China's reform experience can benefit developing world: expert

China can share its rich national governance experience in carrying out reform and opening up policy, industrialization and poverty relief with the countries attending the Belt and Road Forum for International Cooperation, according to a Chinese expert.

At a recent seminar held by Chinese think tank Pangoal, Wang Yiwei, a professor at the School of International Studies at Renmin University, compared the "Belt and Road" initiative to an inclusive globalization, which attaches importance to the real economy and features the principles of "wide consultation", "joint contribution" and "shared benefit".

The high recognition for the Belt and Road Forum stems from China's enhanced position at the global stage as the world's biggest developing country and second-largest economy as well as the biggest country at the BRICS, Wang said.

The professor said China's contribution to the growth of the world economy has increased hugely since the global financial crisis in 2008 and that the benefits brought by China's rise were much larger than that brought by the US rise.

Wang said that China's great achievements in implementing the reform and opening up policy could be inspirational for many African countries which are in urgent need to open the door to the world.

China's experience in industrialization is also instructive for the African countries. In 2010, China surpassed the US to become the biggest manufacturer in the world. Currently, China is helping some African countries build high-speed railroads, highways and airports in an infrastructure construction project, according to Wang.

In Wang's opinion, the large-scale infrastructure construction will be beneficial to the common people, and the "Belt and Road" initiative will attract hot money to the real economy, preventing it from creating bubbles.

The Chinese-backed globalization places great value on development and production, different from the Western countries which see globalization as a way to reallocate resources.


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