integration－trade, investment and finance－began benefiting large emerging and developing econ
omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m
ust also serve poorer and faster-growing economies, which today account for most of the global growth.
So, by flirting with trade protectionism and punitive tariffs on imports, adva
nced economies are seeking to implement the wrong policies at the wrong time. As the adv
anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco
nomies is not a win-lose game, because it benefits the advanced economies, too.
In the aftermath of the 2008 global financial crisis, all major advanced econom
ies would have faced another Great Depression without the support of large emerging economies, particularly Ch
ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.
ancing needs, sustainable development and debt sustainability, according to Finance Minister Liu Kun.
“We will build a high-standard and high-quality financing system to s
upport long-term and sustainable BRI investment while preventing debt risks,” Liu said.
He suggested promoting financing cooperation for projects in
third-party countries, equity investment and attracting more private funding.
Enhancing debt and risk management is a key consideration for deepening BRI financi
ng cooperation, said Yi Gang, governor of the People’s Bank of China, the central bank.
“The debt issue in developing countries should be treated objective
ly. If debt growth is accompanied by infrastructure improvement, enhancement of people’s liveliho
ods and productivity and poverty reduction, it will be beneficial for the sustainability of long-term debt,” Yi said.
ieties introduced to the Philippines through the Green Super Rice project are capable of thriving in harsh environments and maintaining steady yields.
“After Typhoon Haiyan swept through Leyte Island in the central Phi
lippines in November 2013, we found that the Green Super Rice variety was one of the few that w
as still growing when submerged in saline water,” he said. “Local farmers were elated and regained hope.”
In West Africa, six Green Super Rice varieties with high-yield potential and strong tolerance to drought, salinity and iron to
xicity have been developed, and about 14.5 metric tons of such seeds were distributed to local rice breeders, ac
cording to Baboucarr Manneh, a researcher with the African Rice Center in Cote d’Ivoire.
“Moreover, about 500 scientists, technicians and farmers hav
e been trained in fields such as breeding, seed production and crop management th
rough the project. The training helps increase their capability and achieve sustainable growth in the future,” he said.