Interview: China's peaceful development initiatives to benefit itself and others: U.S. expert

The Chinese Dream and Silk Road Economic Belt initiative will not only benefit its own people, but also other countries, a U.S. expert on China told Xinhua.

After reading Chinese President Xi Jinping's book, "The Governance of China," Jack Fensterstock, principal of the Sino-America Investment Partners, said he was most impressed by the chapter that introduces and explains Xi's idea of the Chinese Dream.

"I consider this to be of prime importance in explaining how Xi views the essential role of the Chinese people in driving the rejuvenation of China."

Fensterstock noted that this approach seems to be designed to recognize that China must mobilize the energies and commitment of its people on a collective national basis while rewarding individual initiative for the rejuvenation to be successful.

"As I understand, the Chinese dream of the rejuvenation of the Chinese nation means that China will be prosperous and strong, that the nation will be rejuvenated, and very importantly, it will bring happiness to the Chinese people," said Fensterstock.

"As Xi explains, this will be done by fostering national spirit with patriotism at its core, along with reform and innovation as well as pooling the strength of unity among the people of all ethnic groups. As presented, the dream is meant to be a common unifying factor for all of the Chinese people," Fensterstock said.

"Xi importantly points out that the dream must deliver benefit to people along the way and must bear people's aspirations in mind. My view is that with regard to aspirations, there is a need to go beyond what seems to be a focus on economic prosperity and also emphasize those factors which would contribute to a people's happiness such as a pollution-free environment, safe food supply, educational opportunities for all, access to affordable medical care, freedom of expression, and a robust rule-of-law system."

Fensterstock said countries in the rest of the world will benefit from China's ability to realize its dream because it will require China to be on a path of peaceful development and to maintain its opening-up strategy.

"Staying the course should increase the opportunities of countries to engage with China across economic and trade frontiers, thereby benefiting their own domestic economies and people. Here it is important to recognize the interlinked nature of world economies and how external forces may impact the ability of a country to facilitate the realization of its nation's dream, whether in China or the U.S."

Talking about the Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives of Xi, Fensterstock said the priority is to improve transportation routes and infrastructure so as to facilitate economic development and travel in the region. The removal of trade barriers is an important objective.

"Based on the historical alignment of trade interests along the Silk Road and the apparent lack of any significant obstacles, this initiative should be able to progress to the benefit of the Central Asia and Eurasian countries with the financial support of China and the potential for the involvement of Chinese high-speed rail technology, and transport construction-engineering enterprises," the expert said.

"An issue that will require attention is how currency convertibility and settlement will take place. This is especially the case with the recent devaluation of the Chinese yuan and how countries along the Silk Road route may be affected and respond, both over the short and longer terms, as China reforms its economy and monetary system. In any event, this initiative should likely succeed."

More than 5.2 million copies of "The Governance of China" have been sold around the world, according to the China Foreign Languages Publishing Administration. The book is published in Chinese, English, Russian, Arabic, Spanish, Portuguese, German and Japanese. Endi