BRI Aims Mutual Economic Prosperity


China’s Belt and Road Initiative has evolved from being purely about infrastructure build projects to about supply chain development. Many of the 2,500 projects that China has assisted with either financing, or building, or both are now coming to fruition. According to the Asian Development Bank (ADB), Asia faces an infrastructure funding gap of an estimated USD 26 trillion through 2030. Therefore, many countries across the world have accepted the Chinese bid to develop their economies. According to the official outline, BRI aims to “promote the connectivity of Asian, European and African continents and their adjacent seas, establish and strengthen partnerships among the countries along the Belt and Road, set up all-dimensional, multi-tiered and composite connectivity networks, and realize diversified, independent, balanced and sustainable development in these countries.” Under BRI, China is investing billions of dollars in several countries including Pakistan, Kenya, Sri Lanka, and Myanmar in infrastructure development, and energy sectors. It is also enhancing trade activities with the BRI countries that will not only help China to productively use its currency reserves but also significantly facilitate the other participating countries to develop their economies. Moreover, in the contemporary world, Multinational National Corporations (MNCs) are playing a significant role in sustaining and developing the global economy, and this BRI also offers immense opportunities to the MNCs. According to official Chinese statements, the BRI is “open and inclusive” and will follow the principle of “joint contribution and shared benefits”. Among the multinational corporations that have benefited the most from the BRI, so far, are the US General Electric (GE) and the Munich-based engineering and electronics giant Siemens AG. Both have set up joint ventures with Chinese companies in China and in Belt and Road countries, providing Chinese firms with technology support, equipment supply, and financial and operating solutions.

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