BEIJING – Visiting Xinjiang, a region located in the Northwest of China, one can be astonished by the amalgamation of diverse traditions, religions, and art forms that continue to shape the region’s unique cultural identity to this day; but this can be explained as the region had served for centuries as a conduit for the exchange of goods, ideas, and people between various civilizations connected by the ancient Silk Road, a network of trade routes that connected the East and West.

However, it’s also easy to spot another tremendous transformation in the economic and infrastructure scene of the city thanks to an ambitious initiative to revive the ancient Silk Road, known as the Belt and Road Initiative (BRI).

A Driving Force for Growth

This year, China marks the tenth anniversary of this ambitious, globe-spanning infrastructure development project, which was proposed by Chinese President Xi Jinping in a series of speeches in Kazakhstan and Indonesia calling for a “Silk Road Economic Belt” and a “Maritime Silk Road,” respectively. The following year, China announced the creation of a $40 billion Silk Road fund and a $20 billion Maritime Silk Road fund.

The initiative was aimed primarily to strengthen cooperation among the countries along the ancient Silk Road routes and provide a new growth motivation to the global economy, extending it to the countries worldwide based on their willingness to promote the free flow of commodities, capital, technologies, and people.

Over the past 10 years, about 150 countries have responded positively to the initiative by signing cooperation agreements with China to jointly build the Belt and Road, while Chinese companies have invested about a trillion USD into mega infrastructural projects, including projects for building roads, railroads, ports, airports, electric power plants, and pipelines, in addition to the hundreds of industrial parks and science parks.

The initiative stands today as one of the locomotives of Chinese growth and a successful tool for building its global influence and relations with other countries.

A Shared Future for the Mankind

Economically, the BRI has bolstered China’s trade and investment activities. It has created new opportunities for Chinese businesses to expand their markets abroad, enabling them to tap into previously untapped regions.

“The BRI has facilitated the construction and improvement of infrastructure, such as ports, railways, roads, and power plants, helping to reduce logistic costs and enhance connectivity between different regions. This has led to increased trade volumes and facilitated economic integration across the participating countries,” said Cang Feng, the Deputy Director-General of the Foreign Affairs Commission, the CPC Guangdong Committee. For Feng, the BRI is really about building a community with a shared future for mankind.

For Cao Saixian, Director General, Office of Foreign Affairs Work Committee of CPC Shenzhen Municipal Committee, BRI was an important driver for growth in China in general and Shenzhen in particular as Shenzhen’s outbound investment along Belt and Road countries member countries saw remarkable growth in recent years.

Shenzhen, known as China’s Silicon Valley and symbol of China’s reform and opening up, is home to thousands of national hi-tech companies and occupies an important position in China’s financial services, foreign trade, and maritime transport.

The BRI has also played a significant role in encouraging investment and fostering economic partnerships. China has set up various financial institutions and funds to support BRI projects, such as the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund. These institutions provide financial aid, loans, and grants to participating countries, promoting investment and development. China’s outbound direct investment has also increased significantly, strengthening economic ties and promoting joint ventures in various industries.

Zhang Sihong, Vice President of the China Foreign Trade Center, referred to a remarkable participation in BRI member countries in the China Import and Export Fair, also known as the Canton Fair.

“Exhibitors from these countries can leverage the fair’s extensive global reach and attract potential buyers, allowing them to expand their market presence and explore new business opportunities. This not only can promote economic growth and development in the participating countries but also foster regional trade integration,” said Sihong who also referred to the opportunity provided by the Canton Fair to BRI members to exchange ideas, technology, and expertise, facilitating the transfer of knowledge and encouraging innovation. “Through this exchange, countries involved in the BRI can enhance their productive capacities and develop mutually beneficial partnerships, contributing to the sustainable development and economic success of the initiative,” Sihong added.

Promoting People-to-People Exchange

Feng, the Deputy Director-General of the Foreign Affairs Commission, the CPC Guangdong Committee, refers to the important social and cultural aspects of the BRI as it has promoted people-to-people exchanges and cultural integration. Increased connectivity has facilitated travel and tourism between participating countries, enhancing cultural understanding and fostering friendships.

The BRI has promoted educational and academic exchanges, enabling students, scholars, and researchers to collaborate and learn from each other’s experiences. These interactions have contributed to cultural diversity, knowledge sharing, and the mutual enrichment of participating societies.

Additionally, the BRI has supported social development through poverty alleviation efforts. Many projects under the BRI focus on infrastructure development in underdeveloped regions, providing better access to education, healthcare, and other essential services. This has helped uplift local communities, improving their living standards and creating employment opportunities.

Chinese officials have repeatedly stressed the importance of Egypt as an important part of the initiative, but at the same time Egypt sees the initiative objectives are consistent with its vision for 2030 and its efforts to launch a number of megaprojects that achieve high returns and create diversified investment opportunities; foremost of which is the Suez Canal Development Center.

During the last ten years, BRI has also faced challenges and criticisms. However, the initiative has remained an essential driver of economic and social development within China, facilitating regional cooperation, and forging stronger connections with the rest of the world.