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Vice Foreign Minister Le Yucheng: the BRI is an Upgraded Version of China's Reform and Opening Up.

2018/09/26

Le Yucheng, Chinese Vice Minister for Foreign Affairs, said in an interview with the Financial Times that the the Belt and Road Initiative is an upgraded version of China's reform and opening up which will help improve the reform and opening up structure.

China is still the largest developing country. And we do face the daunting challenge of inadequate and unbalanced development. But I don't think it is too early to pursue external cooperation at this point. On the contrary, that's what is needed at the moment. Because today's world is a globalized world, countries'interests are more closely intertwined than ever before and it is impossible for us to develop behind closed doors. President Xi has made clear repeatedly that the door of reform and opening up will not close, but will only open wider and wider. We welcome foreign investment to China. At the same time, we also encourage Chinese companies to explore the global market.

This year marks the 40th anniversary of China's reform and opening up. It's about time to take it to a higher level. The BRI is an upgraded version of China's reform and opening up. It will help diversify trade, allocate production factors and development resources globally, and improve the reform and opening up structure of China. Following the coastal areas, the hinterland is rapidly catching up, making the western region the new forefront of China's opening-up and becoming the forward in opening up, no longer the backfielder they used to be.

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