BRI And Its Global Implications

Today if there is any global project that is most talked about, it is unequivocally the Belt and Road Initiative (BRI) that has drawn attention of the people globally and influenced states and countries greatly.  To begin with, BRI is a gigantic international co-operation and economic strategy initiated by the People’s Republic of China that connects Asia with Africa and Europe via land and maritime networks. In Chinese, the Belt and Road Initiative is called yi dai yi lu and was referred to, in the past, as ‘One Belt, One Road’. 

The name Belt and Road Initiative was coined and its plan was announced by Chinese President Xi Jinping during a summit in Kazakhstan in October 2013, who drew the concept from Silk Road established during the Han dynasty some 2000 years ago which was at that time a trade route network linking China with Mediterranean countries via Eurasia for centuries. BRI’s planned date of completion is 2049, and, remarkably, it is the centerpiece of the foreign policy of Xi Jinping. It comprises of a Silk Road Economic Belt – a trans-continental passage that links China with Southeast Asia, South Asia, Central Asia, Russia and Europe by land – and Maritime Silk Road, a sea route of 21st century connecting China’s coastal regions with Southeast and South Asia, the South Pacific, the Middle East and Eastern Africa. 

Regional integration

The BRI aims at improving regional integration, increasing trade and stimulating economic growth. It covers Asia, Europe and Africa. No one has proposed such a gigantic and global plan so far. It has five core components - policy coordination, infrastructure connectivity, unimpeded trade, financial integration and people-to-people contact. It is, indeed, associated with a very large programme of investments in infrastructure development for ports, roads, railways and airports as well as power plants and telecommunication networks.  BRI now lays high emphasis on “high quality investments” increasing through greater use of project finance, risk mitigation tools and green finance.

In March 2015, National Development Reform Commission, Ministry of Foreign Affairs, and Ministry of Commerce of China with State Council authorisation issued the “Vision and Actions on jointly Building the Silk Road Economic Belt the 21st Century Maritime Silk Road” which underlines the priorities, mechanisms, actions, etc. for the plan. The BRI follows the international standards and values and is fully in line with the purposes and principles of the Charter of the United Nations. BRI is not a platform or organisation like G–7 and NATO, which are criticised for interfering in the internal matters of others, nor does it aim to exercise hegemony by accumulating power. Rather, it is a concept of co-operation, connectivity, trade links among many countries and organisations, and a call for public good that China likes to share with.  

In fact, it’s a global project for the well-being, progress, benefit, and happiness of the people with larger connectivity and advanced trade links. This is why as of March 2022, 146 countries and 32 international organisations have joined it and signed the Memorandum of Understanding with BRI. For its completion, the government of China will take larger share of investments, loans will be taken from various financial institutions including Asian Infrastructure Investment Bank, and, obviously, partner countries will also make investments. 

After the completion, the trade in China and BRI partner countries is expected to rise remarkably. Numerous studies conducted by the World Bank have predicted that BRI will not only boost trade in its participating countries but is also expected to help develop the whole economy of the world, increasing World GDP by US $ 7.1 trillion annually by 2040. However, paradoxically, the BRI also faces many challenges and criticisms. Some experts opine that the geographical area it covers is so vast that it looks almost impossible to complete, investments may dip as China might retool its approach and the competition with the West is likely to intensify.

But with good planning, strong will-power, determination and perseverance of the partner countries and, above all, China both in front and at the back, nothing looks impossible.  Regarding the possibility of intensification of the competition with the Western countries, BRI partners must prepare themselves to face any kind of challenges.  Another point is the very announcement of BRI has ‘worried’ the Western powers, and, due to their monopolist and hegemonic tendency, they have taken some prejudiced steps in response in order to counter it. The formation of ‘Blue Dot Network’ in 2019 by the USA, Japan and Australia is one example. In furtherance, the Group–7 leaders have formed a ‘Build Back Better World’, another organisation, in 2021. 

Sinocentric approach 

The USA has labeled BRI as being ‘Sinocentric with trade network’.  BRI is attributed to human rights violations, environmental impact, debt-trap diplomacy, resulting in neo-colonialism, economic imperialism, etc. It is true, while making development, some destruction is inevitable but construction is far more important and beneficial. Most notably, China has vehemently refuted and explicitly announced that it will never pursue the path of colonialism and imperialism which many of the western forces had practiced in the past.  

Considering the multi-dimensions of BRI, my view is that it should be taken as an important achievement in the field of political economy of Xi Jinping Thought, which is itself a new development in the field of philosophy propounded and proposed by Xi, who is also General Secretary of the Communist Party of China. The CPC has already adopted Xi Jinping Thought as its guiding principle by enshrining it into the constitution.  In conclusion, as the BRI is a multi-dimensional plan that seeks to enhance the well-being and prosperity of the people by building massive infrastructures and powerful connectivity and stimulating economic growth, people and countries can benefit from it greatly. All the countries should support and join it for the betterment of entire humanity.

(The author is a member of National Assembly.)