Opinion | In just 10 years, China's BRI cooperation delivers fruitful results
By Augustus K. Yeung
Earlier Beijing warned about hyping up, politicizing. However, as the year ends, it is better to tabulate what the nation has significantly contributed to humankind, tallying the tangible results that the Belt and Road Initiative (BRI) has been accumulating in China's partner countries.
Launched in 2012, President Xi's signature project, the BRI has unbelievably yielded substantial benefits and achieved great initial success in promoting "shared development and prosperity" for participating countries – all amid a politically turbulent changing global situation.
BRI cooperation has covered most of the world's countries. By June 2023, China had signed more than 200 BRI cooperation agreements with over 150 countries and 30 international organizations across five continents, yielding signature projects and focusing on improving people's livelihoods.
As the BRI marks its 10th anniversary, a brief review of the initiative's popularity and solid results is necessary.
From 2013 to 2022, the cumulative value of trade between China and BRI partner countries reached US$19.1 trillion, with an average annual growth rate of 6.4 percent. Cumulative two-way investment between China and partner countries reached US$380 billion, including US$240 billion from China.
On land, a series of landmark BRI projects such as the China-Laos Railway, the Jakarta-Bandung High-Speed Railway, and the Mombasa-Nairobi Railway, were completed and put into operation, improving the infrastructure of partner countries, enhancing connectivity.
At sea, as regards specific operation projects, the annual cargo throughput of the Port of Piraeus in Greece has increased to above 5 million twenty-foot equivalent units. The container terminal of Piraeus now ranks among the world's 40 largest ports. Before China's investment, the Port of Piraeus ranked 93rd. Hambantota International Port in Sri Landa is steadily moving toward its goal of becoming a hub in the region, with its annual throughput of bulk cargo increasing to 1.21 million tons.
(Yet some Western media have labeled the Hambantota port a "failed project" under the BRI.)
To expand channels and platforms for investment and financing, China has funded the establishment of the Silk Road Fund and established the Asian Infrastructural Investment Bank (AIIB), along with other participating countries. These serve as a supplement to other multilateral financing institutions – and help bridge financial gaps in improving infrastructure in developing countries.
The BRI has created a new paradigm for cooperation and become the world's largest platform for international cooperation. It has witnessed notable outcomes in promoting connectivity in policy, infrastructure, trade, financing and people-to-people bonds, reinforcing the development capacity of relevant countries, and improving people's lives.
Note: BRI-related cooperation principles have been incorporated into documents of organizations including the United Nations and the G20. The World Bank has estimated that by 2030, BRI-related investments could lift 7.6 million people out of extreme poverty and 32 million out of moderate poverty.
The all-round progress in BRI cooperation is recognized internationally. The BRI has brought great benefits to the Global South and the global economy in its first decade. (Source: Xinhua)
In the next 10 years, will the BRI demonstrate greater creativity and vitality – and open fresh opportunities for common development and prosperity among participating countries?
To answer this question, consider Cambodia. Cambodia is among the countries that have seen the greatest impact of the BRI on its infrastructure, economy and cultural landscape. Its strategic location on the Mekong River – south of Laos and between Thailand and Vietnam on the Gulf of Thailand – has made Cambodia an important hub for trade and connectivity in the Southeast Asian region.
China's investments in Cambodia have catalyzed a remarkable transformation of its infrastructure. Highways, railways, seaports, and airports have been built or old ones upgraded, facilitating efficient transportation of goods and movements of people within and beyond Cambodia's borders. These infrastructures are connected to free trade zones (FTZs) and special economic zones (SEZs) that have further improved regional connectivity – facilitating trade and attracting foreign investment while boosting Cambodia's economic growth and creating employment opportunities for its people.
The BRI has also played a significant role in strengthening trade relations between China and Cambodia.
Chinese investments in Cambodia's agricultural sector have helped to modernize farming and improve productivity and have had a positive impact on Cambodia's agricultural exports. Cambodia is rich in minerals, and the BRI's infrastructure projects have helped increase mining and mineral processing activities. China's investment in energy infrastructure has helped alleviate Cambodia's power shortages and fostered sustainable development.
One of the most significant outcomes of BRI projects in Cambodia is the construction of the Sihanoukville SEZ, which has attracted foreign investments and boosted Cambodia's manufacturing sector, leading to job creation and increased exports. In partnership with investors in the Sihanoukville and Phnom Penh SEZs, Cambodia is now processing its rubber into car tires, and has become a leading exporter of other value-added products such as car parts and bicycles.
Investment in Cambodia under the BRI framework has also stimulated the construction and real estate sectors, leading to the development of modern residential and commercial properties across the country.
The socio-cultural impact of the BRI projects on Cambodia has also been profound, with significant changes evident in local communities. One notable change is the rapid urbanization and modernization of previously rural areas – as the construction of roads has connected remote regions to major cities, facilitating the movement of goods and people, resulting in the emergence of new urban centers.
Cultural exchanges between China and Cambodia have increased. With Chinese tourists, workers and investors bringing their traditions, language and customs to Cambodia, the integration of Chinese elements into Cambodian society has intensified.
Many Cambodian students enjoy scholarships and increased access to universities and vocational training institutions in China – through BRI cultural and education networks. Such intercultural exchanges enrich cultural diversity.
In short, the BRI projects in Cambodia highlight the benefits of close cooperation, partnership and robust trust building.
Consequently, China has been able to build the Sihanoukville naval base – the first country and neighbor uniquely able to enjoy the reward, honor and trust of Cambodia and its people.
To contact the writer, please direct email: AugustusKYeung@ymail.com
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