Understanding China through Keywords(17/11/16)
Learning keywords is one of the best ways to keep abreast of the latest developments in a country. The China Academy of Translation, a research institute affiliated with the China International Publishing Group, the country’s leading international publisher, regularly analyzes prevailing Chinese terms in various sectors and translates them into a number of foreign languages ranging from English to Arabic. In each issue, Beijing Review presents a selection of these keywords to help readers know more about China.
Coordinated development for the Beijing-Tianjin-Hebei Region
Coordinated development for the Beijing-Tianjin-Hebei region, as part of China’s development strategy, aims at orderly relocating all non-essential functions from Beijing, the national capital, to neighboring locations. The move entails adjusting the economic structure and rationalizing space utilization, while exploring a new mode of optimized integrated development in a region with a dense population.
The broad region covers Beijing, Tianjin and 11 prefectural cities in the neighboring Hebei Province. Environmental protection, integrated transport services, and industrial upgrading and relocation are the three focus sectors. The Outline of the Plan for Coordinated Development for the Beijing-Tianjin-Hebei Region, released in April 2015, highlights development-oriented solutions to ecological, social, and economic problems, and incorporates considerations of environmental sustainability in development planning.
Asian Infrastructure Investment Bank
The idea of establishing the Asian Infrastructure Investment Bank (AIIB) was first proposed by President Xi Jinping in October 2013. Consultations and negotiations between China and other interested countries followed shortly. An agreement on establishing the AIIB was signed in Beijing on October 24, 2014 by finance ministers or envoys from the first 21 AIIB prospective founding members, including China, India, and Singapore. The bank was formally established on December 25, 2015, after more than 800 days of joint preparatory efforts by 57 countries.
The AIIB is a regional inter-governmental development institution focused on supporting Asian infrastructure development, regional connectivity and economic integration, and strengthening cooperation between China and other countries and regions. The bank’s openness and inclusiveness reflect its multilateral nature. The AIIB welcomes the participation of all regional and non-regional countries in efforts to contribute to Asian infrastructure and economic development.
China (Shanghai) Pilot Free Trade Zone
The launch of the China (Shanghai) Pilot Free Trade Zone in Pudong, Shanghai, on September 29, 2013, was a major reform move in response to China’s new realities. It is aimed at exploring new possibilities for expanding the scope of reform, opening China wider to the outside world, and promoting coordinated development for all regions.
The pilot program has been implemented step by step with adequate attention to risk control in an attempt to develop a framework in line with international norms for investment and trade. Areas of focus include:
1) accelerating the transformation of government functions;
2) opening more areas to foreign investors;
3) promoting the transformation of trade development approach;
4) further opening the financial services industry, and encouraging innovation; and
5) improving legal and institutional arrangements.
In addition, work on an appropriate regulatory and taxation framework would also be pursued.
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