Beijing’s ‘Belt and Road Initiative’ will benefit the world
Even the Arctic is now part of China’s ambitious global trade strategy; holdouts such as the United States and India should temper their suspicions for the good of humanity
President Xi Jinping’s “Belt and Road Initiative” has gone truly global. The Arctic and Latin America were last week added to the mammoth infrastructure, development and trade drive, leaving the United States, Canada, Japan and India as the only major economies not to join.
The initial idea of linking China to Europe and Africa through land and sea routes has got ever-more ambitious, despite the challenges. But grounded in a philosophy of nations cooperating for mutual benefit, there is no better strategy for worldwide growth, peace and stability.
Such a vision requires leadership and China has shown that at a time that the US has turned inward-looking under President Donald Trump. That was evident at the recent World Economic Forum in Davos, where the belt and road was the focus of speeches and meetings involving Chinese officials and the American leader earned scorn for sending mixed signals on free trade and globalisation.
As leading businesspeople and politicians gathered, Foreign Minister Wang Yi invited Latin American and Caribbean officials meeting in Chile to join the initiative. Beijing, releasing a policy document on the Arctic four days later, unveiled plans for a “Polar Silk Road” linking China with Europe and the Atlantic.