The Chinese government has come up with new measures and strategies to cope with dramatically changing economic dynamics within and outside China. One of the strategies is the Silk Road Economic Belt and the 21st Century Maritime Silk Road. The initiative will be among the major topics during the on-going central economic work conference in Beijing. CCTV America’s Yang Chengxi reported this story from Beijing.

The initiative is set to become one of the biggest economic cooperation schemes on the international stage. The measure covers as much as 4.4 billion people, or 63 percent of the global population, with a collective GDP of $2.1 trillion, which is 29 percent of the world’s GDP.

Expert said the initiative is about “regional economic integration, trade liberalization, and investment facilitation.”

“The creation of the new Silk Road is about economic and trade cooperation in the region along the cultural route of the ancient Silk Road,” professor of Tsinghua University He Maochun said, “It does not intend to rebuild the road, but to build solid bilateral and multilateral free trade agreements, joint infrastructure projects, and other forms of high-level economic and cultural exchange so the region can adapt to economic globalization.”

Entrepreneurs are also embracing the initiative. Many companies in China’s Southwest border region are already preparing to adapt to new opportunities and challenges brought by the initiative.

Anthony Chan of Chase discusses Chinese economy

CCTV America Michelle Makori interviewed Anthony Chan, Managing Director & Chief Economist of Chase. about his insight on the figures and Chinese economy.