Opinion | China’s belt and road plan has a branding problem and needs to be redefined as a global growth project

The Second Belt and Road Forum for International Cooperation, which has just concluded in Beijing, marked a milestone in the development of the initiative since it was launched by President Xi Jinping in 2013.

At a time when protectionism is on the rise, the “Belt and Road Initiative” has been a vector of globalisation, growth and investment in many regions for more than five years. Belt and road projects have created nearly 300,000 jobs. The World Bank estimates that host countries have reduced shipping times by up to 3.2 per cent, and trade costs by up to 2.8 per cent. In addition, the initiative has helped build up so-called “soft” infrastructure such as education, health care and other services.

But two factors are contributing to a more challenging environment ahead for the initiative. First, the trade strategy has evolved beyond expectations. It has become truly global, with 126 countries having signed cooperation agreements. As the initiative links diverse geographies, it also needs to engage with a more complex group of stakeholders, who have their own interests and development plans.