Significance of the ‘Belt and Road Initiative’ goes beyond trade

Globalisation is the stated goal of trade plan but the benefits will be seen in other areas too, most notably in China’s further opening up to the world

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National leaders gather for a group photo in Beijing on May 15, 2017, during the two-day the Belt and Road Forum. Photo: Kyodo

Published: 3:21am, 17 May 2017Updated: 3:21am, 17 May 2017

If the “Belt and Road Initiative” becomes the defining legacy of Xi Jinping’s (習近平) leadership, history will record the significance of the international cooperation summit just concluded in Beijing. As the world’s leading proponent of globalisation, Xi’s projection of China as a driver of global trade and investment went further than the obvious contrast with isolationist sentiment in the United States. His support for the trade plan sent a strong message to the domestic audience: the mainland’s opening up and reform will continue. It is a commitment China needs to make if it is to maintain sustainable growth and if the belt and road scheme is to reach its full potential.

It is reflected in a pledge of at least US$113 billion in extra funding to kick-start the initiative and Xi’s announcement of an import expo next year at which China will open up its domestic markets. There is also a long-term plan as shown by the announcement that Beijing will host another summit in 2019 to promote its globalisation strategy.

Significance of the ‘Belt and Road Initiative’ goes beyond trade

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Globalisation is the stated goal of trade plan but the benefits will be seen in other areas too, most notably in China’s further opening up to the world

Globalisation is the stated goal of trade plan but the benefits will be seen in other areas too, most notably in China’s further opening up to the world