Chapter 2 The Belt and Road Initiative: Shaping a New Globalization

Since the Belt and Road Initiative was proposed by China over three years ago, it received warm response and support from over 100 countries and international organizations. More than 40 countries and international organizations signed cooperation agreements with China in relation to the initiative. New cross-border investment and financing institutions, such as the Asian Infrastructure Investment Bank (AIIB) and Silk Road Fund, were established and put into operation. Chinese enterprises built more than 50 overseas economic and trade cooperation zones in the countries along the Belt and Road and invested major projects, which promoted economic development and created local jobs. The initiative enables people in China and the other countries along the Belt and Road to have a sense of gain. However, the process of globalization has been slowing down since the end of the Cold War. Some of the global problems associated with globalization can be blamed on it. Protectionism and inward-looking trends are on the rise in some countries, and the multilateral trading regime is under pressure. The globalization engine faces the possibility of stalling. The world reached a critical juncture for choosing to move forward or backward, open or closed.

The process of globalization so far is not perfect, but it is by no means anything. In the past, the process of globalization was accompanied by economic development imbalance, polarization between the rich and the poor, fragile environmental protection and weak global governance. However, globalization is not the source of these global problems. On the contrary, these global problems can be addressed in the further development of globalization. As President Xi Jinping said at the World Economic Forum in January 2017,“When encountering difficulties, we should not complain about ourselves, blame others, lose confidence or run away from responsibilities. We should join hands and rise to the challenge.” Premier Li Keqiang mentioned China's choice to embrace globalization in his speech in Australia. He said that some domestic industries have suffered a lot of external challenges and pressure after China joined the WTO. China did not blame others, nor lose confidence, but actively took the initiative to adjust and to adapt. Practice has proven that this is the right strategic choice. Through these frank and sincere stories, Chinese leaders won the trust and enhanced confidence of the world.