Opinion | How China’s belt and road vision of a new type of globalisation can benefit all
- Effective cooperation between all participating countries, as equals, will help address the inequalities and imbalances seen in traditional globalisation
- China is committed to promoting this vision amid a pandemic and other unprecedented global challenges, supported by its new ‘dual circulation’ economic strategy
This is an unusual moment in history. Covid-19 has plunged the global economy into recession, protectionism and unilateralism are mounting, and inequality and imbalance in global distribution and development are becoming more acute. All of this poses unprecedented challenges to economic globalisation.
How will the Belt and Road Initiative move forward, and where is economic globalisation heading? My answer is that the two will advance in tandem and complement each other, with high-quality belt and road cooperation making the new type of globalisation more open, inclusive, balanced and beneficial to all.
High-quality belt and road cooperation will fix the uneven centre-periphery structure of traditional globalisation by addressing the key problem of unbalanced development. The initiative attaches priority to enhancing infrastructure in regions left behind in traditional globalisation, expanding industrial cooperation, increasing effective supply, and creating new demand.
It will maximise the potential of developing and transitioning countries, put all nations in the driver’s seat, and transform them into a powerhouse of globalisation.
