China’s BRI: Reshaping the Global Economic Order?

By Joel Wong

The video discusses the Belt and Road Initiative’s impact on global economics, geopolitical shifts towards a multipolar world.

The Belt and Road Initiative (BRI) aims to enhance connectivity between China and Central, South, and Southeast Asia with major investments in infrastructure. An estimated $1T has been poured into energy and transport projects, including power plants and railways. Simultaneously, BRICS is emerging as a significant counterbalance to the G7, fostering a multipolar economic landscape.

Experts Dr. Da-Hsuan Feng and Dr. Yan Liang analyze BRI’s geopolitical impact and the global economic transition. Criticism of China’s “debt trap diplomacy” often overlooks the voluntary nature of many developing countries’ investment agreements with China.

Here are the key aspects:

Cultural and Philosophical Origins:

• China’s cultural foundation emphasizes good faith, friendship, justice, and righteousness.
• The Chinese ideal of universal harmony inspires cooperation and mutual help.
• China repays kindness received by sharing successful experiences to benefit other countries.
• As a major country, China feels a sense of responsibility toward global development.

Mutual Benefits and Long-Term Development:

• China’s partnerships with developing countries focus on win-win cooperation.
• Large-scale infrastructure projects (such as railways and power plants) drive economic growth.
• Political conditions are avoided, emphasizing sustainable development and peace.

Tailoring Projects and Enhancing Connectivity:

• China learns from past experiences to tailor projects to each country’s specific needs.
• These partnerships enhance regional connectivity, lifting people out of poverty.
• Tangible benefits include boosting trade and investment.

In summary, China’s approach priorities share development, cooperation, and addressing global challenges.