ANALYSIS OF THE EFFECTIVENESS OF ECONOMIC COOPERATION IN THE CONTEXT OF THE IMPLEMENTATION OF THE BELT AND ROAD INITIATIVE
Abstract
As of June 2023, China has signed over 200 cooperation documents on the Belt and Road Initiative (BRI) with 153 countries and 32 international organizations. It has also signed third-party market cooperation documents with more than a dozen developed countries and established multilateral cooperation platforms covering over 20 specialized fields. This paper provides an in-depth analysis of the benefits of China's BRI and its impact on participating countries. Through infrastructure development in railways, energy, highways, ports, and digital networks, the BRI has enhanced the economic development capabilities of participating countries and strengthened economic cooperation between the Eurasian continent. The BRI has achieved significant results in improving transportation and logistics efficiency, developing energy infrastructure, and upgrading communication systems, thus facilitating regional connectivity. The BRI has also provided richer and more convenient financing options for participating countries, strengthening trade links and increasing trade volume. Through trade cooperation, the BRI has enhanced economic ties between China and countries in Central Asia, Southeast Asia, Eastern Europe, and Central and Eastern Europe, promoting trade integration among participating countries. The BRI involves both developed and developing countries and represents a new exploration of global economic governance paradigms and environmental protection. For developing countries, the BRI offers a new path for participating in global economic governance, reducing poverty, and advancing their own development. The authors predict that the BRI should become an important force in promoting global shared prosperity. As the initiator of the BRI, China claims a leading role in global and international cooperation in the 21st century. BRI is more than logistics project connecting Asia, Africa and Europe. Primarily BRI is a global project of mutually beneficial cooperation between different countries. The article proposes a rationale for a global project of economic and trade cooperation within the framework of the BRI in the future.
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