A peaceful solution to S. China Sea disputes
- By Zhang Jingwei
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E-mail China.org.cn, March 18, 2016
Military confrontation in the South China Sea will do no good to anyone. When the region is patrolled by military ships and planes of various sides, none can exercise a stable administration, let alone boost economic development.
However, if China turns Yongxing Island into an offshore financial center, a new tax haven will come into being, bringing benefits to businesses all around the world. It will also show China's goodwill in solving disputes peacefully.
Once Yongxing Island is built into an offshore financial center, it will set a good example for other countries. This will promote economic and business exchange instead of intensifying military confrontation, and will offer a chance for all parties to jointly exploit and share resources in the region.
Sovereignty disputes in the South China Sea have become increasingly complicated, as more and more parties have been dragged into the chaos. The United States is allying with Japan, Australia, Southeast Asia and India to confront China and encroach upon China's maritime activities. Direct confrontation will drain the powers of both sides and increase mutual mistrust.
Confronting each other's militaries is unwise. Establishing an offshore financial center, which has proved to be a mature practice and fit into the economic globalization trend, could offer a possible solution to the issue.
After all, China, the United States, Australia, Japan and countries in Southeast Asia are home to the largest number of transnational companies in the world and are important trade partners to each other. Once Yongxing Island is made into a tax haven, it will help achieve peace and a win-win situation in the South China Sea.
Zhang Jingwei a researcher at the Charhar Institute.
The article was translated by Chen Xia. Its unabridged version was published in Chinese.
Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.
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