Publisher(s): China Academic Journals (CD Edition) Electronic Publishing House Co., Ltd.
First Published: 2020.09.17
Discipline(s): Economics & Management
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A Selection of Papers on the Belt and Road: Towards Openness, Cooperation, Mutual Benefit and Prosperity has chosen topics with high attention based on the download indexes of overseas CNKI users, and carefully selected excellent papers from more than 300 bilingual publications related to the theme of the Belt and Road in the Journal Translation Project. With a focus on economics, these papers also cover trade, investment and other aspects. This Chinese-English bilingual e-book with an ISBN will be published and distributed across the world, so as to introduce the achievements of Belt and Road research to the world, promote the international dissemination of China’s academic researches on the Belt and Road and the construction of an international discourse system, and effectively serve the construction of the Belt and Road.
Editor-in-Chief: Jin Bei
1. On the era of economic globalization 3.0: with additional studies on the concept of interconnectivity of the Belt and Road Initiative
China Industrial Economics,Part 1: China's Economy,No. 01
The third wave of economic globalization is emerging currently and the whole world has been entering the era of economic globalization 3.0. China declined in the era of economic globalization 1.0, sought a revival in the era of economic globalization 2.0, and will take an important international position and play a significant role as a major country in the era of economic globalization 3.0. The materialization of the benefits of globalization depends on a set of practical conditions, which include the development of material and technology and infrastructure conditions, geopolitical interest pattern and market power structure, and organization of global system, namely, the structure of global governance. In the era of economic globalization 3.0, the essence of international competition is good governance rather than force and hegemony. Most importantly, a nation with innovative vigor should be developed to embody the economy’s vitality, competitiveness and creativity. Therefore, China’s international status in the era of economic globalization 3.0 will depend on its change from leading the world economy by high growth to leading it by good governance and innovative vigor. In the era of economic globalization 3.0, the interests of all economies in the world are of mutual infiltration. Although conflict is inevitable, more inclusive and balanced global development is in line with the interests of most countries. Especially for the world powers whose interests have been extended to all over the world, maintaining a new balance of economic globalization is consistent with their national interests respectively. Therefore, in the era of economic globalization 3.0 with complex interests relationship and unavoidable conflict, in-depth structural changes make the interests of the main competitors cross and overlap each other, and the relationships of “symbiosis” and “parasitism” are increasingly deepening. Objectively, these competitors are shaping a community of interests, which may shape a new era of global economic integration with more peaceful (or less dependent on military hegemony) competitive modes and integration order than ever before.
World Economics and Politics,Part 1: China's Economy,No. 02
Much controversy arises over whether the Belt and Road Initiative has the attribute of regionalism or that of multilateralism in the academic world, which not only determines the scope and governance of the Belt and Road, but also determines its path choice. As a result, it is of great theoretical and practical significance to understand and build the Belt and Road. In the economic sense, the Belt and Road Initiative should take the service of multilateral trade and investment liberalization as its ultimate goal, but it should be a regional cooperation mechanism in its initial stage. This is determined by China’s internal and external environment of achieving peaceful development and participating in globalization, and is also a prerequisite for implementing the correct concept of justice and interests. The recognition of the regionalism attributes of the Belt and Road Initiative does not negate its multilateralism character in later stages. Compared with the current rules-based regional cooperation mechanism, the Belt and Road Initiative presents development-oriented characteristics. Therefore, as a new and development-oriented regional cooperation mechanism, it can play its all-round opening functions and serve the goal of achieving a community with a shared future for humanity.
