Until recently, globalisation was led by the West and benefitted only a few advanced economies. After China’s three decades of rapid growth, the Belt and Road initiatives hold potential for more inclusive globalisation.
During the weekend, the Belt and Road Forum for International Cooperation flooded Beijing with almost 30 heads of state and government leaders, 1,500 delegates from over 130 nations, and over 70 international organisations.
As the forces of globalisation are lingering in the advanced world, the Forum reflected new commitment to more inclusive globalisation, particularly by emerging and developing economies. By 2050, their contribution to global GDP growth is expected to climb from 68 percent to 80 percent.
The Forum precipitates huge investments in new roads, railways and ports while facilitating access to vital capital, goods and services, especially to those economies, that benefitted so little from the postwar globalisation. The investment in infrastructure is likely to accelerate industrialisation and growth opportunities in nations where living standards remain low but growth potential is high.