(Yicai Global) July 17 -- China's economic prospects are bright as the country continues to push for globalization, according to a former Australian ambassador to the world's second-largest economy.
China's reform and opening up over the past 40 years has been one of the greatest economic and social experiments in human history, Geoff Raby, said yesterday at a conference run by the Chinese Economics Society Australia. These transformative changes have helped the country become a major power in the international arena, he added.
The Belt and Road Initiative, Chinese President Xi Jinping's 30- to 40-year plan for infrastructure and trade routes across multiple continents, will help promote development in Northern Australia, Raby said. The region urgently needs investment and the Belt and Road will create opportunities for Australian companies in infrastructure, engineering and other fields, he continued.
China's accomplishments have been remarkable, added Song Ligang, an economics professor at the Australian National University. The Asian nation has safeguarded international trade regulations to propel globalization, and has fueled domestic demand for foreign goods by adjusting trade policies, he said.