3. Synergizing of development strategies between China and Latin America from the perspective of globalization and the Belt and Road Initiative
Journal of Latin American Studies,Part 1: China's Economy,Vol 39,No. 03
Synergizing of development strategies between China and the relevant countries is an innovative policy of implementing the Belt and Road Initiative that aims to promote the integration of regional economy and market mechanisms. As an extensive part of the “21st Century Maritime Silk Road” as confirmed by the Chinese government this year, Latin America is expected to take the opportunity to foster a parallel growth and join China to meet challenges, either brought by the drastic transition of the driving force for economic globalization or the asymmetric developments in China-Latin America relations. Nevertheless, the new scenario requires both parties to deepen their consensus, diminish respective institutional obstacles, set up new policy coordination mechanisms to generate dynamics and enhance efficiency of bilateral cooperation at a higher level. Further, efforts for such institutional synergizing between China and Latin America demonstrate a mandate for rebalancing the productivity and production relations worldwide to provide the premise for new globalization and global governance. Only through synergizing of development strategies and making comparative advantages and market resources matched conveniently, can China and Latin American countries narrow the gaps of their institutional competitiveness, and ultimately forge “a community with a shared future.” Despite of fundamental differences in ideology and culture, China and Latin America can move steadily to realize the goal, as long as both parties cherish the same dream and make a wise use of the pressing context and accumulated foundations.
4. Phased aims and characters of the Belt and Road in context of competition between China and the United States
World Economics and Politics,Part 1: China's Economy,No. 04
The paper examined the nature of the Belt and Road and the relationship between its economic aims and strategic goals in the current phase based on the analysis of the relationship between rising China and the international system dominated by the U.S., including the trend of this relationship. By assessing the limits and development points of the Belt and Road as well as the paradigms, models, content, area extensions and implementation methods, it argued that currently China is still in the initial stage of economic rise, and its vulnerabilities include its dependence on world economy order dominated by the U.S. and the challenges brought by the U.S. constant preventive pressure. Due to those factors, the bilateral relations between China and U.S. and its tendency are exhibiting zero-sum game characteristics. The paper points out that currently competition between China and the U.S. does not focus on the struggling for world leadership. The present critical danger of China is how to avoid the economic pressure trap built by the U.S. preventive constraint measures which aim at slowing down or even sabotaging the comprehensive strength accumulation of China. China needs to refrain from the miscalculation that China’ development still relies on the U.S. support and its support will last. China needs more self-confidence on its independent development and at least needs to prepare for the decoupling between China and U.S. Meanwhile, China also needs to notice the misleading trend of sacrificing China’s own development chances and even crucial interests to defuse the structural confrontation between these two world giants. Last but not least, China also needs to resist the temptation to try to formulate its own parallel regional cooperation system, providing an alternative plan of world order dominated by the United States, for such ambition will inevitably make the bilateral relations completely trapped in a zero-sum game. Based on these assessments, the paper concluded that currently the Belt and Road should keep its nature as a long-term development initiative and serve the aim of maintaining external environment required by China’s economic development. China should reduce its dependence on the U.S. world economy order and focus on building its independent and sound regional cooperation structure so as to find an alternative plan for China’s sustained economic growth. China should reduce constant reliance on the U.S. dominant system and meanwhile resist the ambition to topple down the current world economy order. The Belt and Road should concentrate more on this long-term development approach by phased, directed and sufficient resources investment.
5. An analysis of corporate social responsibility of central state-owned enterprises under the Belt and Road Initiative: a case study from the perspective of strategic and responsive social responsibility
China Industrial Economics,Part 1: China's Economy,No. 05
How do external environment and internal value chain drive central state-owned enterprises to implement social responsibility? What is the relationship between different types of social responsibilities? This paper categorized social responsibilities performed by central state-owned enterprises under the Belt and Road Initiative into strategic and responsive ones, and discussed the above two questions through a case study. The following findings were obtained. Under the Belt and Road Initiative, the external environment under which central state-owned enterprises operate has characteristics of relatively weak legal environment, high political risks, lack of highly competent labor and relatively weak development of supporting industries. And internally, central state-owned enterprises implement industrial chain integration to extend their value chain. Labor and supporting industry characteristics in the external environment drive central state-owned enterprises to conduct strategic social responsibilities. Risk factors in the external environment drive central state-owned enterprises to conduct responsive social responsibilities. Internal value chain extension drives central state-owned enterprises to conduct both responsive and strategic social responsibilities. Moreover, external factors will drive both types of social responsibilities indirectly through driving the extension of internal value chain. Responsive social responsibilities of central state-owned enterprises can also facilitate the implementation of strategic social responsibilities. This paper integrated multiple perspectives to establish a theoretical framework to explain central state-owned enterprises’ social responsibilities under the Belt and Road Initiative, and further clarified the mechanism through which internal and external factors affect strategic and responsive social responsibilities. This paper also has positive implications for the government to better promote the Belt and Road Initiative through improving social responsibility related laws, and for Chinese enterprises to better perform social responsibilities under the Belt and Road Initiative.
