Since its inception in 2013, China's Belt and Road Initiative (BRI) has been a game-changer in global infrastructure development. Launched to reconnect Asia with Europe and Africa via the ancient Silk Road routes, the BRI now spans 71 economies along its transport corridors.
According to the World Bank, China accounts for 40 percent of global merchandise exports and 35 percent of global foreign direct investments, highlighting its pivotal role in the BRI. This initiative has introduced an alternative model to traditional multilateral institutions, reshaping infrastructure financing and governance worldwide.
The BRI has fostered new partnerships, particularly in Central Asia, South Asia, Southeast Asia, and Africa. These collaborations have brought essential investment, trade, and development assistance, boosting economic growth in these regions. For many developing countries, the BRI is a vital source of financing and infrastructure development, driving progress and modernization.
From a geopolitical perspective, some nations view the BRI as a strategic move to balance against other global powers like the United States and Japan. The initiative offers alternative sources of security and stability, especially in areas facing territorial disputes or external pressures.
Beyond economics and politics, the BRI has promoted cross-border cooperation in science, technology, education, and culture. This has led to increased innovation and talent development, with China's exports of high-tech products to BRI countries growing by 10.9 percent annually, and imports from these countries rising by 20.1 percent annually.
Trade between China and BRI countries reached $9.2 trillion from 2013 to 2020, with direct investments totaling $140 billion. Looking ahead, the BRI is projected to boost global GDP by 0.7 percent in 2030 and 2.6 percent in 2050, while China's GDP could grow by 3.4 percent by 2030 and 5.3 percent by 2050 due to the initiative.
One of the standout achievements of the BRI is the development of transport corridors like the China-Europe Railway Express, which enhances connectivity between China and Europe through Central Asia and Russia. These corridors not only facilitate trade but also strengthen regional stability and economic integration.
Overall, the Belt and Road Initiative has significantly impacted global infrastructure, trade, and economic growth, positioning China as a central player in shaping the future of international development.
Reference(s):
cgtn.com
