The Belt and Road Initiative (BRI), launched in 2013, has been a catalyst for transforming visionary ideas into tangible projects. Over the past decade, the BRI has strengthened policy coordination, enhanced infrastructure connectivity, and promoted unimpeded trade, fostering synergy among participating countries.
A key feature of the BRI is its focus on developing economic ties through seamless land and sea trade. According to a World Bank report, the implementation of BRI projects could reduce travel times along key transport corridors by 12% by 2030, thanks to improved infrastructure. This reduction in travel time is expected to decrease trade costs significantly.
Lower trade costs can lead to a substantial increase in trade volumes—ranging from 2.8% to 9.7% for participating countries and 1.7% to 6.2% for non-participating nations. Such an increase could contribute an additional 0.7% to global economic growth annually, equating to half a trillion dollars. Moreover, real per capita incomes could rise by 0.7% to 2.9%, potentially lifting approximately 7.6 million people out of extreme poverty and 32 million from moderate poverty.
The global landscape has undergone significant changes since 2019. The COVID-19 pandemic stalled development, trade barriers have risen, de-globalization has gained momentum, and economic growth has slowed globally. Despite these challenges, Chinese President Xi Jinping emphasized at the third Belt and Road Forum for International Cooperation that the BRI has opened a new path for international exchanges and cooperation.
In Central Asia, the BRI has turned the region into a vital transport bridge between China and Europe, transforming a previously landlocked area into a connected economic space. This has led to what many are calling the revolutionary \"new great silk road.\"
Between January and November 2022, over 15,000 freight trains traveled between Asia and Europe, transporting 1.48 million TEUs of cargo. In the past decade, China-Europe freight trains have made 77,000 trips, carrying 7.31 million TEU containers valued at more than $340 billion.
Reference(s):
cgtn.com
