Belt and Road to shape global economy: report

The projects related to the Belt and Road Initiative will be worth US$350 billion in five years, according to a report jointly issued by Baker McKenzie, a law firm, and Silk Road Associates, a consultative agency, on Nov. 1. 

It is predicted that the Belt and Road will be one of the most influential innovations in the world in 10 years, with China’s input into relevant projects expected to hit US$350 billion in 2022.

Currently there are over 1,700 projects under construction or complete under the Initiative’s framework which will benefit two-thirds of the world population, promote economic connectivity and cooperation.

India, Indonesia, Iran, Poland, Russia, Saudi Arabia, Thailand and Turkey will become the major markets along the Belt and Road routes for local and foreign investors over the next five years.

Overthe past six months, China’s commercial activities in the regions along the Belt and Road witnessed marked increase, indicating that the Belt and Road Initiative will become a decisive power for the shaping of global economic trends in the decades ahead, commented Ben Simpfendorfer, CEO of Silk Road Associates.

Apart from infrastructure construction, telecommunication, technology and manufacturing, consumer goods and retailing will also play important roles in the Belt and Road construction. Foreign enterprises will have ample opportunities to cooperate with Chinese partners in exploring the Belt and Road markets.

The report also warns enterprises of the potential risks related to local laws, politics and culture.