As the Belt and Road Initiative (BRI) marks its 10th anniversary, its influence spans over three-quarters of the world's nations. Initiated by China's President Xi Jinping in 2013, the BRI encompasses the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming to enhance connectivity across Eurasia, Southeast Asia, Africa, and Europe.
In the past decade, China has signed more than 200 BRI cooperation agreements with 152 countries and 32 international organizations. These partnerships have led to the establishment of over 3,000 projects, with investments exceeding $1.2 trillion committed and $800 billion completed from 2013 to 2022. Key infrastructure developments include high-speed railways in Indonesia, the Hungary-Serbia Railway, the China-Laos Railway, and the strategic Piraeus Port in Greece. Additionally, the China-Europe freight trains have established 84 operating routes, connecting 211 cities in 25 European countries.
The BRI has become a cornerstone of China's foreign policy, leveraging the nation's expertise in constructing essential infrastructure such as railways, roads, ports, and power plants. These developments are crucial for developing countries seeking to enhance their infrastructure and economic growth.
According to a recently released white paper, China emphasizes that the BRI strives for a global community with shared futures, adhering to principles of extensive consultation, joint contribution, and shared benefits. The initiative focuses on five key aspects: policy communication, infrastructure connectivity, unimpeded trade, capital financing, and people-to-people bonding.
Despite its successes, the BRI faces significant challenges, including excessive debt, project delays, poor project selection, corruption, cultural clashes, terrorism, and opposition from host and Western countries. Nevertheless, the demand for BRI projects remains strong among developing nations, highlighting the initiative's critical role in global development.
As the BRI continues to evolve, its impact on international trade, economic growth, and geopolitical dynamics will remain a focal point for global observers and stakeholders alike.
Reference(s):
cgtn.com
