Fwd: Why China's Belt and Road Plan Is the Best Way to Lift the Global Economy

nice han propaganda

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Why China's Belt and Road Plan Is the Best Way to Lift the Global EconomyHe Yafei Vice Minister, Overseas Chinese Affairs Office of the State Council, Former Vice Minister, Chinese Ministry of Foreign Affairs21/10/2015 22:29 IST

BEIJING -- The much-talked-about "Belt and Road Initiative" has been gaining attention ever since it was first proposed by President Xi Jinping of China in 2013. So has the recent birth of the Asian Infrastructure Investment Bank and the Silk Road Fund.

B&R has been offered as an innovative mode of cooperation in global governance against the backdrop of a worsening economic situation and simmering geopolitical problems worldwide. That follows eight years of slow recovery since the financial crisis of 2008, which witnessed the failure of "neo-liberalism" and its infamous economic reform recipe "Washington Consensus."

China's economic growth probably gives the world its only hope, with the annual GDP increase at just under 7 percent that contributes over 30 percent to global economic growth.

The dire prospects for global development and re-emergence of geopolitical troubles in the Middle East, Ukraine and elsewhere are pressing for answers that are yet to be found. What should we do to promote global peace and common development in the age of fast-paced globalization?

Given the reality of the world today, what is so innovative and trailblazing about B&R? Can it really offer a way out of the quagmire the world has found itself in? Here are my main points to consider on these important questions.

• First, immersed in the idea of building a new network of global partnership, B&R provides a totally fresh way of thinking in regional and global cooperation, in that it is all-inclusive of both bilateral and multilateral cooperation in political, economic, cultural and other fields. It emphasizes the adaptability of developmental strategies of China and other participating nations so that it can produce benefits that are shared by all in a win-win outcome.

In a nutshell, B&R envisions the creation of multiple economic corridors encompassing more than 60 countries in East Asia, Southeast Asia, Central Asia, South Asia, West Asia, North Africa and East Africa, linking the most dynamic East Asia Economic Zone with the advanced European Economic Zone. If we visualize B&R, it is an economic partnership map with multiple rings interconnected with one another.

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