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Economic ties with Nepal growing
Economic ties with Nepal growing
By Li Xuanmin
Source: Global Times
Published: 2017/10/30 20:13:39
B&R initiative set to bring further cooperation
The trade and economic relations between China and Nepal have developed at an unprecedented rate during the past five years thanks to the China-proposed Belt and Road (B&R) initiative, Yuan Zhixiong, president of the Chinese Enterprises Association of Nepal, told the Global Times in an interview on Sunday.
The two countries have signed various trade agreements since 2013, "making Nepal one of China's most important gateways to the South Asia markets," Yuan said.
For example, China and Nepal signed a memorandum of understanding (MOU) on jointly promoting and building economic zones along the route of the B&R initiative in December 2014. And the two countries signed another MOU on deepening cooperation under the B&R initiative on May 12.
Chinese investment in Nepal has been surging over the last few years, with domestic capital flowing into sectors such as hydropower, airlines, building materials, hospitality and Chinese medicine clinics, according to Yuan. Investment from China now ranks highest in terms of the total amount of foreign direct investment in Nepal.
"Nepal has benefited a lot from the closer economic ties with China, especially in terms of basic infrastructure, which has significantly improved Nepalese people's living standard," Yuan said.
Q&A with Yuan Zhixiong
Yuan Zhixiong (Yuan), president of the Chinese Enterprises Association of Nepal, talked with Global Times reporter Li Xuanmin (GT) about China's achievements in the past five years and areas in which China and Nepal can further cooperate following the 19th National Congress of the Communist Party of China (CPC).
GT: What do you think of China's economic achievements in the past five years?
Yuan: China has achieved a lot in the last five years. In terms of the country's opening-up, it has introduced a negative list management system, which improves the efficiency of the domestic outflow of foreign direct investment. And various government bodies such as the Ministry of Commerce have strived to create a fair competitive environment for foreign investors.
Another remarkable achievement is the B&R initiative, which provides a platform for the country to further connect with the world to cooperate and achieve a win-win situation. And China has successfully launched the Asian Infrastructure Investment Bank, which is now helping to carry out a bunch of infrastructure projects around the world.
GT: What is your perspective on China's economy in the next five years?
Yuan: China's economy will grow sustainably and inclusively in the next five years and I'm confident about the prospects. But the country also needs to deepen reforms in areas such as anti-corruption and poverty alleviation.
I also noticed that the B&R initiative was highlighted during the 19th National Congress of the CPC. So as a country involved in the B&R initiative, Nepal will also gain more benefits in the next five years.
GT: Are there any areas in which China and Nepal can further cooperate?
Yuan: One area is the construction of more infrastructure including railways, highways and ports. For example, the building of railways connecting China with Nepal should be put on the schedule. Also, we hope that China can build ports of entry in places on the border with Nepal, so as to boost bilateral trade connections.
Other areas of cooperation could include the energy sector, such as electricity and clean energy.
http://www.globaltimes.cn/content/1072655.shtml
