Development Course of the Belt and Road Initiative: Progress and Challenges

Abstract

The international financial crisis in 2008 caused severe damage to international trade and the world economy. The international political and economic structure and multilateral investment and trade rules were undergoing profound adjustments. The World Trade Organization (WTO) negotiations were stagnant and regional cooperation was advancing with difficulty. The development problems faced by all countries were still very serious. In this context, in September and October 2013, when Xi Jinping visited Kazakhstan and Indonesia successively, he formally proposed the initiative of jointly building the Silk Road Economic Belt and the 21st Century Maritime Silk Road (collectively referred to as the “Belt and Road Initiative”). The Initiative has received positive responses and extensive support from the international community. In the past six years, the Initiative that grew from scratch has made positive progress, achieved many substantive progress, and beared rich fruit.