China will make efforts to ensure Belt and Road cooperation remains transparent, adheres to market principles and abides by laws and regulations, Vice-Foreign Minister Kong Xuanyou said on July 3.
Kong made the remark on the sidelines of a two-day forum on Belt and Road legal cooperation.
Kong said the Belt and Road is a transparent initiative that follows the principle of extensive consultation, joint contributions and shared benefits.
“Planning and implementation of Belt and Road projects have been discussed by the participants in the open, and China will not impose its unilateral agenda on relevant countries,” he said.
He said all eligible enterprises, regardless of their background, can be involved in building the Belt and Road.
The initiative is highly complementary with the 2030 Agenda for Sustainable Development of the United Nations, and has prioritized sustainable development in economic, social and environment aspects, he said.
Kong said that the Chinese government has taken problems that arise with the development of the initiative seriously, and will seek proper solutions together with relevant countries through planning and consultation.
China will step up guidance and oversight for Chinese enterprises that have gone global and bring standards to their investments and operations, he said. Chinese enterprises will also be guided to abide by local laws, regulations and international practices, he added.
Chen Jiping, executive vice-president of the China Law Society, said enterprises will be the biggest beneficiaries of enhanced legal cooperation in building the Belt and Road.
The situation of politics and the rule of law for countries involved in the Belt and Road is complicated and diversified. “Different countries might have different laws and policies for foreign direct investment,” he said.
There are remarkable differences in national security, anti-monopoly policies, environmental protection, labor, taxation and sectoral restrictions between countries, he said.
“It is not a pure economic drive for businesses to go global, and legal support is indispensable,” he said.
According to a statement issued by the forum, parties involved in the Belt and Road should enhance their efforts to conclude agreements on trade and investment, promote trade and investment liberalization and facilitation, increase market access and gradually reduce and eliminate barriers to trade and investment.