China's Belt and Road Initiative: Connecting Worlds with Infrastructure and Trade

Belt and Road Initiative BRI

The Belt and Road Initiative BRI, initiated by the People's Republic of China, is a comprehensive strategic plan med at fostering connectivity between Asia, Africa, and Europe. It envisions establishing land and maritime networks to enhance regional integration, boost trade, and stimulate economic growth.

In 2013, President Xi Jinping of China coined this term as a modern extension of the Silk Road concept that once connected China with the Mediterranean via Eurasia for centuries during the Han Dynasty. The initiative has also been historically known as 'One Belt One Road'.

The BRI consists of two key components:

1. Silk Road Economic Belt: This transcontinental passage connects China, Southeast Asia, South Asia, Central Asia, Russia, and Europe by land.

2. 21st Century Maritime Silk Road: It establishes sea routes linking China's coastal regions with Southeast and South Asia, the South Pacific, the Middle East, Eastern Africa, and exting all the way to Europe.

The five core priorities of the BRI are:

• Policy coordination

• Infrastructure connectivity

• Unimpeded trade

• Financial integration

• Connecting people

Since its inception, the BRI has been associated with a large-scale investment program focused on developing infrastructure like ports, roads, rlways, rports, power plants, and telecommunications networks. As of 2019, there's been a noticeable decline in Chinese state-led BRI ling volumes. The initiative now emphasizes high-quality investments, including the increased use of project finance, risk mitigation tools, and green finance.

With over 138 countries joining China through Memoranda of Understanding MoU since March 2020, the BRI has become a significant framework for bilateral trade between its partners.

Resources:

• Risk Assessment Mitigation in Central Asia: Implications for Foreign Direct Investment and the Belt and Road Initiative

• What China’s “Belt and Road Initiative” Means for the Western Balkans

• Belarus: Comparative Research on Industrial Parks and Special Economic Zones SEZs

• A Proactive and Steady Approach for Building the China-Belarus Industrial Park

• China's Belt and Road Initiative Puts Paris Climate Commitments at Risk Financial Times Beyond Brics

The European Bank for Reconstruction and Development EBRD and BRI

Collaboration between the EBRD and countries involved in the BRI is encouraged to promote sustnable development, financial stability, and inclusive growth. The EBRD engages in dialogue with its partners on how to integrate environmental, social, governance ESG, and sustnability criteria into BRI projects.

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