Global governance gets new insights from B& R initiative

Experts said that the China- proposed “Belt and Road” ( B& R) initiative is providing new insights for global economic governance.

“Under a high level of uncertainty around the world, the B& R initiative has received a positive reaction from more than 100 countries, regions and international organizations, which is very encouraging,” Wei Ling, director at the Chinese Foreign Policy Studies Center at the China Foreign Affairs University, said during the International Forum for the Belt and Road Countries Economic Development and Energy Security Cooperation hosted by the Chinese Academy of Social Sciences on Monday.

Of the estimated global infrastructure gap of $ 10.6 trillion from 2016- 20, the B& R initiative alone is supplying financial support of $ 2 trillion, according to Wei.

With its principle of achieving shared growth through discussion and collaboration, the B& R could provide new insights into global economic governance in a world of rising uncertainty where economic growth is being driven by developing countries, Wei said.

She also mentioned such factors as an increase in security issues such as terrorism, refugee crises and nuclear proliferation.

Wei emphasized that emotional connectedness is important to the success of the B& R, as it is a prerequisite for shared growth.

Shinechimeg Khurelbaatar, research fellow at the Mongolian Institute of International Affairs and a participant at the seminar, told the Global Times that positive views among ordinary citizens are important to ensure the success of the B& R.

The China- Mongolia- Russia economic corridor is one of the many corridors under the B& R.

Some 8,000 Mongolians are studying in China, and Mongolians are starting to watch Chinese soap operas. Such activities are promoting good sentiment among citizens, Khurelbaatar said during her speech.