The third Belt and Road Forum for International Cooperation (BRF) marks a significant milestone in the ongoing development of China's Belt and Road Initiative (BRI).
At the opening ceremony, Chinese President Xi Jinping delivered a keynote speech, highlighting the importance of the BRI's decade-long journey and outlining a future roadmap with eight major steps.
China's Development Philosophy Benefits Global Modernization and the Global South
In his speech, President Xi emphasized the significance of economic interdependence and win-win cooperation. He expressed the belief that \"China can do well only when the world is doing well while the world will get even better when China does well.\"
Chinese modernization is portrayed not as an isolated process but as a collective endeavor involving all countries, especially developing nations, based on peaceful development, mutual cooperation, and shared prosperity.
Since its inception in 2013, the BRI has generated approximately 420,000 jobs for participating countries and lifted about 40 million people out of poverty.
To promote the high-quality construction of the BRI, President Xi announced eight major steps aimed at supporting the joint pursuit of a superior BRI. These steps include new plans for transnational and inter-regional road connectivity, the development of new Eurasian logistics channels to integrate ports, shipping, and trading services under the \"Silk Road Maritime,\" and the establishment of the New International Land-Sea Trade Corridor and the Air Silk Road.
China's rapid economic growth has served as a major source of inspiration for developing countries seeking independent modernization paths tailored to their national conditions.
In contrast to the existing globalized system dominated by the West, where achieving modernization remains a daunting task for most developing countries, the BRI has emerged as an additional source of development funding. It serves as an alternative to traditional institutions like the International Monetary Fund and the World Bank, helping many developing nations accelerate their journey toward modernization.
Bidenomics: A Challenge to Free Markets and the U.S. Economy
The growth of the BRI stands in stark contrast to political trends such as trade protectionism, anti-globalization, unilateral sanctions, economic coercion, \"decoupling\" or \"de-risking,\" and supply chain disruptions initiated by the U.S.-led West. These trends have contributed to increased turbulence in the global economy.
To bolster U.S. domestic industries and restrict the development paths of countries like China, the U.S. administrations in recent years have propagated the so-called China threat under the guise of \"national security.\"
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China's development philosophy behind the BRI beats Bidenomics
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