Belt and Road will trigger paradigm shift

China's role in the global context has grown in terms of its output, trade and now its voice and leadership in sustainable and inclusive development, and resolve to pursue low carbon pathways. A further paradigm shift is anticipated in the role and influence of China, as it delivers on the Belt and Road Initiative (the Silk Road Economic Belt and 21st Century Maritime Silk Road) by leveraging on its successful infrastructure capabilities and the capital strengths of new financing vehicles such as Asian Infrastructure Investment Bank and New Development Bank.

The initiative can be a truly "game changing" proposal provided it is able to foster trust and confidence among member states. The initiative should go beyond bilateral project transactions to promote regional and multilateral policy frameworks and sustainability.

It is true that the initiative will generate mutual benefits for China and its partners. However, the economic, social and environmental costs and benefits vary across corridors, depending on the terrain, state of development, productive capacities and traffic flows.