Expert: New China-backed trade route to benefit PH
ONE OF China’s leading economists made a fresh pitch for closer economic ties with the Philippines and other neighbors in the region, while pushing forward an agenda for a new Silk Road that would revive ancient trade links between Asia, Russia and Europe.
Visiting Chinese professor Zhang Yuyan gave a talk in Manila on Thursday, promoting the “One Belt, One Road” plan that aims to implement a land-based and maritime-based Silk Road.
Zhang, the director of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, denied China has a hidden agenda behind the revival of this ancient trade route.
“There is huge, huge room for cooperation,” Zhang said. “The Philippines is an integral part of the ‘One Belt, One Road’ project.”
The Silk Road Economic Belt, first proposed by China’s president Xi Jinping in 2013, would bring together China, Central Asia, Russia and Europe (the Baltic), he said. What Zhang described as a 21st Maritime Silk Road was designed to run from China’s coast to Europe through the South China Sea (where the Philippines has a stake) and the Indian Ocean in one route and to the South Pacific in the other.
The talk, held at the Asian Institute of Management, came amid tensions after an international tribunal in the Hague, following a landmark case filed by the Philippines, rejected last month China’s historical claims in the South China Sea.
President Duterte said weeks ago the Philippines would insist that China respect the ruling, which Beijing described as a “political farce”.
Zhang said countries had a “common interest” in working together to combat risks to slowing global economic growth coming from high debt, low productivity and limited policy room.
He said the Philippines could benefit in various areas, such as infrastructure, tourism and agriculture.
“China is good at building and constructing. Seaports, airports, railways and roads,” Zhang said.
