Belt and Road aim to boost globalization

Globalization is passing through testing times. On one hand are protectionists rallying for a retreat from free trade; on the other are mostly emerging economies striving to uphold inclusive growth. The Belt and Road Initiative belongs to the second camp and is expected to play a major role in reinvigorating the world economy.

Free trade and economic reform are essential to the fight against protectionism. And the China-proposed Silk Road Economic Belt and 21st Century Maritime Silk Road aim to exactly do that by helping improve infrastructure inter-connectivity.

The establishment of free trade areas along the Belt and Road routes pivots on established regional frameworks such as the Shanghai Cooperation Organization and the Association of Southeast Asian Nations, while a mature free trade network based on flexible bilateral and multilateral arrangements will inject the needed momentum into the initiative's implementation. As for the economies that are not ready to join free trade areas, China could seek infrastructure and service arrangements with them first.