For the past three years since the launch of the Belt and Road Initiative (BRI), the countries along the BRI have made major progress in policy coordination, facilities connectivity, unimpeded trade, financial integration and people-to-people bonds. With the alignment of development strategies and policies of countries concerned, a number of major infrastructure projects connecting sub-regions in Asia and the Eurasian continent have been launched or completed. This has promoted the free flow and efficient allocation of resources in the region and globally.

BRI is a public good that China provides for the world to facilitate common development. At a time when anti-globalization sentiment is on the rise, the real solution is to find a path that benefits more people and balance interests so that a higher level of globalization can be achieved. Facts show that BRI will play a very important role in this process.

Wang Huiyao, Counsellor of the State Council and Chairman of the Center for China and Globalization, said at a special program of CNR that BRI gives a strong boost to the new model of globalization.

Wang said that China is now in the era of Globalization 2.0. The Globalization 1.0 emerged after the World War II, when the UN, World Bank, WTO and IMF were established. These international organizations played a huge role in developing the world economy.

China started reform and opening up in the 1980s and joined the WTO in 2001, which marked the unprecedented involvement of China in globalization. China has benefited from globalization. Over the past 16 years since joining the WTO, China’s GDP and foreign trade increased 8 folds.

Since last year, though, there has been an anti-globalization trend. Now, we are at a stage where globalization needs to be upgraded. Globalization 2.0 has therefore emerged. Three years ago, China proposed BRI and established the Asian Infrastructure Investment Bank. China has played a more important role in Globalization 2.0. China now contributes over 30% to global growth, ranking No.1 in the world. By promoting Globalization 2.0, we don’t overturn the Globalization 1.0. Nor do we want to overthrow the existing globalization and global governance mechanisms. Rather, we want to improve and bolster globalization on the current basis.

As for corporate activities and people-to-people exchanges, we said that China’s outbound investment has exceeded overseas investment in the past few years. China ranks the first in the world in the flow of goods. The capital flow has also been very fast. Every year, over 600,000 Chinese students study abroad and about 120 million Chinese tourists travel overseas. In other words, China is deeply integrated into new globalization in the flows of goods, capital and people. The new globalization has been part of our life.

Wang believes that BRI gives a strong boost to the new round of globalization and creates new areas for global growth. Therefore, it has enormous historic and practical significance. BRI is a global undertaking. It brings new vitality into globalization and provides more experiences for addressing the evils and side effects in globalization.