A peaceful solution to S. China Sea disputes

By Zhang Jingwei
0 Comment(s)Print E-mail China.org.cn, March 18, 2016
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The civil ship Sansha I sails for Yongxing Island in Sansha City, south China's Hainan Province, Jan. 6, 2015. [Xinhua/Xia Yifang]

The South China Sea issue has once again become a hot topic during the "two sessions," which is China's most important annual political event, as the United States sent an aircraft carrier strike group to the region a few days before the event.

According to the U.S. newspaper Navy Times, the move was aimed at demonstrating U.S. commitment to the "freedom of navigation" and opposing China's attempt at "militarizing the region."

However, it was the U.S. navy fleet that flexed its military muscle. It's obvious to all who's militarizing the region.

Unfortunately, the game in the South China Sea might last for a rather long period of time. The United States is seeking an alliance with a wide range of countries and regions, including Japan, Australia, ASEAN and India, to confront China in the Western Pacific Ocean.

For China, in addition to building a blue-water navy, there are many other solutions to solve the issue. The suggestion made by Han Fangming, founding chairman of the Charhar Institute, is a very helpful and practical one.

Han suggested that China's Yongxing Island be made an offshore jurisdiction and offer offshore company registration services to boost economic development and bring about joint prosperity in the region.

An offshore jurisdiction, also known as an offshore financial center, is usually a small island country or region far away from the continent. Due to the inconvenient location and small land area, it is often made a special economic zone to offer favorable tax policies or even zero tariffs to non-resident companies, thus widely known as a "tax haven."

According to Han, making Yongxing Island an offshore jurisdiction will bring many benefits to China. More importantly, it will effectively relive the tension in the South China Sea.

Yongxing Island enjoys an advantageous geographical location, surrounded by the world's most economically dynamic areas. If it can offer offshore business registration services and companies based there will wield their own business and financial influences to put a stop to the regional military confrontation.

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