A Decade of the Belt and Road Initiative: Achievements, Challenges, and Future Prospects
In September 2013, Chinese President Xi Jinping stood at Nazarbayev University in Kazakhstan and unveiled an ambitious vision to revive the ancient Silk Road through a modern infrastructure network. This vision, known today as the Belt and Road Initiative (BRI), has since become the centerpiece of China’s foreign policy, aiming to enhance global connectivity and foster development across Asia, Africa, Europe, and beyond.
The BRI leverages China’s vast experience and competitive advantages in constructing infrastructure, including railways, roads, ports, airports, power plants, and telecommunications. Over the past decade, China has signed more than 200 cooperation documents with 152 countries and 32 international organizations, covering over three-quarters of the world’s nations. From 2013 to 2022, China committed over $1.2 trillion and completed projects worth $800 billion, accounting for more than half of its total foreign projects.
Significant achievements include the development of six major international economic corridors:
- New Eurasian Continental Bridge: A transcontinental railway from China’s Jiangsu Province to Rotterdam in the Netherlands.
- China-Mongolia-Russia Corridor: Enhancing connectivity and trade among the three nations.
- China-Central Asia-West Asia Corridor: Linking China’s Xinjiang Uygur Autonomous Region through Central Asia to the Persian Gulf and the Mediterranean.
- China-Pakistan Economic Corridor: Connecting Kashi in Xinjiang to Gwadar Port in Pakistan.
- Bangladesh-China-India-Myanmar Economic Corridor: Promoting regional integration in Southwest Asia.
- China-Indochina Peninsula Corridor: Strengthening ties between China and Southeast Asian countries including Vietnam, Laos, Cambodia, Myanmar, Thailand, Malaysia, and Singapore.
Notable projects under the BRI include the recently inaugurated Jakarta-Bandung high-speed railway in Indonesia, the Hungary-Serbia Railway, the China-Laos Railway, and the development of the Piraeus Port in Greece. The flagship China-Europe freight train network now operates 84 routes, reaching 211 cities in 25 European countries, facilitating trade and enhancing connectivity across the continent.
While the BRI has made substantial progress, it also faces significant challenges. Issues such as excessive debt burdens on partner countries, project delays, suboptimal project selection, corruption, cultural misunderstandings, security concerns, and geopolitical pushback have emerged over the years. Despite these challenges, many developing countries continue to express strong interest in participating in the BRI, recognizing the critical importance of infrastructure development for their economic growth.
As the BRI enters its second decade, its focus remains on promoting policy coordination, infrastructure connectivity, unimpeded trade, financial integration, and people-to-people exchanges. China’s commitment to principles of extensive consultation, joint contribution, and shared benefits aims to foster sustainable development and improve livelihoods across participating nations.
The future of the BRI will depend on how these challenges are addressed and how cooperation can be enhanced to ensure that the initiative continues to contribute positively to global development. With the world facing unprecedented interconnected challenges, the BRI’s vision of enhanced connectivity and shared prosperity holds significant relevance.
Reference(s):
cgtn.com
