The third Belt and Road Forum for International Cooperation (BRF) recently concluded, marking another significant milestone in the decade-long journey of China’s Belt and Road Initiative (BRI). In his keynote speech at the opening ceremony, Chinese President Xi Jinping highlighted the achievements of the BRI and laid out a roadmap for its future with eight major steps aimed at promoting high-quality development.
Advancing Global Modernization through the BRI
President Xi emphasized the importance of economic interdependence and win-win cooperation, underscoring China’s commitment to shared prosperity. He stated, “China can do well only when the world is doing well, and the world will get even better when China does well.”
The BRI reflects China’s development philosophy, which supports collective growth and modernization, especially among developing countries. Since its inception in 2013, the BRI has created over 420,000 jobs in participating countries and helped lift approximately 40 million people out of poverty. The initiative aims to promote infrastructure connectivity, trade facilitation, and cultural exchange, thus fostering economic development and social progress across Asia and beyond.
Eight Major Steps for High-Quality Development
To further enhance the BRI, President Xi announced eight major steps, including new transnational and inter-regional road connectivity projects, the development of logistics channels, integration of ports and shipping services under the “Silk Road Maritime,” and the construction of the New International Land-Sea Trade Corridor and the Air Silk Road. These initiatives are designed to enable more countries and people to benefit from the BRI’s opportunities.
Comparing Development Approaches
While the BRI promotes inclusive globalization and mutual cooperation, other global economic policies have taken different paths. For instance, some countries have adopted measures focusing on domestic industries and trade protectionism. These approaches can impact global trade dynamics and economic relationships.
The BRI offers an alternative development model that emphasizes partnership and shared growth. It provides additional development funding and cooperation opportunities for many developing countries, complementing existing international financial institutions.
Looking Ahead
China’s commitment to the BRI underscores its role in supporting global development. By fostering economic ties and infrastructure development, the BRI aims to contribute to global modernization efforts and support the progress of the Global South. As the initiative enters its next phase, it holds the potential to further enhance economic integration and mutual prosperity among participating nations.
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China's development philosophy behind the BRI beats Bidenomics
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