Social Sciences in China (Chinese Edition)

No.1, 2021

 

The Belt and Road Initiative and International Law: An Analysis from the Perspective of the Supply of International Public Goods

 (Abstract)

 

Shi Jingxia

 

The international community faces the dilemma of insufficient supply of public goods due to the interaction of various forces and factors, including the profound influence of economic crises, the increase in trade protectionism, the reform of the global governance system, and the spread of COVID-19. The Belt and Road Initiative is a public good provided by China, as a responsible major country, to the international community at the new stage of historical development. It is non-competitive and non-exclusive. International law plays an important role in promoting and guaranteeing the supply of international public goods. Since the implementation of the Initiative, the environment of international governance has undergone drastic changes. Implementing the rule of law is the basic premise and important guarantee for the Initiative’s long-term and smooth implementation. On the one hand, implementing the rule of law under the Belt and Road Initiative pays heed to the diversified governance of international soft and hard law and makes good use of existing bilateral, regional and multilateral international legal mechanisms. On the other hand, we should pay close attention to the latest developments in international economic and trade rules, and increase our capacity to supply rules for investment and trade liberalization in an innovative way. The international legal guarantee of the Belt and Road Initiative should attach importance not only to specific recent measures for trade and investment liberalization, but also to the long-term planning and sustainable development of institutional supply, so as to achieve the vision and goals of the Belt and Road Initiative.