Business / Economy

China's Belt and Road Initiatives open to world

(Xinhua) Updated: 2014-12-04 15:04

WASHINGTON -- China is offering various economic initiatives, including the "Belt and Road" project and the establishment of Asian Infrastructure Development Bank (AIIB), which are open to the world, an expert has recently said at a forum.

The Belt and Road initiatives refer to the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives raised by China.

The world has changed positively since July's BRICS Summit. The establishment of the BRICS development bank, the AIIB, and the Silk Road Fund, will bring the world on the edge of a potential breakthrough for a "new paradigm" of global security and genuine economic revival, said Helga Zepp-LaRouche, an activist and founder of the political and economic think tank Schiller Institute,.

In her view, China's inclusive policies will benefit all and can extend its economic miracle to other regions.

Previously, many large development projects could not be financed by existing global institutions, such as International Monetary Fund and World Bank, as these institutions often set certain requirements for countries applying for financing.

Now the establishment of these new development banks will bring hopes to these large projects, said LaRouche, adding that if the United States and Europe join these initiatives, it will shake up the existing global financial system.

In regard to China's development, LaRouche said China is moving away from simply copying technologies to becoming an inventor in many important areas, such as space technology.

Helga Zepp-LaRouche is the wife of Lyndon LaRouche, a well-known economist and activist in the United States. She works with her husband in advocating the development of major economic infrastructure projects on a global scale, such as the World Land-Bridge Network, which includes transcontinental railways and strait tunnels and canals around the world.

They also call for reform of the world financial system.

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