As the Belt and Road Initiative (BRI) celebrates its 10th anniversary, questions loom about its future trajectory and global impact. Launched by President Xi Jinping, the BRI initially aimed to bridge China with Europe through Central Asia, but its reach has since expanded to Southeast Asia, South Asia, the Middle East, and Africa.
Marking a decade of growth, the BRI symbolizes China’s expansive economic ambitions and its increasing global footprint. The initiative is not just about infrastructure; it represents China's strategic goals, including the internationalization of the renminbi and the securing of vital natural resources such as oil and lithium.
A 2019 World Bank policy paper sheds light on the benefits of the BRI, highlighting a projected global income increase of 0.7% by 2030, lifting 7.6 million people out of extreme poverty. However, this progress comes with a slight uptick in global carbon dioxide emissions.
Looking ahead, BRI projects are set to focus more on science and technology and industrial transformation, leveraging China’s strengths in areas like new energy vehicles, high-speed rail, offshore engineering, wind and photovoltaic power, and power transmission. With comprehensive industrial classifications, China stands alone in its capacity to offer high-level industrial cooperation with BRI countries.
President Xi has emphasized the cultivation of new growth areas including health, green, and digital sectors. The vision includes smart cities, the Internet of Things, artificial intelligence, big data, cloud computing, and e-commerce. Innovations like mobile payments are positioning China to lead “Silk Road e-commerce,” thereby enhancing its international influence.
To enhance project quality, state-owned enterprises (SOEs) are shifting towards more sustainable models such as \"Build-Operate-Transfer\" (BOT). This approach fosters careful project selection and financial structuring, as evidenced by a recent expressway project in Nairobi, Kenya.
With an estimated $2.5 trillion boost in trade volume over the next decade, the BRI is poised to drive economic globalization, reduce global inequalities, and facilitate strategic realignments in the international order. As the initiative evolves, it promises new business opportunities, especially for private companies, marking a significant chapter in global economic development.
Reference(s):
cgtn.com
