Connectivity becomes consensus of various economies

The International Symposium on "Connecting the Connectivities in Asia-Pacific" held in Yangzhou, Jiangsu province, on Sept 27, 2016. [Photo by Chen Yingqun/chinadaily.com.cn]

Connectivity has become the consensus of various economies, and some economies have already benefited from it, says Huang Mengfu, Honorary Chair of China National Committee for Pacific Economic Cooperation.

He says that connectivity projects have produced tangible benefits to relevant economies. For instance, the poverty rate dropped by 35 percent in Savannakhet, Laos, in six years after the East West Economic Corridor was completed.

Huang said that while addressing a keynote speech at the opening of the International Symposium on "Connecting the Connectivities in Asia-Pacific", which was held in Yangzhou, China's eastern Jiangsu province, on Sept 27.

He explained that the world economy is still striving for a recovery with rather weak driving forces for growth and faltering steps to revival. The regional economic integration has faced unprecedented challenges.

"On the one hand, the numerous exclusive and enclosed free trade agreements have constituted trading and investment blocks. Secondly, despite some progress in recent years, connectivity remains the bottleneck for further economic integration of the region," he said.

But there are some advantageous reasons to promote connectivity and cooperation.

He says that connectivity has become the consensus of various economies. According to incomplete statistics by APEC, by 2020 there will be over 579 infrastructure projects scattered in the economies along the Pacific Rim.

Moreover, various economies have accumulated successful experiences and smart solutions in promoting connectivity，for instance，enhancing the infrastructure creation of things like transportation, doing special promotions, designing early harvests, aligning various connectivity initiatives with each other between economies, within sub-regions, and between regions and sub-regions, creating innovative financing mechanisms and encouraging active participation of the private sector.

The Symposium in Yangzhou was organized by the China National Committee for Pacific Economic Cooperation, which aims to discuss the solutions of connectivity in the Asia-Pacific region in three aspects: physical connectivity, institutional connectivity and people-to-people connectivity. Representatives from more than 20 economies of the Asia-Pacific region participated in this meeting.