Ten years of the BRI

Chinese President Xi Jinping is set to inaugurate the third Belt and Road Forum (BRF) for International Cooperation, taking place on October 17-18 in Beijing.

This gathering stands as one of the pivotal multilateral diplomatic affairs on China's calendar, drawing attention on the global stage. Under the banner of ‘High-quality Belt and Road Cooperation: Together for Common Development and Prosperity’, the upcoming BRF is poised to gather delegates from over 130 nations and 30 international organizations.

The discussions at the BRF are expected to revolve around various cooperation domains, encompassing connectivity, sustainable development, and the digital economy. Trade, people-to-people interactions, anti-corruption efforts, local collaboration, and ocean cooperation will be focal points at this forum. It is expected that the forum's attendance will exceed initial predictions. Analysts suggest that the forum is poised to command global attention due to the intricate global geopolitical and economic landscape. The BRF unfolds amidst a backdrop of multifaceted global challenges, including conflicts in Europe and the Middle East, as well as a sluggish global economy.

Entering its third iteration, the BRF has evolved into an essential multilateral platform for nations and regions engaged in the collaborative development of the BRI. It serves as a vital arena for assessing past achievements and devising strategies for future collaboration. The previous BRF, held in 2019, unfolded before the disruptive Covid-19 pandemic. This year's gathering takes on added importance, coinciding with the 10th anniversary of the BRI's proposal.

Amid a backdrop of pressing global challenges such as the Ukraine conflict and the Israel-Palestine issue, the BRF emerges as a beacon of stability in a turbulent world. It is poised to reinvigorate global progress, with international and Chinese experts foreseeing substantial achievements in reinforcing international collaboration. This forum will vividly underscore the fervour and trust in the BRI, as well as China's steadfast dedication to open engagement and global cooperation.

The BRI stands out as the most extensive force for enhancing global connectivity across various domains of infrastructure. It accomplishes this by constructing land routes, expanding maritime links, increasing air travel connections, and bolstering cyberspace capabilities. As it evolves, it transforms into a worldwide network that benefits all the inhabitants of the globe, fostering an environment conducive to enhanced cooperation.

At its inception, the BRI was synonymous with grand-scale infrastructure undertakings. Nevertheless, in tandem, the BRI has witnessed the rise of small and medium-sized enterprises, championed environmental sustainability, embraced climate-conscious practices, fostered digital innovation, and championed green initiatives. While the Covid-19 pandemic momentarily slowed its pace, the BRI has now rebounded with renewed dynamism as the global order gradually returns to its pre-pandemic state. This resurgence underscores the BRI's capacity to adapt to the ever-shifting dynamics of the global stage. The initiative remains an enduring force, consistently mirroring the evolving contours of the world it engages with.

Over the past decade, China has embarked on an audacious quest, joining hands with more than 150 nations and 30 international organizations in a grand partnership to co-create the BRI. This monumental endeavour has manifested in the realization of over 3,000 collaborative projects under the BRI umbrella, representing a substantial investment of nearly $1 trillion. The repercussions have been nothing short of transformative, igniting robust economic expansion in the countries involved.

These BRI initiatives span a diverse spectrum, encompassing poverty alleviation, strides in agricultural technology, and advances in vocational education. Notably, many of these undertakings have made considerable headway in enhancing the well-being of countless individuals. What's more, the far-reaching effects of these transportation-oriented BRI projects are poised to yield significant global advantages.

Forecasts indicate that by 2030, these endeavours alone will augment global income by a remarkable 0.7-2.9 per cent, and, of greater importance, extricate a staggering 7.6 million people from the clutches of extreme poverty. These numbers underscore the profound and affirmative influence of China's dedication to international cooperation and development through the BRI. At the same time, trade between China and the nations engaged in the BRI surged at an annual rate of 6.4 per cent from 2013 to 2022, culminating in a substantial total of $19.1 trillion.

The Belt and Road Initiative (BRI) has marked a seminal chapter in China's global engagement, affirming its emergence as a pivotal player on the world stage. Over the past decade, it has ushered in a transformative epoch. Noteworthy flagship projects, including the Mombasa-Nairobi railway, the China-Laos railway, and the Jakarta-Bandung high-speed railway, are not only completed but also fully operational. These milestones are set to provide a substantial impetus to emerging economies.

According to World Bank projections, by 2030, the BRI is anticipated to generate a staggering $1.6 trillion in annual global revenue, equivalent to 1.3 per cent of the global GDP. As this network of transportation corridors and economic hubs continues to expand, there exists immense potential for fostering trade, stimulating investment, and elevating the quality of life for countless citizens in participating nations. Since the inception of the BRI, the vision of creating a community with a shared future has evolved from a mere conceptual notion into concrete action. It has shifted from visionary idealism to tangible accomplishment.

An increasing number of nations now recognize China's assertion that development is not the exclusive prerogative of select Western countries but rather an inherent right accessible to all nations. Despite some Western officials and media outlets' efforts to undermine the concrete accomplishments of the BRI in recent years, including the introduction of so-called alternatives, the overwhelming enthusiasm and expectations for the BRF from countries, regions, and international institutions underscore the BRI's growing popularity and enduring trust.

The third BRI Forum, with its focus on global cooperation, China's unwavering commitment to heightened openness, and the course of Chinese modernization, underscores the trust of numerous nations in the BRI and the prospects for mutually advantageous collaboration with China.

The writer is a freelance contributor.