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Keywords to Understand China
Keywords are one of the best ways to understand a country. In China, with the rapid development in different areas, the keywords keep changing. ChinAfrica presents a selection of prevailing keywords to help readers understand China better
 | VOL.9 September 2017 ·2017-09-05
"China-Mongolia-Russia Economic Corridor"

THE idea of the China-Mongolia-Russia Economic Corridor (CMREC) was proposed by President Xi Jinping on September 11, 2014 during the first trilateral meeting of the three heads of state in Dushanbe, capital of Tajikistan, and was welcomed by Russian President Vladimir Putin and Mongolian President Tsakhiagiin Elbegdorj. On June 23, 2016, the three countries put pen to paper on a development plan for the proposal, the first multilateral cooperation plan to form part of the Belt and Road Initiative.

As an important component of the Silk Road Economic Belt, the CMREC aims to align China's Belt and Road Initiative with Russia's proposal for the Eurasian Union and Mongolia's Steppe Road program. It creates an overarching platform to tap the potential and strengths of the three parties to expand development opportunities beneficial to all, promote regional economic integration, and enhance their collective competitiveness in the international market. The CMREC has two key traffic arteries: one extends from China's Beijing-Tianjin-Hebei region to Hohhot and on to Mongolia and Russia; the other extends from China's Dalian, Shenyang, Changchun, Harbin and Manzhouli to Russia's Chita. Seven major areas of cooperation are envisaged: transport infrastructure and connectivity; port construction, and customs and border inspection and quarantine services; industrial capacity and investment; trade; cultural and people-to-people exchanges; environmental protection; and cooperation with adjacent regions. Transport is the main focus.

"Community of Shared Interests"

COUNTRIES along the proposed Belt and Road routes - most of which are developing countries - have a combined population of 4.4 billion and an aggregate output of $21 trillion. These represent 63 percent of the world's population and 29 percent of its economic aggregate. Individual countries have their own natural resources, infrastructure, and historical experiences; such differences, among other factors, have led to different levels of development.

Spanning three continents - Asia, Europe and Africa - the Belt and Road is expected to become the world's most expansive and most dynamic economic corridor with a bright future, with vibrant East Asia at one end and the developed economies of Europe and North America at the other. Such integration will contribute to a better alignment of economic interests.

In a joint effort to build the Belt and Road, each country's comparative strengths can be better exploited, and economic complementarity can be better transformed into new drivers of development. The initiative will rely on wide-ranging international economic cooperation to promote connectivity and facilitate trade and investment. It envisions a world of new economic growth, where win-win strategies are favored.

"Asian Infrastructure Investment Bank"

THE idea of creating a new multilateral bank, the Asian Infrastructure Investment Bank (AIIB), was first evinced by Chinese President Xi Jinping in October 2013. After more than 800 days of combined preparatory efforts by 57 countries, the AIIB was formally established on December 25, 2015 in Beijing. The bank held its opening ceremony on January 16, 2016, and President Xi made a speech at the ceremony.

The AIIB is a regional inter-governmental development institution focused on supporting infrastructure development. It is the first multinational financial institution sponsored by China. As of the end of March 2017, the bank's membership had reached 70, second only to that of the World Bank. Its members include five G7 members, 15 members of G20, and four permanent members of the UN Security Council .

Among other sectors, the bank will initially invest in energy and electricity, transport, telecommunications, rural and agricultural infrastructure, water supply and sewerage, environmental protection, urban development, and logistics. The first batch of loans was approved in June 2016.

"Community of a Shared Future"

THE idea of building a community of a shared future was first discussed in a report to the 18th National Congress of the Communist Party of China in 2012. It was seen as contributing to China's engagement with the rest of the world in pursuit of win-win results. This idea has since become a core element of China's foreign policy. It also underpins the launch of the Belt and Road Initiative.

The concept of a community of a shared future emphasizes the virtue of holistic thinking, cosmopolitan ideals, and the pursuit of lasting peace and shared prosperity. The destiny of a country should be in the hands of its people, and the future of the world must be shaped jointly by the peoples of the world.

A country's national interests are to be pursued with other countries' interests in mind. The implementation of any national development strategy should be accompanied by careful consideration of the development needs of others. Underlying the Belt and Road Initiative is the understanding that we all share one world.

Under the Belt and Road Initiative, a community of a shared future can be built only on the basis of shared interests and responsibility. Sustained efforts should thus be made to expand our cooperation in the fields of trade and investment, where convergence of interests occurs, and to transform economic complementarity into new drivers of development.

"Community of Shared Responsibility"

ALTHOUGH the Belt and Road Initiative was proposed by China, participation of other countries along the proposed routes and related countries is indispensable to its implementation. Divergent national interests and priorities, as well as unforeseen events, could present a serious challenge. Broad-based consultation is therefore essential. Only through joint efforts and shared responsibility can any threat to progress be neutralized. From this perspective it is agreed that responsibilities could vary depending on different levels of participation.

The Chinese leadership has repeatedly affirmed that the Belt and Road is an undertaking shared by many, rather than being driven by China alone; and the process of creating such a network is a collaborative undertaking, rather than a solo performance by China. As a sponsor, China is ready and willing to act in good faith toward its partners, honor its commitments, and fulfill its responsibilities.

(Source: Keywords to Understand China published by China Academy of Translation and China International Publishing Group)

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