(Yicai Global) Sept. 9 -- China plans to integrate further with the world economy, facilitate foreign investments by reducing policy restrictions and actively bring in overseas capital and advanced technology.
More efforts will be made to take the Chinese yuan global and improve the internationalization of the financial industry, Mr. Xu Shaoshi, chairman of China's National Development and Reform Commission, said in an article published in the People's Daily today.
In line with the country's 'One Belt, One Road' initiative, which aims at creating new economic links between Asia, Europe and Africa, Mr. Xu stressed focus should be put on key regions, key nations and key projects, new financing models should be developed, and cooperation with people from different nations should be strengthened.
Mega-science international programs should be promoted, and technological issues in economic and industrial development should be resolved so as to create a supportive platform for innovation, support and crowdfunding, Mr. Xu proposed.
In the past, European and American countries were major consumer markets of finished products, East Asia countries were major production bases, while the Middle East, Latin America, and African regions were major exporters of energy and raw materials, he pointed out. However, since the outbreak of the global financial crisis, this triangular pattern of division has quietly changed into a circle as the global industrial value chain is being reshaped.
The NDRC is a macroeconomic management agency under the State Council that has broad administrative and planning control over the Chinese economy.