Introduction:
ARTICLE OVERVIEW:
Belt and Road Initiative also known as "New Silk Road" was initiated by president Xi Jinping with the aim of building an economic belt and 21st century maritime Silk Road in cooperation with countries along the Belt from the Eastern part of China through central and western China to central Asia and beyond - this was in order to promote policy coordination, connectivity of infrastructure and facilities for a shared future for mankind.
BRI and its core concepts have also been incorporated into the schemes of regional and international organisations such as G20, APEC, AU and Shanghai Cooperation Organisation. It is an important platform for achieving the United Nations 2030 agenda for sustainable development.
Since its inception, BRI has recorded multifaceted achievements with visible infrastructure, financing, and trade and investment in Asia, Africa, the Middle East, Europe, the Pacific and Latin America. It has helped foster new energies for economic development and win-win cooperation.
BRI's share of GDP growth with partner countries was reported to have been increasing and the number of people employed and lifted out of poverty under the auspices of the initiative continues to increase.
In terms of financing, China, through the BRI has signed more than 200 contracts agreements on joint ventures with cooperating partner countries.
In Africa for instance, under the Forum on China-Africa Cooperation (FOCAC), the BRI has recorded greater success in infrastructure development in areas of roads, bridges, dams, airports, free trade zones, seaports, sports facilities, healthcare among others.
Inspite of the growing incidents of trade protectionism and unilateralism across the globe, trade and infrastructure development have continued to flourish between China, BRI member countries thereby signifying deepening economic relations under the BRI.