Abstract: The Belt & Road Initiative is China’s greatest international economic ambition, aiming at stimulating economic development in a vast region covering sub regions in Asia, Europe and Africa, which accounts for 64 percent of world population and 30 percent of world GDP. The Initiative is devised to reconfigure China’s external sector in order to continue its strong growth. While infrastructure development plays a central role, the Belt & Road Initiative is a comprehensive one, including also policy dialogue, unimpeded trade, financial support and people-to-people exchange. It is too early to assess the impact of this ambitious Initiative. It certainly has the potential of turning the underdeveloped “Belt & Road” region into a new vibrant economic pillar and contributing to economic policy thinking by incorporating successful experiences of emerging market economies. However, the Initiative also faces very high barriers, including lack of central coordination mechanism, potential clash of different political regimes and beliefs and financial viability of cross-border projects.
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UCLG-ASPAC Committee on the Belt and Road Local Cooperation
CONTACT US
Secretariat of UCLG-ASPAC Committee on the Belt and Road Local Cooperation
Floor 18, Building C, Civic Center, 18 East Jiefang Road, Jianggan District, Hangzhou
secretariat-brlc@hzfao.gov.cn
Zip code: 310026
工信部备案号：浙ICP备11041366号
杭州市人民政府外事办公室版权所有未经授权禁止复制或镜像
Abstract: The Belt & Road Initiative is China’s greatest international economic ambition, aiming at stimulating economic development in a vast region covering sub regions in Asia, Europe and Africa, which accounts for 64 percent of world population and 30 percent of world GDP. The Initiative is devised to reconfigure China’s external sector in order to continue its strong growth. While infrastructure development plays a central role, the Belt & Road Initiative is a comprehensive one, including also policy dialogue, unimpeded trade, financial support and people-to-people exchange. It is too early to assess the impact of this ambitious Initiative. It certainly has the potential of turning the underdeveloped “Belt & Road” region into a new vibrant economic pillar and contributing to economic policy thinking by incorporating successful experiences of emerging market economies. However, the Initiative also faces very high barriers, including lack of central coordination mechanism, potential clash of different political regimes and beliefs and financial viability of cross-border projects.
Click this link for more content.
