Belt and Road Initiative for global benefit

China's plan is contributing to more efficient global economic and financial governance

The Belt and Road Initiative, the Silk Road Economic Belt and 21st Century Maritime Silk Road, a new type of international cooperation mechanism launched by China, is contributing to "more efficient global economic and financial governance", one of the key issues being discussed at the G20 Leaders Summit in Hangzhou in East China's Zhejiang province.

Chinese President Xi Jinping said at a symposium on the Belt and Road on Aug 17 that the initiative aims to benefit people along the routes and China welcomes all parties "taking a ride" on China's development.

The global economy has not recovered eight years after global financial crisis erupted in 2008, and new drivers of economic growth are urgently being sought. Great hopes have been put on China, which has been the most powerful engine for global economic growth in recent times.

Despite its slower economic growth, China still contributed more than 25 percent of global economic growth last year.

Moreover, since the pattern of economic globalization, which has mainly been dominated by Western developed countries up to now, is changing, China is obliged to be the representative of developing countries in global economic governance.

The Belt and Road Initiative has been proposed by China as a means to promote cooperation to drive global economic growth and achieve inclusive and interconnected development, especially among developing countries.

"I hope the G20 summit will promote the Belt and Road Initiative and inclusive growth," said Zhao Jinping, director of the foreign economic relations research department of the State Council's Development Research Center, at a meeting organized by the China Center for International Economic Exchanges in August.

G20 members account for two-thirds of the global population and 85 percent of the global economy, while countries along the Belt and Road, which are mainly developing countries, account for about 60 percent of the world population but only 30 percent of global economy.

"The Belt and Road Initiative is a new international economic order on the basis of equality, which can enable people in less-developed countries and regions to participate and share the fruits of globalization," said Zhang Yansheng, chief researcher of CCIEE.

The Belt and Road Initiative has been widely welcomed and supported by the international community. As of now more than 100 countries and international organizations are participating in the initiative. China has signed cooperation agreements with more than 30 countries along the routes, and has launched international industrial capacity cooperation with more than 20 countries.

A further goal of the Belt and Road Initiative is to push forward the United Nation's 2030 Agenda for Sustainable Development, which is also a highlight of the G20 summit this year.