COUNTING ON CHINA PLAN
The world economy has still not fully recovered from the global financial crisis. Moreover, uneven resource allocation between developed and developing countries has only made matters worse.
One of the priorities of the Belt and Road Initiative is to help developing countries be heard and to explore a more equitable, reasonable and justified global governance system, said Ou Xiaoli, a senior official of the National Development and Reform Commission.
China, for its part, is willing to share its experience and expertise in infrastructure, trade and energy development with countries along the routes to achieve common prosperity.
According to a report co-authored by the Chinese Academy of Social Sciences (CASS) and China Bond Rating, investors tend to favor the energy, transportation and information technology sectors.
The value of all infrastructure projects in 66 countries and regions that fell under the initiative in 2016 was just under 500 billion U.S. dollars, according to accounting firm PwC.
"Better infrastructure will help transport goods and talent from China to areas with resources and demand, and then there will be more projects in retail, real estate and other market-oriented sectors in countries with large populations," said Sean Prior, counsel at the law firm Mayer Brown JSM.
FANS AROUND THE GLOBE
Openness, inclusiveness and mutual benefit are the hallmarks of the initiative and the source of its strong support, said Liu Jieyi, China's permanent representative to the United Nations (UN).
Since the initiative was proposed, it has won support from over 100 countries and international organizations, with the signing of nearly 50 inter-governmental agreements of cooperation.
In addition to developing-country partners, China signed a cooperation agreement with New Zealand in March, the first developed Western country to do so.
Since 2013, China has invested more than 50 billion U.S. dollars in countries along the Belt and Road, according to a CASS report.
A total of 56 economic and trade cooperation zones have already been built by Chinese businesses in 20 Belt and Road countries, generating nearly 1.1 billion U.S. dollars in tax revenue and creating 180,000 local jobs.
A recent resolution adopted by the UN also highlighted the role of the initiative in advancing regional economic cooperation, urging involved parties to help create a favorable environment for projects under the initiative by improving security, among other efforts.
The initiative offers "great potential" for advancing the UN's sustainable development agenda through economic growth, trade opportunities, job and income generation, infrastructure building and capacity building, said UN Under-Secretary-General for Economic and Social Affairs Wu Hongbo.
