China proposed Belt and Road Initiative (BRI) recognised as an innovative and modern form of globalisation has changed the concept of development, connectivity and inclusiveness based on policy communication, infrastructure connectivity, unimpeded trade, monetary circulation and understanding between masses around the globe.

In its 5th year of operationalisation, the well planned BRI drawn from China’s opening up policies have paved a way forward of regional and global economic cooperation and connectivity.

The interesting fact witnessed by the international community in its fifth year of development was its inclusion into the constitution of Communist Party of China at the eve of 19th National Congress session.The inclusion of BRI in to CPC constitution erased misconceptions of hostile elements who opposed the sustainable development and prosperity by terming it another side of Marshal Plan.

If we focus on the notion of 21st-Century Maritime Silk Road, it has successfully laid emphasis on ways to achieve port renovation, shipping line up-gradation and shipping capacity improvement in the century of Chinalisation. China seeks to effectively avoid traditional risks of globalisation and usher in a new type of ocean civilisation featuring the integration of man and ocean, harmonious co-existence of countries and sustainable development.

BRI is heading ahead connecting various regions in a new and sustainable human civilisation with the “five-in-one” notion of promoting economic, political, cultural, social and ecological buildings. The five factors of connectivity are boosting the facilitation of trade and investment; deepen economic and technical cooperation, establishing free trade zones eventually fulfilling the gap and discrepancies of trade barriers and tariffs as well in the sluggish global economy.

China emerging as global leader has shaped its news new strategic pattern of all-round opening-up, and a new strategic framework of peripheral diplomacy pushing forward by BRI. It has been pushed forward as a common aspiration of all countries along the routes featuring mutual respect, trust, mutual benefit and win-win cooperation.

In its early five years, Chinese government has been actively gathering the support by enhancing communication, consultation and practical cooperation with countries along Belt and Road trade route. The member countries of BRI are taking full advantage of emerging bilateral and multilateral cooperation mechanism based on “one sum mentality”.

Financial integration has become an important pillar for implementation of Belt and Road which is deepening the financial cooperation and makes more efforts in building a currency stability system, investment, financing systems and credit information system in Asia.  The Chinese currency RMB settlement with local currencies in Belt and Road countries is giving a big blow to the Dollar and decreasing the dependence of developing countries on American currency.

The emerging support of BRI has been successfully promoting the connectivity of Asian, European and African countries and their adjacent seas by establishing and strengthening partnership among the countries along BRI.

The initiative is enabling China cooperation with countries in Asia, Europe and Africa and rest of the world helping the sustainable global development.

The grand and systematic program has advanced investment and trade facilitation by creating a better business environment in member countries and forming the new pattern of economic cooperation cultivating the maximum benefits for humanity. The successful implementation of BRI has been helping in revitalising economies by readjusting the structural needs and industrial distribution up gradation.

The economic interdependence of developing countries is rising on each other by decreasing the dependence on America and western countries.

In the last five years, The ambitious geo economic initiative has covered around two-third population of the world spanning over approximately 70 countries around the globe while the Chinese investment has crossed to dollar 4 trillion.

The glittering event of 1st Belt and Road summit hosted by China attended by representatives of more than 110 countries and participation of 30 head of states attained splendid international attention which generated the message of a new world order of global governance and economic globalisation.

Since 2013, $60 billion investment under Belt and Road Initiative have nurtured the infrastructural development and generated economic networks among various economic corridors.

Economic Corridors such as China Pakistan Economic Corridor (CPEC), Bangladesh-China-India-Burma Economic Corridor (BCIM), the New Eurasian Land Bridge, and the China-Mongolia-Russia Economic Corridor (CMR) have basically constituted the skeleton of the Silk Road Economic Belt on land.

CPEC has been serving as a new path to get to South Asia from Xinjiang through Pakistan.

The coordination of CPEC and BCIM has successfully involved South Asia and South East Asia in BRI. CPEC has brought tremendous changes in various sectors of Pakistan which have gained attention of international community for investment and to explore opportunities of bilateral cooperation.

The recent report released by World Economic forum has ranked Pakistan at 47th position in emerging economies of the world. This ranking was based on various indicators including inclusive development, living standards and sustainable environment.

The smooth implementation of the CPEC has strengthened these parameters which helped to change the growth models and inclusive development in Pakistan. The focus of international investors and reviving local industry has made Pakistan as a visible and major country in Belt and Road countries.

The future of BRI based on the smooth progress gained in last five year is very clear which has drafted and published the vision and action on jointly building Silk Road Economic Belt and 21st-Century Maritime Silk Road to promote the implementation of the initiative.

 

The writer is a graduate of Renmin University of China in China Development Studies.