B&R News: The Belt and Road: an accelerator for the Peaceful Economic Growth
2 May 2018


The Belt and Road Initiative facilitates the world economic growth


Uzbekistan media recently issued the Uzbekistan diplomatic statute for priority policies. According to the statute, Uzbekistan will strengthen its cooperation with China in its infrastructure modernization, agriculture modernization, investment and technology for building industrial parks under the framework of the Belt and Road Initiative. Uzbekistan will work with China in the construction of the Uzbekistan-Kyrgyzstan-China railway. Uzbekistan also hoped to increase its exports to China, aiming at a trade volume of USD 10 billion by 2020.


Business Indonesia reported that China and Indonesia has reached the agreement on the construction of industrial parks outside Java Island. After meeting with the Chinese ambassador to Indonesia Xiao Qian, Indonesian Minister of Industry Airlangga Hartarto indicated that Indonesia and China will co-construct industrial areas in North Sumatra, North Kalimantan and North Sulawesi, which is in accordance with the government plan for industrial areas beyond Java Island.


The report from Japan' s Nomura Securities indicated that the Philippines will be one of the four Asian economies benefiting most from the Belt and Road construction. The other three are Pakistan, Bangladesh, and Malaysia. According to the report, “the Belt and Road initiative is a platform for the low-income and benefit countries to speed up to a higher level of economic development.” The Chinese investment in the projects will increase the direct investment for the benefit countries, reduce the gap in the infrastructure, promote the digital economic growth, and set up the supply chain.


The International Finance Forum and the British journal Central Bank jointly released a report on The Belt and Road Initiative 5th Anniversary Survey at the Brookings Institution in Washington. In the report, 26 national central banks from the Belt and Road countries were interviewed. Among them, more than 90% of the central banks believed that the Belt and Road Initiative would promote their countries' economic growth, 67% of the central banks expected that the Initiative will facilitate their countries' economic growing speed from 0 to 1.5 percent within the next five years, and 25% of the interviewed banks estimated that with the Belt and Road Initiative, the economic growing speed in their countries would increase 1.5 to 5.5 percent.


The Belt and Road Initiative advocates the peaceful collaboration


The French Le Monde published an article The Model of Innovation for the 21st Century by French economist Michel Aglietta, stating that China has opened up a unique road for the 21st century and Chinese ideology is dynamic and harmonious, lying in the mutual transformation of nature and society. Different from the Wall Street Model based entirely on financial governance, the Belt and Road Initiative seeks for interdependence in different forms - interconnectivity, interacting trade, and long-term investment. The Initiative aims to address the issues that jeopardize the international community - unbalanced development, political conflicts,and the deterioration of globally shared resources.


Martin Albrow, an academician of the British Academy of Social Sciences, said in a recent interview that the Belt and Road Initiative is the Chinese interpretation of globalization. Infrastructure construction is a decisive driving force in global economic development. The Belt and Road initiative in recent year has shown us how China has become an emerging power to help the world bridging the differences from the very roots. In brief, the Belt and Road Initiative will become an important approach to the global peace and collaboration.


Source: Economic Daily