Belt and Road Initiative, new type of globalization and major power relations

ZHONG Feiteng1

(1.National Institute of International Initiative, Chinese Academy of Social Sciences)

【Abstract】The vast majority of countries along the Belt and Road belong to low- and middle-income countries and the main challenge facing them is how to realize development. East Asia and China have achieved industrialization by relying on export-oriented initiative, but in the next period, the growth of international trade will be significantly lower than that of GDP. Coupled with the idea of these developed countries against the trend of globalization, global development needs new ideas. China and the countries along the Belt and Road can promote the new type of globalization with industrialization focusing on the infrastructure construction and the manufacturing industry and the cooperation with developing countries as main content. China has the world’s leading manufacturing trade capacity as the eastern region has formed a rich economic belt twice the economic scale of the US after the Second World War. Strategically, China is an advocate of the principle of consultation, sharing and co-building. Therefore, the Belt and Road Initiative serves as a deep driving force. Around 2030, 2.4 billion people in low- and middle-income countries along the Belt and Road are expected to become middle- and high-income people, while 1.4 billion people in China will become high-income people. While the increasingly rich China does pose a major challenge to the US, the Belt and Road Initiative has also created opportunities for cooperation and mutual benefits between the two countries. Therefore, China should make an overall planning for the Belt and Road Initiative and the new type of relationship among the major countries so as to well safeguard China’s national interests.

【Keywords】 Belt and Road Initiative; income level ; development initiative; new type of globalization ; global economic governance; major power relations;

【DOI】

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This Article

ISSN:1003-3386

CN: 11-5370/D

Vol 34, No. 03, Pages 1-26

May 2017

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Article Outline

Abstract

  • 1 Belt and Road Initiative and the development of low- and middle-income countries
  • 2 New understanding of the development of the low- and middle-income countries along the Belt and Road
  • 3 China’s advantages and initiatives in promoting the development of low- and middle-income countries
  • 4 China’s move towards a high-income country and its relations with major countries
  • 5 Conclusion
  • Footnote