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CHINA NEEDS TO BE AT THE TOP OF THE GLOBAL VALUE CHAIN: EXPERT


To better adapt to interconnectivity of Asia-Pacific area, China needs to step forward to higher level in global value chains, an expert with APEC said after a high level forum. The 2014 Beijing APEC meetings focus on interconnectivity in Asia-Pacific region, infrastructure and Free Trade Area of Asia-Pacific. According to Zhang Lijun, Director of China APEC Development Council, it is of high importance for China to have a clear conception about its role in value chains and supply chains. To promote interconnectivity in the region is to connect Chinese economy with that of the world. “If not cooperate with supply chains, China may not have a clear mind of its economic role in the market,” said Zhang. China has long been regarded as the workshop of the world. However, China is shifting its focus to knowledge-intensive industries as well as protection of intellectual property by changing the mode of growth. Only in this way can China realize its updated version of economy, Zhang said. Besides, according to Zhang, the establishment of Asian Infrastructure Investment Bank (AIIB) is beneficial to advanced Chinese enterprises to seek fortune abroad. Zhang mentioned that China would play a major role in AIIB. Therefore, Chinese preeminence and voice in cooperation will be valued and guaranteed. In view of the declining export, investment in foreign infrastructure provides good opportunity for China to make up losses from export, Zhang said.


Source: PEOPLE'S DAILY