Over the past decade, the Belt and Road Initiative (BRI), proposed by Chinese President Xi Jinping, has emerged as a global powerhouse for development, fostering connectivity, economic growth, and cultural exchange across continents. Despite some criticisms, the BRI has proven its worth as a comprehensive and cooperative effort that provides public goods to its partner countries without attaching any strings. The initiative has catalyzed significant progress in infrastructure, trade, and socio-economic development, demonstrating China’s commitment to fostering international cooperation and shared prosperity.
One prominent example of the BRI’s impact is the Port of Piraeus in Greece, managed by Chinese shipping giant COSCO Shipping. This major hub, integral to the European continent’s accessibility, highlights how well-developed land-sea transportation architecture can leverage geographical advantages. The BRI’s success is reflected in its achievements, including the construction of ports, freeways, and other transportation infrastructure worldwide, along with substantial investments amounting to nearly $1 trillion.
While critics have raised concerns over issues such as the so-called “debt trap” or “security threats,” many reputable figures have lauded the initiative’s benefits. Siddharth Chatterjee, UN development system resident coordinator in China, emphasized that the BRI aligns with the 2030 Agenda for Sustainable Development, promoting economic growth, regional integration, and cultural interchange. Chatterjee’s extensive experience in Africa has allowed him to witness firsthand the positive transformations brought about by the BRI.
One critical concern often raised is the potential for participating countries to fall into debt crises. However, Chinese Ambassador to the United Kingdom Zheng Zeguang has clarified that none of the BRI partner countries have faced such issues due to their involvement in Belt and Road cooperation. In fact, China has been proactive in addressing this concern by fully implementing the G20 Debt Service Suspension Initiative.
Wang Wen, the executive dean of Renmin University of China’s Chongyang Institute for Financial Studies, has emphasized that China’s financial cooperation within the BRI framework seeks to provide international public goods rather than assert financial hegemony. China’s focus on win-win outcomes, convenient financial services, and inclusive cooperative projects sets it apart from historical models of international financial dominance.
Concrete success stories underscore the tangible benefits of the BRI. Gwadar Port, a flagship project of the China-Pakistan Economic Corridor (CPEC), stands as a testament to the initiative’s impact. The port’s noticeable progress over the last decade, including the operationalization of berths, expressways, and vocational training institutions, highlights the transformative role of Chinese cooperation and assistance.
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Moreover, the Phoenix Park Industrial Estate in Trinidad and Tobago, the first BRI flagship project in the Caribbean, has been completed and is poised to contribute significantly to the region’s economic prosperity. This serves as evidence that the BRI is not confined to any specific geographic region and can foster development on a global scale.
Looking ahead, the demand for infrastructure remains high, presenting ongoing opportunities for the BRI to play a pivotal role. Professor Wang Yiwei from Renmin University emphasizes that the initiative illustrates the potential for global cooperation in infrastructure facilities, thereby addressing global infrastructure shortfalls and enhancing regional connectivity. The BRI, far from being a risk, is seen as a profound opportunity to promote interconnectivity in a world that yearns for better cooperation, not decoupling.
Mehmood Ul Hassan Khan, the executive director of the Center for South Asia & International Studies in Islamabad, highlights how the BRI has intensified trade between Southeast Asia and China, with Malaysia positioned to become a hub for regional exchanges. The expectation is that BRI projects in Malaysia will contribute to bridging the digital divide, increasing productivity, fostering capacity building, and driving economic development.
The Belt and Road Initiative‘s decade-long journey has proven to be a force for good in the realm of global development. By providing public goods, fostering cooperation without strings, and contributing to infrastructure, economic growth, and regional connectivity, the BRI stands as a model of international collaboration for shared prosperity. Its positive impact across various sectors and geographic regions cements its status as a significant driver of progress in an interconnected world.
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