Skip to main content

Belt and Road Initiative the new norm for globalization: economist

Source:Global Times Published: 2019/3/24 15:15:50

The Belt and Road Initiative (BRI) can be a new model for globalization, as the current model is beginning to falter, said Li Yang, an expert in economics at the China Development Forum in Beijing.

Li, director-general of the National Institution for Finance and Development under the Chinese Academy of Social Sciences, pointed out that the world is currently in a stage of de-globalization. One typical example of this is the discrepancy between global trade growth and GDP growth. Data-wise, from 1960 to 2015, global trade grew at an average annual rate of 6.6 percent, and global GDP grew 3.5 percent annually. From 2008 to 2015, trade grew at an average annual rate of 3.4 percent, and GDP grew at an average annual rate of 2.4 percent. Since 2011, global trade growth has fallen below 3 percent for five consecutive years, barely keeping up with GDP growth. The data indicates that global economies have begun to disconnect and the trend of de-globalization has emerged.

De-globalization is worrying, according to Li. The decline in the trade growth rate will lead to a decline in the growth rate of capital goods, which will lead to a decline in the rate of capital formation and drag down economic growth.

The BRI was proposed against the background de-globalization, and it differentiates itself in several aspects from the current trend of globalization, Li said. 

The BRI connects poorer countries, while under the older model of globalization, poorer countries were usually marginalized and couldn't enjoy its benefits, said Li. BRI allows fairer participation and lets everyone have a chance to enjoy the benefits of globalization.

Additionally, instead of prioritizing rules and values, the BRI promotes economic development as the top priority. The BRI is dedicated to cooperation among different countries and to advancing the industrialization of different countries, and it is aimed at meeting people's most basic demands and the alleviation of poverty. China therefore is the source of inspiration for these countries for the development of different industries, Li said. 

The BRI is also aimed at cooperation and mutual benefits. Traditional globalization has resulted in the homogenization of different countries, but the BRI will recognize and respect the differences. Helping countries set localized development plans is key in the Belt and Road Initiative. 

Overall, Li said at the China Development Forum that for the new age of new globalization, the BRI can be an effective solution for crisis and a means of effective collaboration and cooperation in the international community.


Popular posts from this blog

SSG Commando Muddassir Iqbal of Pakistan Army

“ Commando Muddassir Iqbal was part of the team who conducted Army Public School operation on 16 December 2014. In this video he reveals that he along with other commandos was ordered to kill the innocent children inside school, when asked why should they kill children after killing all the terrorist he was told that it would be a chance to defame Taliban and get nation on the side. He and all other commandos killed children and later Taliban was blamed. Muddassir Iqbal has deserted the military and now he is  with mujahedeen somewhere in AF PAK border area” For authenticity of  this tape journalists can easy reach to his home town to interview his family members or   ISPR as he reveals his army service number” Asalam o Alaikum: My name is Muddassir Iqbal. My father’s name is Naimat Ali. I belong to Sialkot divison (Punjab province), my village is Shamsher Poor and district, tehsil and post office  Narowal. Unfortunately I was working in Pakistan army. I feel embarrassed to tell yo

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میں Please help the deserving persons... Salary: Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows; Welder: Rs. 1,700 daily Heavy Duty Driver: Rs. 1,700 daily Mason: Rs. 1,500 daily Helper: Rs. 850 daily Electrician: Rs. 1,700 daily Surveyor: Rs. 2,500 daily Security Guard: Rs. 1,600 daily Bulldozer operator: Rs. 2,200 daily Concrete mixer machine operator: Rs. 2,000 daily Roller operator: Rs. 2,000 daily Steel fixer: Rs. 2,200 daily Iron Shuttering fixer: Rs. 1,800 daily Account clerk: Rs. 2,200 daily Carpenter: Rs. 1,700 daily Light duty driver: Rs. 1,700 daily Labour: Rs. 900 daily Para Engine mechanic: Rs. 1,700 daily Pipe fitter: Rs. 1,700 daily Storekeeper: Rs. 1,700 daily Office boy: Rs. 1,200 daily Excavator operator: Rs. 2,200 daily Shovel operator: Rs. 2,200 daily Computer operator: Rs. 2,200 daily Security Supervisor: Rs.

A ‘European Silk Road’

publication_icon Philipp Heimberger ,  Mario Holzner and Artem Kochnev wiiw Research Report No. 430, August 2018  43 pages including 10 Tables and 17 Figures FREE DOWNLOAD The German version can be found  here . In this study we argue for a ‘Big Push’ in infrastructure investments in greater Europe. We propose the building of a European Silk Road, which connects the industrial centres in the west with the populous, but less developed regions in the east of the continent and thereby is meant to generate more growth and employment in the short term as well as in the medium and long term. After its completion, the European Silk Road would extend overland around 11,000 kilometres on a northern route from Lisbon to Uralsk on the Russian-Kazakh border and on a southern route from Milan to Volgograd and Baku. Central parts are the route from Lyon to Moscow in the north and from Milan to Constanţa in the south. The southern route would link Central Europe with the Black Sea area and