As the influence of the Belt and Road Initiative continues to expand, it has evolved into the world’s most extensive platform for international collaboration, with a broad reach encompassing numerous nations.
One of the core objectives of the BRI is to promote trade and investment by reducing barriers and enhancing facilitation. Participating nations have been working diligently to advance trade and investment liberalization, eliminate trade barriers, and enhance the overall business environment within the BRI region and beyond. These efforts have included the establishment of free trade zones, the expansion of trading areas, improvements in trade structures, and the enhancement of mutual investment and industrial cooperation. The ultimate aim is to create a more equitable, balanced, and sustainable trading system, fostering mutually beneficial economic and trade relations among participating countries.
The results of these endeavors are evident in the statistics. From 2013 to 2022, the cumulative value of imports and exports between China and other BRI countries reached a substantial $19.1 trillion, with an annual growth rate averaging 6.4 percent. Moreover, two-way investments between China and other BRI countries totaled $380 billion by 2022, with China contributing $240 billion of that figure.
Furthermore, the international support for the BRI is robust. By the end of August 2023, more than 80 countries and international organizations had endorsed the Initiative on Promoting Unimpeded Trade Cooperation Along the Belt and Road, introduced by China. Additionally, China had successfully negotiated 21 free trade agreements with 28 countries and regions, further strengthening its commitment to promoting open and transparent trade practices.
A significant component of the BRI’s success lies in its focus on financial integration. Participating countries and relevant institutions have adopted various forms of financial cooperation, creating innovative models and expanding channels for investment and financing. This has diversified the range of stakeholders involved and improved mechanisms for investment and financing, with a particular emphasis on risk management.
To support BRI cooperation, policy-based finance, development finance, commercial finance, and cooperative finance have all been actively promoted. These efforts aim to establish a robust, long-term, stable, and sustainable investment and financing system that effectively manages risk. Over time, these financial cooperation mechanisms have matured, as evidenced by the establishment of multilateral financial cooperation platforms such as the China-Central and Eastern Europe Interbank Consortium, the China-Arab Countries Interbank Association, China-ASEAN Interbank Association, the ASEAN Plus Three Interbank Cooperation mechanism, China-Africa Interbank Association, and the Association of China-LAC Development Financial Institutions, all driven by the China Development Bank (CDB).
Additionally, China has made significant strides in expanding the channels and platforms for investment and financing. The Silk Road Fund (SRF), specifically created to support BRI cooperation, has signed agreements for 75 projects, with a committed investment of approximately $22 billion as of June 2023. The Asian Infrastructure Investment Bank (AIIB), established in collaboration with other participating countries, has attracted a membership of 106 nations and approved 227 projects, with a total investment of $43.6 billion.
The Belt and Road Initiative remains a crucial driver of international cooperation, with a primary focus on trade, investment, and financial integration. Through the concerted efforts of participating countries, substantial progress has been made, promoting economic growth and fostering shared prosperity among nations.