang believed that the shifts in US policy and stance are likely to result in the re-shaping of US-led economic order.

 

The previous order, pulled by one superpower, cannot keep on, said Prof. Huang. Even the US has to accommodate the policy and stance of its ally countries. Due to China’s close economic ties with the rest of the world, many developing and developed countries are unwilling to decouple from China, which forms a solid foundation for China to maintain and assert multilateralism. Viewed from another perspective, this also means that China can hardly break away from the global economy.

 

Prof. Huang pointed out that the Belt and Road initiative is having an increasingly important role in China’s economic exchanges with the rest of the world. Notably, it enables China to open up new spheres for collaboration beyond those with the US and its ally countries. Within the multilateral framework, the Belt and Road initiative has taken on unprecedented significance, said Prof. Huang.

 

He also suggested that China set up some fundamental policy frameworks for working with countries in the Belt and Road initiative. In practice, political factors should be combined with business ones, with an appropriate separation of the two (e.g., when handling financing aids or project loans). In the future, a clearer framework is needed to make fine distinctions between business operations and international aids. Prof. Huang also advocated for appropriate coordination and collaboration with other international organizations, as well as ample policy communications with the other countries, including the US.

 

Prof. Huang Yiping: Belt and Road Buttresses International Economic Order

Jul 07-2023   



 

As the international economic order is facing adjustments, the Belt and Road initiative might play a critical role in sustaining or supporting an open economic order by tapping its two core values: multilateralism and openness, said Prof. Huang Yiping of the NSD in a recent summit.

 

Changes are happening to the international economic order, said Prof. Huang. The observable signs include trade clashes unleashed by the Trump Administration, financial sanctions on Russia by over 30 countries led by the US, and shifts in US policy that amplify governmental support for industries and the economy. The US policy termed “small courtyard with high walls” and efforts to decouple from China in certain spheres have triggered a number of issues. Prof. Huang believed that the shifts in US policy and stance are likely to result in the re-shaping of US-led economic order.

 

The previous order, pulled by one superpower, cannot keep on, said Prof. Huang. Even the US has to accommodate the policy and stance of its ally countries. Due to China’s close economic ties with the rest of the world, many developing and developed countries are unwilling to decouple from China, which forms a solid foundation for China to maintain and assert multilateralism. Viewed from another perspective, this also means that China can hardly break away from the global economy.

 

Prof. Huang pointed out that the Belt and Road initiative is having an increasingly important role in China’s economic exchanges with the rest of the world. Notably, it enables China to open up new spheres for collaboration beyond those with the US and its ally countries. Within the multilateral framework, the Belt and Road initiative has taken on unprecedented significance, said Prof. Huang.

 

He also suggested that China set up some fundamental policy frameworks for working with countries in the Belt and Road initiative. In practice, political factors should be combined with business ones, with an appropriate separation of the two (e.g., when handling financing aids or project loans). In the future, a clearer framework is needed to make fine distinctions between business operations and international aids. Prof. Huang also advocated for appropriate coordination and collaboration with other international organizations, as well as ample policy communications with the other countries, including the US.