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1、International Cooperation Eases Chinas Integration into GlTHE Chinese government issued a guideline last year aimed at promoting international cooperation in production capacity and equipment manufacturing， and deepening Chinas integration into the world economy. It stipulates that steel manufacturi
2、ng， non-ferrous metal manufacturing， building materials， railways， electricity， chemical engineering， textile industry， automobile manufacturing， communication industry， engineering machinery， aerospace and aviation， shipping industry， and ocean engineering should now become focus areas for promotin
3、g international cooperation in production capacity and equipment manufacturing. Chinas 13th Five-Year Plan also proposed the promotion of international production capacity cooperation in the coming five years. By focusing on the above-mentioned 12 areas， the government will propel the countrys equip
4、ment manufacturing， technology， and service towards “going global”through investing overseas， project contracting， technological cooperation， and equipment exports. Since 2015， when the proposal was fi rst raised， China has made significant headway in its industrial capacity cooperation， both with d
5、eveloping countries in Asia， Africa， and Latin America， and developed countries on the European continent. International production capacity cooperation is another proposal that China has raised since its Belt and Road Initiative with regard to international economic cooperation， one that will undou
6、btedly have profound infl uence on both Chinas and the global economy. New Dynamism for Global Economic GrowthThe world economy is in a period of self-adjustment amid its slow recovery from the international financial crisis. From 2012 to 2014， the global economy grew at an average 3.4 percent annua
7、lly， appreciably slower than the pre-crisis fi gure of more than fi ve percent. The IMF projects global growth of less than four percent by 2020. The crisis and subsequent ponderous pace of economic growth has induced certain countries to adopt quantitative easing to expand investment and consumptio
8、n in hopes of stimulating economic growth. In practice， however， the effect of policies that focus solely on the demand side is limited.To achieve sustainable development of the real econ-omy， countries need to adjust their economies from the supply side. The radical solution should be structural re
9、form， with honed competitiveness and heightened efficiency at the core. The international production capacity cooperation that the Chinese government proposes will promote balanced and sustained growth of the world economy from the supply side. It is therefore an effective way of dealing with the gl
10、obal economic downturn. The reasons for this are： First， international capacity cooperation helps developing countries foster industrial clusters that adapt to local conditions and promote industrialization， thus creating new economic growth engines. A typical example is the steel mill in the Malays
11、ia-China Kuantan Industrial Park. With an investment of around US $1.4 billion， it can produce high-tech steel products like H-shape steel and generate an annual output of 3.5 million tons. The mill will be the biggest steel plant in Malaysia and the first in ASEAN capable of producing H-shape steel
12、. This cooperation will boost development of Malaysias steel industry and also create 4，000 jobs. In the first phase of construction the Malaysian side plans to make the park a steel industrial base， its ultimate aim to build a local steel industrial cluster.Second， international production capacity
13、 cooperation is conducive to infrastructure construction in participant countries. It will thus improve connectivity in the region， so overcoming the development “bottlenecks” in transportation， energy supply， and telecommunications. An example is the China-Thailand railway. Upon starting operations
14、， the round-trip fare on the line from Chinas Kunming to Thailands Bangkok will be around RMB 700?C one-third to a half of the airfare， while freight costs are equivalent to one ninth of that by air. The railway is expected to bring around two million more Chinese tourists to Thailand each year， and
15、 facilitate transportation of agricultural products from Thailand to China. The railway will also， according to the plan， connect with the ChinaLaos railway， currently under construction. This will promote connectivity between Thailand and other ASEAN countries， so rendering Thailand a transportatio
16、n hub.Third， international production capacity cooperation will accelerate development of industries on the upper， middle and lower reaches of the global industrial chain. It will moreover promote South-South cooperation and North-South cooperation， thus propelling inclusive growth of the world economy. Chinese Premier Li Keqiang vividly expounded on cooperation in the global industrial chain when he visited France in June 2015：“China enjoys a large number of middle-end
