China’s Belt and Road Initiative: A Global Model for an Evolving Approach to Sustainable Regional Development

Abstract

China’s Belt and Road Initiative (BRI) is a cornucopia of international projects that offer mammoth opportunities for more economic cooperation and deeper regional integration primarily among emerging economies. BRI is providing new drivers of sustainable economic growth in China and of cross-border trade, along with the reimagined land and “Maritime Silk Road”. The initiative focuses on restoring global balance and on expanding universally beneficial and inclusive relationships. This article argues that the forces of globalization are so pivotal to Eurasia, where development opportunities can propel the region toward a more comprehensive socioeconomic integration, that governments in that region need to provide more support that ensures the continuing success of BRI. In essence, BRI is a critical tool for peaceful development that is resulting in massive investments in infrastructure, that is facilitating economic development, and that is promoting shared governance. This article provides theoretical perspectives on BRI as a beachhead for sustainable regional development. It also highlights BRI programs and projects that have emerged as an internal and external policy framework for an openly inclusive “win–win” cooperation model based on shared development and on communities of shared interests.