The Belt and Road Initiative and China-japan Economic Cooperation

The Belt and Road Initiative injects fresh impetus into global economy and represents new trends in regional economic cooperation. China-japan cooperation in the open and inclusive initiative is critical to the healthy development of bilateral relations, and will contribute to the Asia-pacific economic integration.

The China-proposed Belt and Road Initiative, viewed as a “grand chorus” of international economic and trade cooperation, is increasingly recognized and participated in by the international community. Japan is China’s close neighbor and an important economic partner. Trying to find converging areas in the Belt and Road construction in order to expand the space of bilateral economic and trade cooperation is critical to the healthy development of bilateral relations, and will contribute to the economic integration of the Asia-pacific region.

Belt and Road Injecting Vigor into World Economic Growth Finding new growth areas for global economy

The year 2018 marks 10 years since the outbreak of the international financial crisis. The Us-led Western economies have shown signs of recovery to various degrees, but the overall performance has not yet reached the precrisis level. For the emerging economies, as they are undertaking structural adjustments, it is rather hard for them in the foreseeable future to maintain the high growth rates they have achieved until now. The global economy is experiencing a slow recovery. Given this context, the China-proposed Belt and Road Initiative, as an open “grand chorus,” is very likely to inject fresh impetus to the recovery and development of the world economy. The

Initiative, which originated in China, spans across Central Asia, Southeast Asia, South Asia, West Asia and even parts of Europe. The countries along the Belt and Road are mostly emerging economies and developing countries with a population of around 4.4 billion and a total economic output of US$21 trillion, accounting for 63% of the world population and 29% of global economic output respectively.1 The countries along the Belt and Road are different in economic conditions and development levels, but their economies are complementary to each other. The initiative, which is motivated by the five major goals of policy coordination, facilities connectivity, unimpeded trade, financial integration and people-to-people bonds, has received recognition and positive response from the majority of the countries concerned. The Belt and Road will not only help China and other participants bring their comparative advantages into full play and carry out fruitful economic cooperation, it will also promote within the region the orderly movement of all factors of production and efficient allocation of resources. After four years’ operation and development, the Initiative has made remarkable progress and acquired recognition from even more countries. In particular, the US and Japan, who were skeptical at the beginning, have since 2016 begun to change their minds. The two countries, in addition to sending representatives to the Belt and Road Forum for International Cooperation in May 2017, have expressed a positive intention to participate in the Belt and Road Initiative. Therefore it can be asserted that the Belt and Road Initiative will inject new vigor into the prosperity and development of the Eurasian continent. Not only will it present a unique historic possibility to the Eurasian countries, it will also likely usher more than 60% of world population into unprecedented cohesion and prosperity.

Facilitating worldwide infrastructure construction

Connectivity is the top priority in the Belt and Road Initiative, and an important growth area for driving the recovery of the world economy

1 “China’s Belt and Road Initiative Helps World Economy Overcome Difficulties,” March 2, 2015, http:// www.gov.cn/xinwen/2015-03/02/content_2823962.htm.