BRI & Corporate Multiculturalism of Yiwu
The Chinese Belt & Road Initiative (BRI) has successfully “translated” the core concepts of economic corridors into the hearts of the people living around the globe and has now become the “New DNA” of greater regional connectivity, immense socio-economic prosperity, eradication of poverty, generation of new jobs and last but not least, “harmonizing” economic growth model with pure “human values” in the world.
In this connection, the Chinese socialism stands for pure and simple “multiculturalism” which is continuously and emotionally spreading hopes of quick economic recovery, financial stability and human values by always preferring people over more and more profits in the world and especially in the member countries of the BRI which has surpassed the 150 tally which is good omen for the world economy and its people alike.
The BRI has created a new concept among the member countries i.e. “Corporate Multiculturalism” with converging systems of “human multi-ethnicity”. It has now removed all psychological, social, philosophical, political and, above all, financial barriers and forms a new avenue of corporate multiculturalism, speeding up BRI “caravans” towards final destination of greater progress, prosperity, participation, positivity and productivity in the world.
It seems that BRI has formed a new “Global Community” sharing new dimension of multiculturalism in terms of corporate, banking, financial and payment cooperation and thus evaporating false, fake, fictional and fabricated propaganda of the West about the melting down, so-called debt trap and hidden agenda of the same.
Interestingly, “Yiwu”, a county-level city in Zhejiang province of China has emerged as a new “epicenter” of corporate multiculturalism in the world. It has great heart to cater to the different human and psychological needs of the numerous ethnic groups and communities living together and jointly putting their efforts to further transform its outlook, scope, utility and strategic importance in the larger context of BRI.
It has the “world’s largest small-commodities market” which has now launched its own global payment platform to help further unleash the city’s market vitality and improve efficiency. In this regard, according to Zhejiang China Commodities City Group Co Yiwu Pay, as the third-party payment company, will help facilitate cross-border payment for the city’s more than 900,000 businesses, which developed the platform and owns the company.
Moreover, the platform will further “integrate” some 2.1 million of China’s micro, small and medium-sized enterprises into the global supply chain, connecting them with the global market through digital payment. The statistics of the city’s government show that 176 countries and regions conducted cross-border renminbi settlements worth 56.54 billion yuan ($8.2 billion) with Yiwu in 2022, a year-on-year increase of 56.23 percent.
According to Rana Sajid, the prominent community leader and President of Pakistan-Yiwu Chamber of Commerce, growing number of merchants in Yiwu turn to cross-border e-commerce, the efficiency of payments and settlement of transactions becomes increasingly important. Moreover, the innovative system of mediation has further enhanced mechanism of peaceful conflict resolution in the city and increased the confidence of the businessmen and investors alike.
Interestingly, with Yiwu Pay, which supports a variety of payment apps and methods, such as Apple Pay, Alipay and UnionPay, money paid by Zhu’s customers through the platform can instantly be accessed and cashed out in RMB in his account? Hopefully, it can greatly help reduce risks from market fluctuations and increase the rate of capital turnover.
Moreover, Yiwu Pay has already partnered with over 400 banks and financial institutions in more than 100 countries and regions and supports 21 major currencies for international payment and settlement. In this way, the new paying system is powered by a cutting-edge risk control system. It is able to carry out real-time monitoring on the whole transaction process and ensure secure transactions and payments for market entities.
It seems that the launch of the platform will further unleash the market vitality of micro, small and medium-sized enterprises by cutting their transaction costs and improving payment efficiency.
Most recently, Yiwu Municipal Bureau of Economy and Information Technology has shared that Zhejiang Provincial Department of Finance recently announced the list of competitive allocation of three fiscal special incentive funds for the high-quality development of the manufacturing industry in Zhejiang Province, including the demonstration creation of pairing and promoting common prosperity, regional coordination, and green transformation.
Yiwu City and Liandu District in Lishui have been selected for pairing and promoting common prosperity through competitive selection, and are expected to receive a special fiscal incentive of 300 million yuan for the high-quality development of the manufacturing industry in Zhejiang Province.
In recent years, the development of Yiwu’s manufacturing industry has entered a “Fast Lane”, and the trend of high-quality development has become increasingly consolidated, achieving new breakthroughs in volume, quantity, and quality.
In this regard, in 2022, the growth rate of industrial added value above designated size in Yiwu reached 20.7 percent ranking third in the province and first in major industrial counties; The industrial output value above designated size reached 163.9 billion yuan, ranking first in Jinhua City in total. Not only that, over the past three years, Yiwu has attracted a total of 30 manufacturing projects worth over 1 billion yuan, 8 projects worth over 5 billion yuan, and 6 projects worth over 10 billion yuan.
To conclude, the BRI has “institutionalized” new concepts of public administration, personnel management, conflict resolution and last but not the least, multiculturalism which has now successfully integrated into neo-corporate multiculturalism in most of the member countries and the city of Yiwu vividly reflects human integration, ethnic diversity, interfaith harmony, meaningful civilizational dialogue, leading towards greater socio-economic connectivity and better political understanding among the member countries of the BRI.
In this regard, the freight trains of Yiwu city have offered a secure and reliable channel for regional and trans-regional trade and economic cooperation. It started its operations in 2011 which has now reached 196 cities in 24 European countries through 82 routes, transporting more than 50000 types of goods including IT products, automobiles and parts, clothes, grains, wines, coffees, beans and timber etc.
It seems that the train service offers a new logistics channel between Asia and Europe that operates around the clock has a large carrying capacity and is green low carbon and safe in all respects.
It only costs one fifth of air transportation and takes a quarter of the time required by shipping. It has emerged as a passage of life from the global anti-pandemic fight and instrumental mean for quick economic recovery.
As flagship project under the BRI the train service has brought tangible benefits and win-win propositions for countries along the routes and has enjoyed great popularity.
The train service improved regional opening-up expanded economic and trade exchanges deepened international industrial capacity cooperation and facilitated the improvement of people’s wellbeing in the countries along the route.
The Chinese president Xi Jinping announcement of opening-up, modernization, qualitative development and last but not least, people’s centric investment and business policies are leading towards Corporate Multiculturalism which has now become backbone of the BRI and CPEC.