6. Study on the opportunities and prospects of Sino-Japanese third-party market cooperation from the perspective of the Belt and Road Initiative
Northeast Asia Forum,Part 1: China's Economy,Vol 28,No. 06
Under the background of Trump’s “America First” policy, changes in the situation in East Asia, increased demands from Japan to expand overseas markets, and remarkable early results of the BRI, Sino-Japanese relations have shown improvement since the spring of 2017, and Japan’s attitude towards the BRI has also changed. The atmosphere of the cooperation between China and Japan around the BRI has warmed up, and begun to enter a pragmatic discussion and preliminary cooperation stage. In October 2018, Prime Minister Abe officially visited China, and the two countries signed more than 50 agreements on third-party market cooperation. China and Japan will gradually expand cooperation in the fields including infrastructure, finance, logistics, energy, and environmental protection, industrial upgrading, modern agriculture, and e-commerce. In the process of promoting the Belt and Road construction and strengthening the cooperation between China and Japan in the third-party market, there will be some challenges in the future, such as interference of America, unstable Sino-Japanese relations, institutional differences between the two countries, uncertainty in the third-party market, and the complicated and volatile international situation, which require China and Japan to work together to overcome difficulties and obstacles, promote the sound operation of Sino-Japanese relations, seek common ground while reserving differences in cooperation, work together to promote the development and prosperity of the region, and build a community with a shared future for mankind.
7. Chinese overseas transport investment effect on the countries along the Belt and Road: development effect or debt trap
China Industrial Economics,Part 1: China's Economy,No. 07
In recent years, the Western countries have criticized that the Belt and Road Initiative causes the countries along the route to fall into debt traps. To refute this opinion, this paper evaluated the transport investment effect of the Belt and Road Initiative by the difference-in-differences-in-differences regression after exploring country-industry-year panel data based on the China Global Investment Tracker database during 2005–2018. The results show that the Belt and Road Initiative has significantly increased the Chinese overseas transport investment in the countries along the route rather than caused troubles to transport investment. Therefore, the criticism of debt trap is short of evidence by holding that the Belt and Road Initiative has increased countries’ debts and then caused troubles to transport investment. The conclusion is robust to a series of robustness tests and identification strategy tests. Further results show that the Belt and Road Initiative mainly promotes the transport investment of state-owned enterprises and the enterprises preferring cross-border mergers and acquisitions. The countries along the 21st Century Maritime Silk Road, especially those in in Asia, significantly benefit from the Belt and Road Initiative. Meanwhile, transport development effect of the Belt and Road Initiative comes from new entrants instead of existing ones. In addition, this paper also found that the Belt and Road Initiative has significantly increased neither the share ratio of overseas transport investment nor the debt of the countries along the Belt and Road. This conclusion shows that all the accusations of the debt trap theory against the Belt and Road Initiative are wrong.
