China’s BRI in Central and Eastern European Countries: The Role of ‘17+1’ Framework for Regional Economic Cooperation

Abstract

The aim of this research is to describe China’s Belt & Road Initiative (BRI) in the context of broader economic cooperation among the Central and Eastern European countries (CEEC). This research investigates the infrastructural development in the CEE countries under the 17+1 initiative in the entire region. Further, this study explores different approaches of economic cooperation between CEEC and China and points out the Chinese foreign direct investment (FDI) in individual CEE-17 countries. What kind of cooperation and mutual interrelation does China’s economic cooperation develop with the member states of the 17+1 initiative? To what extent do the CEE countries transform their economy in the framework of the 17+1 project? It is very clear that China needs to develop more effective mechanisms for wider cooperation in CEE countries to achieve the goal of the BRI initiative. This research mainly produces empirical studies to investigate the objectives and hypotheses. As of now, the result of the BRI initiative and 17+1 framework projects impacted limited economic transition in the CEE countries. The article concludes that there is a need to accelerate different BRI projects proportionally in the CEE countries. Moreover, this study shows that there is a trade deficit between the CEE countries and China. This article indicates that as a recommendation for bilateral cooperation between CEE countries and China, there is a need for large levels of cooperation at the regional level.