The Belt and Road initiative is in China’s interest, and also in the interest of the rest of the world, Daniel Rosen, Founding Partner of US consulting firm Rhodium Group, said on Oct 14.
At an event titled “New Normal and China’s New Role in the World Economy” in New York, Rosen told hundreds of audience that the “Belt and Road” initiative could not only benefit countries that lag behind China in the development process, but also advanced economies as well.
The initiative of the “Belt and Road”, or the “Silk Road Economic Belt and the 21st Century Maritime Silk Road”, was put forward by President Xi Jinping during his overseas visits in 2013 to connect Asian, European and African countries more closely and promote cooperation between them.
“For the advanced economies, China has strategically decided to deploy its resources in this manner...not fighting over an existing pie, but rather adding to the size of the pie by putting a lot of money to work around the world,” said Rosen, who is also a board member of the National Committee on US-China Relations.
Rosen said that the strategy can also be seen as “a new model that extends what China has learnt from its development successes and mistakes to other countries in the context of Chinese financing and support.”
His words were echoed by other speakers in the event.
Zhang Lanlan, CEO of CICC US Securities, Inc., a wholly owned subsidiary of China International Capital Corporation Limited (CICC), noted that the initiative is to use China’s profound experience in construction and infrastructure investments in the last decade or two to help other countries.
“It is an extension of what China was pursuing for its domestic development and also making contributions by using the competitive advantages we were able to accumulate in the last decade,” Zhang said.