Belt and Road Initiative

The Belt and Road Initiative – China’s proposal to build a Silk Road Economic Belt and a 21st Century Maritime Silk Road in cooperation with related countries – was unveiled by Chinese President Xi Jinping during his visits to Central and Southeast Asia in September and October 2013. The initiative focuses on promoting policy coordination, connectivity of infrastructure and facilities, unimpeded trade, financial integration, and closer people-to-people ties through a consultative process and joint efforts, with the goal of bringing benefits to all. The initiative covers primarily East Asia, Southeast Asia, South Asia, West Asia, Central Asia, and Central and Eastern Europe. It reflects a convergence of interests and an increasing need for regional and global cooperation. The response from countries along the proposed Belt and Road has been enthusiastic. The Belt and Road Initiative has driven new advances in opening up. By March 2019, China had signed 152 cooperation agreements with 123 countries and 29 international organizations from Asia, Europe, Africa, Latin America and the Caribbean, and South Pacific, and carried out industrial cooperation projects with more than 30 countries. It has co-built 82 economic and trade cooperation zones with other countries, which have created 244,000 jobs for the local people, and generated US $2.21 billion taxes to the host countries. The UN General Assembly and Security Council have made reference to the initiative in some of their resolutions. General Assembly resolution 2344, for instance, called on the international community to increase regional economic cooperation through the Belt and Road Initiative.