Zhang Yansheng: Promote rebalancing of global economy

Zhang Yansheng, Chief Research Fellow of China Center for International Economic Exchanges, believes that Chinese entrepreneurs around the world must have a good grasp of the global situation, integrate into the overall national development and build a cross-border network to promote rebalancing of the global economy.

Zhang said that Hong Kong and the Bay Area should become an important B&R gateway for opening up, focusing on the key countries, regions and fields to jointly create a B&R project cluster and industrial chain, and form an overseas economic and trade cooperation region in B&R countries.

At present, the focus of B&R is still on infrastructure projects. As the saying goes, “we need to build the road first before we can get rich”, Zhang said that it is only with connectivity of infrastructure and facilities that there can be unimpeded trade, financial integration, and strong people-to-people ties. Innovation is also an important force driving the economy. In 2016, the research intensity of Guangdong and Shenzhen were 2.56 and 4.1 respectively, which exceeded the average level of OECD countries. Hong Kong, one the other hand, has world-class strengths in finance, high-end services and internationalization. Therefore, they should step up cooperation and set up first-class universities, direct financing centers and innovation hubs, playing a strong supportive role in B&R’s development.