Overseas Economic Cooperation Zones Under the Belt and Road Initiative

Abstract

China’s overseas economic cooperation zones, in accordance with the will of cooperation between China and the host countries or regions, are industrial parks invested by Chinese-funded enterprises registered in China (excluding Hong Kong, Macao and Taiwan) and with independent legal qualification, through setting up independent Chinese legal entities abroad according to the market mechanism and guided by the Chinese government. These industrial parks, with complete infrastructure, leading industries and agglomeration and radiation effects, include processing zones, industrial estates, science and technology industrial parks and other economic and trade cooperation zones. Since 2006, the development of China’s overseas economic cooperation zones has entered a new stage. It is of great significance as it has become an important platform for promoting the Belt and Road Initiative, enhanced the overall international competitiveness of Chinese enterprises and reduced the risks of Chinese SMEs in international cooperation. Having rich international experience in the construction of overseas economic cooperation zones, Singapore may provide some suggestions for China. Government agencies of China need to pay high attention to problems occurring in the development of overseas economic cooperation zones. It is necessary to speed up the signing of relevant agreements with countries along the Belt and Road, accelerate the pace of China’s foreign investment and economic cooperation and plan the industrial and spatial layout of the overseas economic cooperation zones as a whole.