China’s belt and road trade initiative can help global economy recover in post-Covid-19 era but cooperation needed, experts say

While US-China tensions could be the biggest stumbling block, Belt and Road Initiative would still be successful as there was much interest elsewhere, experts said

Peking University’s Professor Zhai Kun suggested Beijing work closer with regional institutions, such as Asean and the European Union

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The Belt and Road Initiative is Beijing’s strategy to encourage trade and infrastructural investment in countries in Asia, Africa and Europe. Photo: Xinhua

Published: 7:34pm, 27 Aug 2020Updated: 9:52pm, 27 Aug 2020

China’s Belt and Road Initiative can help the world’s economy to recover in the post-Covid-19 era, but governments and businesses must work together and value multilateral collaboration, according to panellists at a webinar on rebooting Beijing’s ambitious trade strategy.

The panellists – three experts on international relations and investment – also said that while US-China tensions could be the biggest stumbling block in boosting the initiative, it would still be successful as there was much interest in regions such as Southeast Asia, Europe and even among American investors.

Launched in 2013, the Belt and Road Initiative is the Chinese government’s strategy to encourage trade and infrastructural investment in countries in Asia, Africa and Europe.

But with US-China relations rapidly deteriorating in recent years, and with Washington seeking to team up with its European allies to counter China’s rise as a technological power, critics were sceptical whether the trade initiative would still work.

Professor Zhai Kun from Peking University’s School of International Studies. Photo: CCG

Professor Zhai Kun, from Peking University’s School of International Studies, said challenges from the United States could be the biggest hurdle as Beijing continued to promote the initiative.