Yangtze River Delta plays leading role in Chinese modernization

Editor's note: Liu Chunsheng, a special commentator on current affairs for CGTN, is an associate professor at the Central University of Finance and Economics in Beijing. The article reflects the author's opinion, and not necessarily the views of CGTN.

While chairing a symposium on advancing the integrated development of the Yangtze River Delta in Shanghai on November 30, Chinese President Xi Jinping advocated breakthroughs in the region's integrated development and enhance the region's leading and exemplary role in pursuing Chinese modernization.

The Yangtze River Delta (YRD) integration is not just an economic strategy, but a multi-dimensional development strategy. Economically, by promoting the optimization and upgrading of industries within the region and integrating resources, this strategy has forged an economic cluster of greater efficiency, enhancing the quality and quantity in the regional, national and global GDP.

The strategic framework for collaborative development is first and foremost reflected in the interconnected infrastructure projects. Take, for instance, the emblematic Yangtze River Delta high-speed railway network, which has considerably reduced travel times and accelerated the flow of logistics by enhancing the connectivity between cities in the region. Since the railway's completion, there has been a substantial increase in passenger traffic within the YRD, playing a crucial role in facilitating the movement of talent and resources.

Industrial advancement in the YRD integration has leveraged the transformation towards innovative, greener, and more service-oriented economy, unifying the provinces' industrial strengths for a complementary development trajectory. The digital economy has been one of the focal points in this shift. For example, the integration of Shanghai's cloud computing and big data services with Suzhou's advanced manufacturing has created a series of innovative projects in fields such as medical equipment and intelligent manufacturing.

Environmental conservation has highlighted regional collaboration via joint green development initiatives. Wind power projects in Jiangsu and solar energy facilities in Zhejiang, emblematic of renewable energy capacity, have significantly boosted the share of renewables in the energy mix in the region. The average PM2.5 concentration in the YRD has shown a continual decline over the years following the installation of joint environmental regulations.

The advancement of YRD integration is crucial for shaping China's regional economic structure, enhancing the stability of the domestic economic circulation, and facilitating efficient global resource allocation. 

The YRD integration is not simply an extension of a geographical concept. It is the pursuit and ascension of development quality. In today's global economic integration, the development of the YRD offers new paths and models for economic cooperation and competition in China and the world. Every steadfast step taken in this region continues to outline the splendid tableau of China's new era.

As a locomotive for the world's second-largest economy, the Yangtze River Delta (YRD) has made significant strides in regional integration in recent years. Centered around innovation-driven and industrial upgrading strategies, the YRD's influence has radiated from the national economy to farther afield. Against this backdrop, the integration of the YRD with the Belt and Road Initiative (BRI) is not only of strategic national importance but also a practical choice for regional development.

The YRD has strengthened its infrastructure, enhancing its internal and external connectivity capabilities. With ports and railroads as links, a major transportation network has been established with Shanghai as the hub. Data from 2022 showed that the total import and export volume of the YRD reached 15.1 trillion yuan ($2.13 trillion), highlighting its role as an international trade nexus. This not only improves logistical efficiency but also offers countries along the BRI a rapid access point into China and global markets.

The YRD is committed to the development of high-end manufacturing and information technology sectors, promoting an economic structural transformation. This industrial shift is in line with the BRI's vision for green development. The YRD can thus assist BRI countries, especially developing ones, in enhancing their technical and managerial capacities, achieving sustainable development together.

Financial services represent another highlight of the YRD integration. By drawing on Shanghai's experience as an international financial hub, diverse financial products and services could be offered to BRI countries, deepening financial market interconnection and win-win cooperation. As financial innovation capabilities improve, the YRD's central position in regional economic integration will be further strengthened.

The YRD's cultural diversity and rich educational resources lay the groundwork for deepening BRI cultural exchange and cooperation. With more cultural exchange platforms, like Confucius Institutes and art exhibitions, the YRD is poised to become an important window for international cultural exchanges, thereby boosting China's economic soft power.

In essence, as the YRD meanders itself into the fabric of the "Belt and Road," it must also embrace the dual cycle strategy's spirit: an open, inclusive, and sustainable economic growth that benefits not just China but the broader international community.

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