The Belt and Road Initiative Progress, Contributions and Prospects
22 Apr., 2019  |  Source: Belt and Road Portal  |  Hits:10397

- Establishing a track two mechanism for dialogue. Through track two channels such as political parties, parliaments, think tanks, local authorities, NGOs, business communities, the media, and institutions of higher learning, China and other B&R countries can engage in diverse communication, dialogue, exchange, and cooperation, focusing on joint efforts to build the Belt and Road. China has organized the CPC in Dialogue with World Political Parties High-Level Meeting, during which the CPC had extensive communication with political parties from other countries on issues of the Belt and Road. China and other relevant countries have jointly established the Silk Road Think Tank Association, Silk Road Think Tank Network, and University Alliance of the Silk Road. The UK, Japan, Korea, Singapore, Kazakhstan and other countries have established research institutions on the Belt and Road and held a variety of forums and symposiums. Universities in China and other countries have jointly established research centers on the Belt and Road, schools for Belt and Road cooperation and development, and training centers, with the aim of cultivating international talent to build the Belt and Road. Through means such as holding media forums, co-producing documentaries, and arranging joint interviews, Chinese and foreign media have strengthened cooperation and exchange, improved their international communication capabilities, and helped the international community to access timely information on joint efforts to build the Belt and Road.

2. Joint contribution: joining forces to build a harmonious international community

Joint contribution means that all the parties are equal participants, builders and contributors, and share responsibilities and risks.

- Building financing platforms for cooperation. Since opening in 2016, the Asian Infrastructure Investment Bank (AIIB), which was established in accordance with a proposal from China, has played a role of increasing importance in the international multilateral development system. It has won broad trust and recognition from the international community. As of the end of 2018, the membership of AIIB had grown from the 57 founding members to 93, spread across five continents. It had approved loans of US$7.5 billion and leveraged other investments totaling almost US$40 billion. Its 35 approved projects are distributed over 13 countries including Indonesia, Pakistan, Tajikistan, Azerbaijan, Oman, Turkey and Egypt. In fulfilling its own purposes and missions, the bank has become one of the key multilateral platforms for building the Belt and Road, along with other multilateral development banks. In November 2014 the Chinese government pledged US$40 billion to establish a Silk Road Fund, and in May 2017, it announced an additional RMB100 billion contribution to the fund. As of the end of 2018, the contracted investment under the fund had reached about US$11 billion, with actual investment adding up to US$7.7 billion; the fund had also allocated US$2 billion to set up the China-Kazakhstan Industrial Capacity Cooperation Fund. In 2017, the Chinese government established the Public-Private-Partnership mechanism for the Belt and Road, and signed an MoU with the United Nations Economic Commission for Europe, to jointly promote better application of the mechanism in Belt and Road cooperation projects.

- Actively conducting cooperation in third-party markets. In our efforts to build the Belt and Road, we are committed to promoting open, inclusive, pragmatic and effective cooperation in third-party markets, so as to help Chinese and foreign enterprises utilize their complementary strengths and achieve a "1+1+1>3" all-win result in which the benefits of three-party cooperation are greater than what the parties can produce separately. In 2018 two successful forums were held: the first Forum on China-Japan Third-Party Market Cooperation and the second meeting of the Steering Committee for China-France Third-Party Cooperation. A batch of cooperation projects such as the Hinkley Point C nuclear power station in the UK were put into effect. China's CRRC and Germany's Siemens reached consensus on third-party cooperation in some key projects.

3. Shared benefits: ensuring all parties gain real benefits

Shared benefits mean that we take into consideration the interests and concerns of partners of cooperation, seek a convergence of interests with other countries, and expand common ground, so as to ensure that our cooperation is not only mutually beneficial but is beneficial to all parties. The Belt and Road Initiative is not a zero-sum game which results in the win of one party and the loss of the other. Rather, it is meant for mutual benefits and win-win and all-win outcomes.

- Bringing China's development achievements to other B&R countries. For several years now, China has accounted for about 30 percent of world economic growth. Through the rapid expansion of its demand for imports, China propels economic growth in the B&R countries that export goods to China. At the same time, China is making a growing contribution to international trade. China's imports in goods and services both account for one tenth of the total global value. In 2018, China imported goods worth RMB14.1 trillion, up 12.9 percent from 2017. Its FDI totaled US$129.83 billion, 4.2 percent higher than 2017, and the percentage of direct investment to other B&R countries grew year by year. Under the cooperation framework of the Belt and Road Initiative, China supports developing countries such as those in Asia, Africa and Latin America to invest more in infrastructure. As a result, the benefits of world economic development are continuously brought to those countries. According to the quantitative trade model of a World Bank study, the Belt and Road Initiative will increase the GDP of East Asian and Pacific developing countries by 2.6-3.9 percent on average.

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