Russian expert hails the achievement of Belt and Road Initiative

Photo taken on April 14, 2019 shows a parterre themed with the Belt and Road Forum for International Cooperation in Beijing’s Chaoyang District. [Photo: IC]

With the second Belt and Road Forum for International Cooperation scheduled to be held in Beijing later this month, experts in Russia are hailing the positive effects the initiative has had on the development of the world economy.

Russia's President Vladimir Putin is set to be a guest of honor at the second Belt and Road Forum for International Cooperation when the event opens in Beijing on April 26.

Boris Titov is Russia's presidential commissioner for the rights of entrepreneurs. He said the forum will offer further proof that the world is benefiting from the Belt and Road Initiative.

"I believe that the forum will again showcase the achievements of the Belt and Road Initiative, as it has promoted the development of the world economy to a higher level. It proves that China didn't just think about its only interests, but that it has a global vision that has brought more investment to other countries through commercial and inter-governmental cooperation on the basis of partnerships between the countries. Globally speaking, the initiative is very important to the countries along the Belt and Road, including Russia."

Titov, who is a well-known political and economic figure in Russia, emphasized the leading role the Belt and Road Initiative has played in solving international problems through commercial cooperation.

He said the international refugee crisis provides a good example.

"A large number of international refugees swarmed into Europe as result of low living standards in their hometowns. China is boosting economic development in these areas. The Belt and Road Initiative covers a wide range of areas. For example, the number of refugees coming from Kenya is much lower after China cooperated with Kenya to build ports, which created lots of job opportunities for the locals. Finding solutions for the livelihood and employment of refugees in their hometown is the key to solving the international refugee problem, and China is the first country in the world to take real action."

Speaking of the innovative approaches China has applied to improving the environment for foreign investment, Boris Titov says Russia could benefit from learning from China's experience.

"China's new Foreign Investment Law is a key step for the future, as it strengthens the protection for foreign investment and stabilizes earlier investments. The law gives a lot of confidence to those hesitating investors, as China took fast and resolute action after seeing the pace of the global economy and investment slowing. The ever-improving investment environment and policies is one of the important reasons for China's fast economic development, and it's a pity that Russia still lacks this kind of investment environment."

In addition to his role representing the rights of entrepreneurs, Titov is also the chairman of the Stolypin Institute for the Economy of Growth, which is one of the most important organizations providing forward-look evaluations on Russia's economy.

In March, the institute signed an official cooperation agreement with the Macro Economic Research Institute at China's Development and Reform Commission.

The agreement will see the two organizations conduct joint studies of the macro economy, hold a series of activities to further the development of the Belt and Road Initiative, and promote commercial cooperation between China and Russia.