8. Integrating the Belt and Road Initiative with UN 2030 Agenda for Sustainable Development: connotations, goals and routes
World Economics and Politics,Part 1: China's Economy,No. 08
Since its introduction in 2013, the Belt and Road Initiative has been implemented for more than five years. While achieving remarkable results, it also receives increasing opposition from some countries, which has caused considerable resistance to its further progress. Being the latest outcome of UN sustainable development process, the 2030 Agenda for Sustainable Development represents an important consensus in the international community. This paper argues there are many similarities between the Belt and Road Initiative and 2030 Agenda. Based on these similarities, integrating the Belt and Road Initiative with UN 2030 Agenda will help to remove the misunderstandings, which is of great significance for further construction of the Belt and Road Initiative. Focusing on some important theoretical and policy issues, this paper analyzes the connotations of and approaches to integrating the Belt and Road Initiative and 2030 Agenda from the dialectical relationship between actions and goals as well as between reality and trend of the future. The purpose of integration includes building capacity in global governance, supplying global public goods, promoting global sustainable development and implementation of Sustainable Development Goals (SDGs) in developing countries along the Belt and Road. The routes of integrating the Belt and Road Initiative with 2030 Agenda include the integration of visions, goals and mechanisms.
China Industrial Economics,Part 1: China's Economy,No. 09
In recent years, how China should achieve industrial upgrading has received extensive attention from academia. In the final analysis, industrial upgrading is whether the representative enterprises in the industry have achieved optimization and upgrading. The Belt and Road Initiative is proposed in the context of China’s economy entering the new normal, it has important research significance for the impact of China’s enterprise upgrading. The paper took the quasi-natural experiment formed by the Belt and Road Initiative as the entry point, used the DID model and studied the impact and path of the Belt and Road Initiative on the upgrading of China’s enterprises. The study found that the Belt and Road Initiative can significantly promote the upgrading of China’s enterprises characterized by improving total factor productivity. The above conclusions remain robust after using the instrumental variable approach to mitigate possible endogeneity problems and perform other robustness tests. Further, the paper divided China’s industries into emerging industries, mature industries and bottleneck industries based on the theory of industry life cycle, and analyzed the path of the Belt and Road Initiative affecting the upgrading of enterprises in various industries from the perspective of innovation. Combined with empirical analysis, the following results are obtained: the Belt and Road Initiative can promote the upgrading of enterprises in all industries through innovation, and has the greatest impact on the upgrading of enterprises in bottleneck industries, followed by emerging industries and mature industries. In addition, the paper also conducted a subsample regression based on the nature of ownership. The results show that the Belt and Road Initiative can simultaneously promote the upgrading of state-owned enterprises and private enterprises. This conclusion means that in the advance of the Belt and Road Initiative, China’s economic development has formed a new pattern that both the state enterprises and the private sectors advance. The paper not only provides micro evidence for the Belt and Road Initiative affecting the upgrading of enterprises, but also has important theoretical implication for the country to formulate policies, and has certain reference value for the follow-up deployment of the Belt and Road Initiative.
International Economic Review,Part 1: China's Economy,No. 10
Against the backdrop of intensifying global protectionism, a stable China-EU relationship serves as the precondition for the steady development of the Belt and Road Initiative in the Europe. When China and the EU meet in the Western Balkans, whether they will engage in regional competition or deepen cooperation will have a great bearing on the future evolution of their relationship. Based on analysis of the EU’s strategy in the Western Balkans and China’s Belt and Road projects in the same region, the paper argues that China’s investment and China-financed infrastructure projects play a positive role in pushing the Western Balkans to join the EU. Chinese funds and technologies not only promote the livelihood of the people in the region, but help integrate the regional transport and energy networks into the existing Trans-European Transport Network and Pan-European Corridors. In addition, there exists ample room for China and the EU to further their cooperation in terms of norms, standards, funding and planning.
