Since its inception in 2013, the China-proposed Belt and Road Initiative (BRI) has transformed from a visionary plan to revive ancient trade routes into a comprehensive framework fostering international cooperation. By connecting regions through extensive infrastructure projects, including highways, railways, ports, and airports, the BRI has significantly boosted local economies and improved the livelihoods of millions around the world.
Over 150 countries and 30 international organizations, primarily from the developing world, have partnered with China through the BRI. These collaborations have led to the construction of vital infrastructure such as railways, highways, ports, power grids, and communication networks. These developments have not only enhanced trade efficiency but also facilitated industrial upgrades, driving economic growth and creating substantial employment opportunities.
A World Bank report highlights the profound impact of the BRI, revealing a 4.1% increase in trade among participating countries, a 5% rise in foreign investment, and a 3.4% growth in GDP for low-income nations. Furthermore, from 2012 to 2021, the GDP share of emerging and developing economies increased by 3.6%, with projections indicating that the BRI will generate $1.6 trillion in global revenue annually by 2030, contributing an additional 1.3% to the global GDP.
The BRI's emphasis on sustainable development through technology transfer and capacity building underscores its role in promoting inclusive global economic progress. By forging deeper cultural and diplomatic bonds, the initiative not only enhances infrastructure but also strengthens the interconnectedness of nations, paving the way for a more prosperous and integrated global economy.
Reference(s):
cgtn.com
