Business / Economy

Belt and Road will lead China to closer interaction with the world

(Xinhua) Updated: 2015-10-19 14:00

BEIJING - China's Belt and Road Initiative will bring about three drastic changes leading to closer interaction between China and the rest of the world.

The Silk Road Economic Belt and the 21st-Century Maritime Silk Road are international trade and infrastructure projects proposed by Chinese President Xi Jinping during his overseas visits in 2013.

The former draws on the experience China has gained in building infrastructure and economic development zones since the introduction of reform and opening up policies more than three decades ago. The latter aims to update harbors and navigation routes to enhance transport capacity and strengthen cooperation among nations along the route.

The first change the initiative will bring about will be China's role in the world economy. Specifically, the reputation for "made in China" goods will give way to "built by China" infrastructure.

The initiative focuses on establishing comprehensive infrastructure networks including railways, roads and pipelines for about 60 nations with a total population of 4.4 billion spanning Asia, Europe and Africa. This will create opportunities for China and other nations.

In addition, economic corridors will be set up to boost trade and investment in participating nations.

Since most of the countries along the Silk Road are in the early stages of industrialization, cooperation with China and the developed European nations will be productive.

Second, the initiative will link landlocked nations in central Asia and west Asia, which have benefitted from globalization the least, to harbors and ports.

The initiative also reflects China's foreign policy, which emphasizes the country's relationships with neighboring nations and developing countries.

Third, the initiative will boost the rejuvenation of civilizations.

Modernization as initiated by Western nations has been competitive in nature, resulting in a scramble for development, damaging the Earth and bringing suffering to mankind.

However, the Belt and Road Initiative brings the civilizations of Egypt, Babylon, India and China together in one game of common development.

The inclusiveness contained in the initiative has gone beyond the logic of competitiveness, which will boost the economic development of underdeveloped nations and help emerging economies continue their momentum.

In a nutshell, the China-proposed initiative is a new beginning, not only for the relationship between China and the world, but also for the common development of mankind.

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