Yasir Habib Khan<\/p>\n
Underpinned by Chinese government\u2019s tenacious fiscal, financial and economic measures, Belt and Road Initiative (BRI) is the best development stimulus ever designed so far that has turbocharged global growth in ten years through infrastructural connectivity, high-tech technology, innovative advancements and top of them helped improved quality life of common man in the world by lifting up millions of people around the globe from poverty.
\nAt the watershed moment when 3rd BRI forum is all set to be held from October 17-18, BRI stands tall among other global mega projects as it stays sustainable, open, inclusive and beneficial to all segments of international community heralding in a categoric manner that BRI aims to construct a global community with shared future.
\nOne of the reasons behind BRI\u2019s resilience and high-octane performance is that China\u2019s economy has successfully regained much of the lost post-pandemic momentum and grew by around 4.9 percent in the July-September quarter this year. Even if no more stimulus actions are asserted in the fourth quarter, the world\u2019s second largest economy is flexing its muscle to achieve the preset yearly target of 5.0 percent by the end of 2023.
\nFrom merely 2.2 percent growth in 2022 when the country was entangled in anti-pandemic control measures which slowed down the economy, the fourth quarter GDP growth is expected to reach 5.0-5.2 percent, setting a strong basis for the economy\u2019s development in 2024.
\nIn the past couple of months, the mainstream media in the US and the West have described BRI as debt trap and corrupt besides painting China\u2019s economic prospects dark, in their hope that China is going to be victim of the US-style financial-system meltdown and economic implosion in 2008 and 2009. But all such hopes are dashed down as China economy has been bouncing back. Recent evidence in which Chinese private economy boomed at Hangzhou Asian Games 2023 is enough to prove that Chinese economy is on upward trajectory. Asian Games set a new record in terms of both sponsorship income and the number of sponsors. It attracted sponsors from 176 companies across 118 categories, with a cumulative value of 4.42 billion yuan.
\nAlong with immeasurable efforts invested by Chinese government to keep economy afloat, no doubt BRI has a significant role as well to keep economic targets in shape. Being a part of revitalising Chinese economy despite multiple headwinds, the BRI has facilitated the implementation of more than 3,000 projects and attracted nearly $1 trillion in investments. Over the past decade, China has signed over 200 Belt and Road Initiative (BRI) cooperation agreements with 150 countries and 90 international organisations, reaching 83% of its diplomatic relations. BRI projects have created around 420,000 jobs, lifting nearly 40 million people out of poverty. By the end of 2030, BRI transport infrastructure is expected to increase global income by up to 2.9%, benefiting 7.6 million people by lifting them from extreme poverty.
\nCritics have often labeled China\u2019s Belt and Road Initiative (BRI) as a \u201cdebt trap,\u201d asserting that loans related to the initiative pose significant risks for developing countries. However, these claims have been vehemently denied, with proponents arguing that such accusations are based on a politicization of economic issues.
\nIn response to the criticism, proponents argue that China adheres to principles of openness and transparency. They emphasise that China operates in accordance with market and international rules, refrains from imposing political conditions on loan agreements, and respects the autonomy of borrowing countries. Proponents contend that China\u2019s primary goal with the BRI is to support the economic and social development of participating nations, helping them enhance their capacity for independent and sustainable growth.
\nDespite concerns raised by some quarters, proponents highlight tangible benefits brought about by the BRI, citing examples such as extensive infrastructure development in Africa, including railways, roads, bridges, and ports. The argument asserts that the BRI has positively impacted economic development and improved living standards in partner countries. Ultimately, proponents argue that the BRI is not a debt trap but rather a sincere effort to contribute to global economic development and cooperation.
\nThe Belt and Road Initiative (BRI) remains a steadfast pillar of growth for China amid the prevailing global economic challenges. In the face of a downturn, China stands resilient, actively cultivating new avenues for economic development within the BRI framework. Chinese analysts assert that the BRI\u2019s sustainable growth and its ability to instill confidence in various global partners position it as a driving force for economic expansion. Despite skepticism and ill-intentioned hype from some Western media, China\u2019s economic performance remains impressive, especially when compared to major Western economies.
\nCritics in the West continue to cast doubts on BRI infrastructure projects, yet recent statistics defy skepticism. The China-ASEAN goods trade volume surged by an impressive 15% in 2022, coinciding with the implementation of the Regional Comprehensive Economic Partnership agreement. The BRI\u2019s logistical connectivity, coupled with the complementary Global Development Initiative (GDI), has proven instrumental in delivering economic dividends. The success of projects like the China-Laos railway demonstrates the BRI\u2019s transformative impact, turning Laos from a landlocked nation to a land-linked country and enhancing its economic competitiveness.
\nChina\u2019s energy-related engagement under the BRI in the first half of 2023 has been characterised as the \u201cgreenest\u201d for any six-month period since the initiative\u2019s launch in 2013. Despite the notable progress, some experts caution that not all new coal power projects have been abandoned, with a few still moving forward due to \u201cloopholes.\u201d The shift towards renewables is seen as a response to the global push for green energy and reflects changing mindsets in both China and BRI member countries, emphasising the diminishing relevance of coal in the energy landscape.
\nAs the Belt and Road Initiative embarks on its second decade, the collective commitment of China and its 150 partner nations stands as a testament to the enduring vision of economic collaboration. The upcoming 3rd BRI forum signifies not just a milestone but a reaffirmation of the initiative\u2019s role as a catalyst for global connectivity, resilience, and technological advancement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Yasir Habib Khan Underpinned by Chinese government\u2019s tenacious fiscal, financial and economic measures, Belt and Road Initiative (BRI) is the best development stimulus ever designed so far that has turbocharged global growth in ten years through infrastructural connectivity, high-tech technology, innovative advancements and top of them helped improved quality life of common man in the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[2729],"class_list":{"0":"post-361492","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-article","7":"tag-yasir-habib-khan"},"yoast_head":"\n