In order to rectify the grave side effects of rapid economic growth over the past four decades, China switched the focus of its economic policy to “stabilizing growth, adjusting structure and promoting consumption” in 2011 upon the launch of the country’s 12th five-year national development plan.
The reform of China’s economic structure will accelerate, along with the development of closer ties with the international economy. The “Belt and Road” strategy is a prime catalyst in its call for closer economic linkage with Central Asia, Western Asia, the Middle East, Africa and Europe. Banking has taken strides forward with the Asian Infrastructure Investment Bank (AIIB), mainly established for funding “Belt and Road” projects.
China has emerged as the third major economic force in the world, along with the US and the European Union. Observers are watching closely how the new global economic order will evolve, as the new chapter of world economy’s Romance of the Three Kingdoms plays out.
Full article: Restructuring in China paves way for a new global order (Want China Times)