The China Academy of Translation, a research institute affiliated with the China International Publishing Group, the country's leading international publisher, has analyzed prevailing terms concerning the China-proposed Belt and Road Initiative and translated them into a number of foreign languages. In each issue, Beijing Review presents some of these keywords to help readers know more about the initiative.

Unimpeded trade

Major measures the countries and regions along the Belt and Road could take include:

Creating mechanisms to facilitate free trade and the removal of investment and trade barriers;

Opening free trade areas to create a business-friendly environment at the regional and national levels and unleash the potential for cooperation;

Improving the transparency of technical measures and reducing non-tariff barriers in order to liberalize and facilitate trade;

Expanding trading areas, improving trade structures and exploring new growth areas in order to attain trade balance;

Integrating investment and trade and boosting trade with investment;

Incorporating into investment and trade strategies a focus on cooperation in ecological conservation, protecting bio-diversity and addressing climate change in a joint effort to build a Silk Road to green development;

Optimizing industry, value, supply and service chains and promoting economic complementarity, interaction and mutual assistance between countries and regions concerned; and

Exploring new development opportunities and creating an open economic environment that encourages the search for win-win solutions, respects diversity, enhances security and promotes efficiency.

Financial integration

Financial integration is an important supporting pillar for the Belt and Road Initiative. Key measures the countries concerned could take to foster financial integration include:

Increasing financial cooperation to ensure currency stability, build a sound framework for investment, financing and credit services in Asia, and expand the availability of public financial products;

Strengthening the role of the Asian Infrastructure Investment Bank, the BRICS New Development Bank, the Silk Road Fund and the sovereign wealth funds of the countries concerned in funding key projects;

Expanding local currency settlement for bilateral trade and promoting the opening up and development of bond markets in Asia in support of RMB bond issuance in China by governments and creditworthy companies and financial institutions of other Belt and Road countries as well as the issuance of bonds denominated in RMB or foreign currencies outside China by Chinese companies and financial institutions;

Facilitating interbank and multilateral cooperation, especially in issuing syndicated loans and bank credit, and encouraging equity funds, companies and individuals to invest in key projects; and

Enhancing cooperation on financial regulation, improving risk response and crisis management mechanisms, and building a regional financial risk early-warning system to address any cross-border risks and crises and promote further economic and trade cooperation.

Strengthened people-to-people ties

People-to-people ties provide an anchor for the Belt and Road Initiative. Without such an anchor, the strategic goal of connecting diverse cultures and different countries would be out of reach. Increased interaction and mutual understanding, greater awareness of the potential benefits from expanded cooperation, and more participation are therefore indispensable to the initiative's success.

To this end, the countries along the Belt and Road are encouraged to step up friendly cooperation in the Silk Road tradition by promoting extensive cultural, academic, scientific, media, and other people-to-people exchanges—including between young people, women, and volunteer groups—so as to consolidate public support for bilateral and multilateral cooperation.

Specific measures include: Pursuing exchanges between non-governmental organizations; strengthening the role of political parties and parliaments in promoting bilateral and multilateral interaction; encouraging collaboration between think tanks in conducting research, and sponsoring forums on issues of common concern; and fostering dialogues between civilizations and religions through increased exchanges between cultural and media organizations.

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