The Belt and Road Initiative (BRI), a proposal that has been on the table for a decade now, has been a game changer on many global levels, and the third Belt and Road Forum for International Cooperation, which opened in Beijing on Oct 17, is leading nations worldwide into a new realm of cooperative benefit and shared victory. Not only has the BRI introduced a model for cross-border economic cooperation, emphasizing shared goals of national development, transcending the differences in politics, cultures, and ideologies, but it has also served as a vital supplement to international relations and global governance.
During this BRI forum, China has affirmed its commitment to eight actions supporting the high-quality development of the BRI. These include backing the construction of an open world economy, annulling restrictions on foreign access to manufacturing sectors, actively aligning with international high-standard economic and trade rules, intensifying the opening-up of cross-border service trade and investment, expanding market access for digital products, and deepening reforms in areas such as State-owned enterprises, the digital economy, intellectual property, and government procurement.
The Hong Kong Special Administrative Region government also participated in this forum at the highest level, with Chief Executive John Lee Ka-chiu delivering a speech at the forum. He stated in his speech that Hong Kong will make every effort to provide quality and professional services for businesses and economies participating in the BRI, including project financing, risk management, international law and dispute resolution, construction engineering, shipping logistics, and innovative technology. Lee asserted the unique advantages Hong Kong reaps from “one country, two systems”. As a bridge between the Chinese mainland and global markets, Hong Kong has free capital flow, a regulatory framework that meets international standards, and it operates under a common law system. These factors fortify Hong Kong’s position as a popular destination for global entrepreneurs, making it the preferred gateway and crucial hub for businesses operating in Asia.
READ MORE: Belt and Road Initiative achieves fruitful results in its first decade
Besides the mainland and Hong Kong, it is important to note that the BRI is also crucial for international cooperation and development. Over the past decade, more than 150 countries and 30 international organizations have joined the BRI, an initiative that has achieved significant success since its inception in 2013. The country will establish pilot zones for Silk Road e-commerce cooperation, sign free trade and investment protection agreements with more countries, and host the Global Digital Trade Expo annually. Over the next five years, China’s import and export volumes of goods and service trades are expected to exceed $32 trillion and $5 trillion respectively. This unprecedented model of global cooperation is synchronously leading nations at different stages of development toward prosperity and success.
READ MORE: Leveraging Belt and Road Initiative to expand the use of digital yuan
Furthermore, the BRI allows more scholars from the Global South to participate in research and development. These activities will ensure the sustainability and inclusivity of the BRI, while sparking further debates about existing research models, target groups, and academic discourse, to establish a society for a shared future for humanity. International relations are diverse and interactive, and the BRI demonstrates a new model of international relations, no longer dominated by unilateralism; it seeks multilateral win-win solutions under the premise of national development.
The author is the convener at China Retold, a member of the Legislative Council, and a member of the Central Committee of the New People’s Party.
The views do not necessarily reflect those of China Daily.
