It`s been five years since Chinese President Xi Jinping first proposed the Belt and Road Initiative(BRI), which results, among others, a massive collection of globe-spanning projects aimed at tying China`s trading partners closer together.
In just five years, the BRI has gone from a highly-ambitious vision into a firm reality, with a host of mega projects taking shape in multiple regions.
Many Asian economies have suffered because of poor infrastructure and development. Ms. Xu Qinhua, the vice dean of the National Academy of Development and Strategy at the Renmin University of China believes that infrastructure is a prerequisite for social and economic development.
She also gave an example of Asia-Pacific region, saying that over the next 10 years, APEC developing economies need to spend approximately 950 billion US dollars on infrastructural construction annually, and total infrastructure demand will reach about two trillion US dollars a year, which coupled with demand from the region’s more developed economies.
Xu said the BRI emphasizes and highlights the "Collaborative Spirit" of the Historic Silk Road, which is very meaningful and valuable. China has been contributing to playing a role of a torch, applying the "Collaborative Spirit" into the development within the Belt and Road region.
China has set up a collaborative platform, invite different countries to join and invest as the seed-funding for the connectivity. And many countries in the region are enjoying the increased connectivity brought by the initiative.
Many of the projects are being delayed because of risks, including political, military, social, economic and environment. Xu said there is a misunderstanding that China is the only country that faces investment risks. Actually, all the investors are facing such risks, she said.
Xu also gives her thought of how to alleviate these concerns. First, the investment needs to be in the right time and right place. Second, our supply needs to meet the demand. She said in that way China can reduce the risk of investments.