11. Innovation on the cooperation mode among harbor cities in Beibu Gulf Economic Zone based on the Belt and Road Initiative
Economic Geography,Part 1: China's Economy,Vol 38,No. 11
The dilemma of cooperation among harbor cities in Beibu Gulf Economic Zone was discussed based on the literature in this paper. First, the cooperation motivations of each collaborative agent are difficult to coordinate. Secondly, theories or policies of cooperation are discussed without decisions or execution. Thirdly, the cohesive strength of cooperation in practice has not been improved. Then, the basic condition of economy, urbanization and city development, and system of harbor cities in Beibu Gulf Economic Zone are discussed. It is necessary for harbor cities in Beibu Gulf Economic Zone to refer the integrated coordination mode of city (town) union, and adopt the cooperation mode of multi-center, few-level and networked inter-city cooperation committee among cities, then put the cooperation into fields such as port-related industries related port and coastal tourism, through the legal coordination mechanism and the flat and efficient cooperation model, so as to promote effective cooperation, play the role of pivot city of the 21st-Century Maritime Silk Road, improve the coastal development axis of China, and serve for the Belt and Road Initiative.
12. Opening pattern, regional integration, and reshaping economic geography: an analysis of new economic geography based on the Belt and Road Initiative and Yangtze River Economic Belt
Journal of International Trade,Part 1: China's Economy,No. 12
Since the 18th National Congress of the Communist Party of China, the central government has implemented several regional development plans, including the Belt and Road Initiative and the Yangtze River Economic Belt, to reshape the economic geography of China. Based on the Belt and Road Initiative and the Yangtze River Economic Belt, this paper outlined the opening pattern. In order to analyze the impact of the opening pattern on the regional integration of China’s economic geography, we built a new economic geography model comprising of four regions and two countries. Accordingly, we drew some conclusions. Firstly, the change in opening pattern may lead to the shift of centripetal and centrifugal forces from the international marketplace. The greater the scale of neighboring markets is, the stronger the agglomeration force will be; the more product varieties made in neighboring countries are, the more potent its dispersion force will have. Secondly, developing an inland international trade corridor will make industrial distribution more diverse and reduce the impact of external market integration on homeland. Thirdly, the inland international trade corridor could alter the effect of domestic market integration on the economic geography. When domestic integration occurs prior to international integration, further integration of domestic market leads to greater industrial distribution along a bell-shaped curve, which describes economic activities from dispersion to agglomeration and then diversion again. Therefore, developing an integrated market system of major countries and an opening corridor between China and Europe is not only the key to reshaping China’s economic geography but also the path to solving the problems of the Heihe-Tengchong Line.
China Industrial Economics,Part 1: China's Economy,No. 13
This paper investigated the effect of institutions and resources on market access in the countries along the Belt and Road using the date of Chinese firms from 2004 to 2009. The paper got several results by using a multinominal logit model to make an empirical analysis. We find that firms with high productivity, intensive capital and a large scale access the host market through a joint ventures or a merger. Firms with a large amount of export enter the host market through green investment. Firms choose a joint venture or a merger in countries which have more resources in R&D. The aim of Chinese firms is to get the abundant resources in host countries. Firms with transferable advantages choose the joint venture or merger in countries with intensive R&D. Firms choose a merger in countries with better institutions and business environment. Firms also choose a merger in countries which have a more different institution with China. However, firms with more abundant advantages choose green investment in countries that have a more different institution with China. Firms try to choose the best strategy with their heterogeneity under different institutions and resources. For example, in countries with a better institution, firms with high productivity choose green investment but firms with a high profit rate choose the joint venture or merger.
14. China and Japan in the transformation of Asian development cooperation: from the perspective of Japanese ODA and the Belt and Road Initiative of China
Japanese Studies,Part 1: China's Economy,No. 14
Asian development cooperation has entered a new stage of transformation under the influence of new trends of international development cooperation since the beginning of the 21st century. The diversified scenarios of Asian development cooperation are characterized by the fundamental task of developing countries and issues such as sustainable development of newly emerging economies in Asia. As a traditional aid contributor, Japan takes action in adapting to the change, attempting to shift itself from development aid to development cooperation and from the role as a great contributor in terms of amount to that of a great contributor in terms of quality. As a growing economy, China will be faced with the climax of Asian development cooperation in the context of its new strategy of international cooperation. In the practice of Asian development cooperation, the conflict of interest between China and Japan will intensify the strategic competition, which requires China to take effective measures to cope with.