On October 10, 2023, China introduced the ten-year Belt and Road Initiative as an alternative model for economic development and published a government report (White Paper) mentioning the program’s advantages.[1] Led by Chinese President Xi Jinping, this program has financed the construction of ports, power plants, railways, and other projects around the world.
China’s Belt and Road Initiative stands out as a major economic initiative in the international arena. This initiative aligns with China’s goals of increasing global economic effectiveness and promoting trade and investment. Li Kexin, Director of International Economic Affairs of the Ministry of Foreign Affairs of China, made the following statements on the matter:[2]
“The fruitful results of building the Belt and Road Initiative in the past decade and the expanding circle of relations have fully proven that this project does not exist in a closed and narrow circle but has overcome the mentality of old geopolitical games and led to a new paradigm for international cooperation.”
The initiative aims to increase trade and investment by improving China’s transportation links with the world. Analysts state that the program has successfully directed the necessary financing to underdeveloped countries. [3]
The Chinese government report highlights a 590-kilometer railway line from Nairobi to the Kenyan port of Mombasa and a 1,035-kilometer railway from Kunming city in southwestern China to the capital of Laos.[4]
Based on this, it can be said that the Belt and Road Initiative fills the gap of the World Bank and other creditors. In this regard, China’s provision of financial assistance to developing countries through this program can be considered a positive step.
Projects include solar and wind farms, factories to produce electric vehicle parts and batteries, and mines of lithium and other minerals needed for electric vehicles.[5] In this respect, it can be said that the Belt and Road Initiative increases China’s international status. The report in question states that by overcoming the differences in the social system, the project offers an alternative approach to the current path of globalization and overcomes these differences. The report includes the following statements:[6]
“It is no longer acceptable that only a few countries dominate world economic development, maintain control over economic rules and enjoy the fruits of development.”
In conclusion, the Belt and Road Initiative is a reflection of China’s efforts to increase its global economic effectiveness and has provided significant financial resources to developing countries. It can be argued that this is important for China to become more accepted in the international arena.
[1] “China Touts its Belt and Road Infrastructure Lending as an Alternative for International Development”, Associated Press News, https://apnews.com/article/china-belt-road-development-africa-69d6a22fba05a168746d257938c6b0e4, (Erişim Tarihi: 11.10.2023).
[2] “China Touts its Belt and Road Infrastructure Lending as an Alternative for International Development”, The Indian Express, https://indianexpress.com/article/world/china-belt-road-infrastructure-alternative-international-development-8976458/, (Erişim Tarihi: 11.10.2023).
[3] “China Touts its Belt and Road Infrastructure Lending as an Alternative for International Development”, The Middle Town Press, https://www.middletownpress.com/news/world/article/china-touts-its-belt-and-road-infrastructure-18416626.php, (Erişim Tarihi: 11.10.2023).
[4] “China Touts its Belt and Road Infrastructure Lending as an Alternative for International Development”, Associated Press News, a.g.e., (Erişim Tarihi: 11.10.2023).
[5] Same page.
[6] Same page.
