Chinese vision for globalisation in 21st Century

Once a bastion of protectionism and dogmatic ideologies, China has now emerged as a champion of globalisation, as evidenced from its involvements all over the world in economic development ventures, investment projects as well as liberalisation initiatives in trade and commerce. This has been in sharp contrast to increased protectionism and inward nationalistic moves in many Western countries, who were ironically the erstwhile champions of free trade and open-door policies.
A pertinent report released by the London-based consultancy Brunswick on March 16 also showed that while China is pushing forward global cooperation, some others are focusing on protectionism. According to this report, based on a survey of 42,965 respondents in 26 countries, globalisation is more welcome in China and India compared to the developed countries. Sixty per cent of the respondents in China supported globalisation, while less than 20 per cent in developed countries expressed positive views about globalisation. The report concluded: "While several markets around the world are focusing inwards and becoming more protectionists, China understands that the future is dependent on global cooperation and the global exchange of ideas among businesses, governments and societies."
Following the setting up of the Asian Infrastructure Investment Bank (AIIB), one of the latest examples of Chinese efforts for going global has been the Belt and Road Initiative. Proposed by the Chinese President Xi Jinping in 2013, the One Belt and One Road Initiative encompasses the ancient Silk Road Economic Belt and the maritime Silk Road of the 21st Century. It seeks common growth and economic integration for over 60 countries in Asia, Europe and Africa, who account for around 60 per cent of the global population through boosting regional opening-up in the areas of trade and investment. It aims to bring together these countries through overland and maritime communication networks for promoting mutually beneficial regional cooperation.
As a follow-up of earlier moves in the initiative, China will host the Belt and Road Forum for International Cooperation during May 14-15 this year in Beijing. It is expected to further internationalise and institutionalise the Belt and Road Initiative. A spokesperson of the Chinese Foreign Ministry disclosed on  March 13 that over 20 world leaders have confirmed their participation at the forum. The leaders who have assented to come till now include  Russian President Vladimir Putin, Filipino President Rodrigo Duterte and the Cambodian Prime Minister Samdech Techo Hun Sen. It is expected that the Belt and Road Forum would surpass in importance even the Group of 20 Summit hosted by China in 2016, and would be instrumental in transforming the initiative into an institution, which would provide global policy directions for multilateral and international economic cooperation. The forum will hold a roundtable for the leaders, as well as a high-level dialogue for the 25 foreign leaders and 1,200 delegates from China and other countries representing various sectors and spheres.
While speaking on the sidelines of the annual session of the National People's Congress in Beijing, Chinese Foreign Minister Wang Yi commented on  March 13, "While protectionism and unilateralism are rising, the Belt and Road Initiative has become a common cause that will help rebalance economic globalisation by making it more universally beneficial and inclusive." An expert was quoted as saying on the subject by the Beijing-based daily Global Times, "China is expected to contribute to this globalization move with the backing of its infrastructure techniques and human resource talents". Chinese Premier Li Keqiang reaffirmed during a press conference after the closing ceremony of the annual session of the Chinese legislature - the National People's Congress - in Beijing on March 15 that China would maintain a consistent position in championing globalisation and supporting free trade. He said, globalisation and world peace, development and cooperation are inseparable, adding that closing the door and framing beggar-thy-neighbour policies will not solve problems.
The Chinese drive for globalisation and global integration has significant ramifications for their domestic economy. As one expert on the subject Jeremy Garlick pointed out in the Global Times that speedy globalisation is a possible solution to the over-capacity and debt problems which are creating a drag effect on the Chinese economy. For example, if the Chinese companies can work on projects like building high-speed railways, roads, power stations etc under the Belt and Road Initiative, then that would not only provide a safety valve for domestic over-capacity, but also encourage firms to formulate newer and more profitable models for their businesses. Building infrastructure inside the country allows some of the over-capacity dormant in the firms to be utilised in the short run, but once the country has enough of it, then the only option would be to go outward to Asia, Europe, the Middle-east and Africa.
There are plans in China to reduce domestic over-capacity by 2020; by then much of the vital infrastructure would be completed inside the country. It will then be necessary to drive a sufficiently restructured economy to transform the Chinese state-owned enterprises into leaner, profit-making entities, rather than the lumbering, debt-laden firms often seen today. The focus and attention of the Chinese industries will thus have to turn from the domestic to the international sphere after a span of three years from now, and they will have to build win-win interconnectivities with other emerging economies of the world through solidification of global moves like the Belt and Road Initiative.
Dr. Helal Uddin Ahmed is a former editor of Bangladesh Quarterly, now temporarily stationed in Beijing Language and Culture University as an 'Understanding China Fellow' of the Confucius Institute Headquarters. hahmed1960@gmail.com