Promotion of Global Economic Development Through the Belt and Road Initiative

Justin Yifu Lin () and Caihui Fu ()
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Justin Yifu Lin: Peking University
Caihui Fu: Peking University

Chapter Chapter 10 in Demystifying the World Economic Development, 2024, pp 595-641 from Springer

Abstract: Abstract As discussed in Chap. 9 , China has made remarkable achievements in economic development since the reform and opening-up. In 2013, President Xi Jinping raised the initiative of jointly building the Silk Road Economic Belt and the 21st Century Maritime Silk Road (referred to as the Belt and Road Initiative). As a grand blueprint showcasing China’s openness in the new era, it aims to further drive globalization, share China’s ideas and experiences, and help more countries achieve economic prosperity. Since the outbreak of the global financial crisis in 2008, the world economy has generally been in a slump and has not yet fully recovered. Meanwhile, due to weakened external demand and widespread overcapacity, the world economy has shifted to low-speed growth, leading to a trend of anti-globalization. It is mainly manifested in the following aspects: The first is the growing difficulties in coordinating macroeconomic policies between countries and the increasingly evident differences in interest demands and policy focuses among them for accelerating economic recovery; the second is the rise in protectionism in some countries and gradually increasing trade barriers; and the third is that some countries and interest groups incorrectly attribute issues like unequal distribution of benefits and worsening wealth disparity to globalization, becoming major forces of anti-globalization. In this context, the Belt and Road Initiative, based on the principles of extensive consultation, joint contribution and shared benefits, aligns with and supports trends of the times toward a multipolar world, economic globalization, cultural diversity, and the interconnectivity and inclusive mutual learning among nations for mutual benefits. Stemming from China’s development experience, it contributes Chinese wisdom to solving global development challenges, becoming a positive force in maintaining and advancing globalization.

Date: 2024
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DOI: 10.1007/978-981-97-5632-2_10

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