In the ‘Belt and Road’ initiative, infrastructure construction is prioritized ahead of other fields, and the prolonged project will galvanize the job market in the long term, thus realizing interconnectivity and enhancing international capacity cooperation, a scholar said.

 

Scholars lauded a recent symposium on the “Belt and Road” initiative held on Aug. 17 in anticipation of the G20 Hangzhou Summit as a contribution of China to global governance.
 

Chinese President Xi Jinping said at the symposium that the “Belt and Road” can be seen as an opportunity to promote transnational connectivity, improve trade and investment cooperation, and advance cooperation in international capacity and equipment manufacturing to rebalance and stabilize the world economy.

“Xi’s speech concisely summarizes the Chinese government’s specific plans and priorities in advancing the ‘Belt and Road’ initiative,” said Zhu Feng, director of the Institute of International Studies at Nanjing University. “It makes explicit the goal and starts the propeller, bringing the initiative into ‘a period of acceleration.’”

The clear positioning represents the government’s resolve to make “Chinese contributions” to the stability and development of the world economy, Zhu said.
 

The “Belt and Road” initiative could be traced back to 2013, when Xi proposed building a Silk Road Economic Belt during his Central Asia tour and then initiated the 21st-Century Maritime Silk Road during his visit to ASEAN.

Three years have passed, and China has released a number of important policy documents, including a strategic plan, as well as a document on the vision and actions for promoting the “Belt and Road.” Local governments have also unveiled supporting plans.
 

Wang Yiwei, a professor from the School of International Studies at Renmin University of China, said that during the three years the initiative has been in place, the government has made much progress and also achieved unexpected results.

So far, more than 30 countries have signed cooperative agreements with China to jointly build the “Belt and Road.” International capacity collaboration is well under way and some influential, landmark projects are gradually taking shape. Next, it is necessary to carry out more projects, and enterprises will play a more active role within, Wang said.

According to the “Belt and Road” National Industrialization Process Report released by the Institute of Industrial Economics at the Chinese Academy of Social Sciences, the 65 countries along the “Belt and Road” vary greatly in terms of industrialization. There is one country in the pre-industrial phase, 14 nations in the primary stage, 16 undergoing the middle stage, 32 in the later stage, and two in post-industrialization, according to the report.
 

Indicating that the countries involved are generally in the middle of industrialization, the report recommended nations in different stages tailor their roles in capacity cooperation to foster a new “flying geese model” that entails reciprocal collaboration.
 

Wang said that the “Belt and Road” initiative can increase effective supply and create new demand to inject vigor into the sluggish global economy.
 

“At present, reindustrialization is the solution developed countries have adopted in response to the situation. Against this backdrop, the world has lost direction for investment,” Wang said. “In the ‘Belt and Road’ initiative, infrastructure construction is prioritized ahead of other fields, and the project will galvanize the job market in the long term, thus realizing interconnectivity and enhancing international capacity cooperation.”
 

 Zhang Junrong and Lü Mengdi are reporters at the Chinese Social Sciences Today.