China's economic diplomacy a win-win strategy

China is pushing ahead with win-win economic diplomacy that aims to boost domestic prosperity as well as share opportunities with the rest of the world.

A report approved by the 18th National Congress of the Communist Party of China late last year has underlined win-win cooperation as a key characteristic of Chinese diplomacy for the next five years.

"We should raise awareness about human beings sharing a community of common destiny," the report said. "A country should accommodate the legitimate concerns of others when pursuing its own interests; and should promote common development of all countries when advancing its own development."

Chinese President Xi Jinpingand Premier Li Keqianghave showcased the win-win nature of China's economic diplomacy during several foreign tours since March.

The two leaders have presided over the signing of a raft of cooperation deals, including the establishment of a Silk Road economic belt with Central Asian countries, a maritime Silk Road with Southeast Asian countries, a free trade agreement with Switzerland, and a high-speed railway project in exchange for Thai rice.

Their visits around the world have a strong economic agenda, with concrete plans to foster practical cooperation with other countries and benefit the people on both sides.

In the latest move, Xi and Li met with leaders of the European Union(EU) in Beijing this week.

Next week, a number of deals are expected to be inked between China and Central and Eastern European countries during Li's visit to Romania, in such fields as infrastructure, electricity, green economy and finance.

THREE PILLARS

China's new economic diplomacy, which highlights trade, investment, infrastructure and finance, is first of all based on high-level support.

Chinese leaders have acted as chief representatives, negotiators and salespersons during their foreign visits to serve national economic interests.

Many Chinese enterprises and billions of people have benefited from China's foreign economic cooperation.

Experts said China's economic diplomacy has revealed the strategic thinking of the new leadership to make overall plans for domestic and international situations, and to serve the people in diplomatic affairs.

The second pillar of China's economic diplomacy is win-win cooperation, which guarantees two-way benefits for China and the rest of the world.

Based on win-win cooperation, China seeks national interests while respecting and supporting other countries to pursue their own interests in their practical cooperation with China, Chinese leaders have said.

Chinese enterprises have taken part in the consumption, production and investment activities of other economies, making full use of their comparative advantages in goods, technology, capital and project contracting.

The "go global" policy encouraging leading Chinese enterprises to invest overseas has contributed to the economic and social development of many countries.

The world needs China's development experience, technology and capital. In particular, China's vast foreign reserves could be a rare source of financing for infrastructure projects in many developing countries and emerging markets amid towering debt in many rich countries.

China also needs the world to expand its markets and investment destinations. The "go global" initiative would boost economic growth and add jobs back in China. It would also help ease overcapacity in some industries and upgrade China's economic structure.

Along with the "go global" strategy, China's economic diplomacy also emphasizes a "bring in" policy to make better use of advanced foreign technology and quality products in order to improve the national economy and people's lives.

The third pillar for China's economic diplomacy is to tap the full potential of the market. Enterprises are the starting point and the main participants in China's economic diplomacy.

Against the background of economic globalization, China's new leadership has pledged that its diplomacy will serve the national economy through more exports, outward investment and jobs.

China's growth will make the country, now the world's second largest economy, a closer partner to other countries. Its economic diplomacy is essentially a process of creating win-win prosperity with the rest of the world.