It is not vast territory nor the population figures that make a country great; what makes it significant is wisdom of its leadership, its decisions and innovative ideas. I came to this conclusion as a result of a contemplation of the Belt and Road Initiative(BRI), initially called One Belt One Road proposed by Chinese President Xi Jinping.

There is no doubt that China is historically very significant; its civilization is among the oldest. Its tremendous inventions largely influenced the evolution of humanity. However, no matter past achievements, China still has the strength and will to innovate. It is eager to rejuvenate itself, but also to share the benefits of that accomplishment with other countries and their people.

It seems that China’s energy and devotion were recognized among Eastern European countries when they decided to join the Central and Eastern Europe countries and China cooperation (16+1) form of cooperation that was announced earlier than BRI (later, 16+1 was included into BRI and became inseparable part). TThese countries were in a difficult position, coping -- mostly unsuccessfully -- with the aftermath of the 2008 global economic crisis.

The situation was even more complicated for those among them that were either in the group of “late comers” to the European Union or indefinitely waiting to join (such as Western Balkans countries). There was no fresh capital, investment went lower while the global crisis forced many companies to shut down work places. Growing social fear and tensions could easily provoke political instability and lead to failure of governance. Therefore, President Xi’s proposal for BRI could not have come at a better time. For all these countries, the BRI gave hope of something for the better.

Principles of joint discussions, co-building and sharing; creating an open, inclusive, balanced and benefit-sharing in the framework of regional economic cooperation; represent a firm base that will make possible for all participating countries to cope with internal and external challenges. These principles have attracted the political elites of Eastern European countries to accept “five connectivity” as five pillars of the BRI: policy coordination, infrastructure connection, unimpeded trade, financial integration and people-to-people bonds. The aim is to be aware of the necessity to overcome prejudices toward each other, to change mindsets and acknowledge others as partners. This task is very demanding and needs more time to be completed, but unfortunately it is not the only one. Each of Eastern European countries that joined the BRI has to counter those claiming that the BRI is intended to undermine and destabilize the current global economic order and even to create divisions in Europe.

Particularly loud are the voices of some EU officials accusing China “wanted to shape globalization to suit its own interests”, namely “the reduction of surplus capacity, the creation of new export markets and safeguarding access to raw materials”.

Such blind perceptions prevent them from realizing that the BRI is a unique opportunity to connect continents through infrastructure, cultural and technological exchanges in order to drive sustained economic progress; and to realize that the BRI deeply integrates China with the world economy. The new financial institutions established by China, for example, Asia Infrastructure Invstment Bank and and Silk Road Fund, operate under current global economic and financial rules. They have to realize that the BRI is a comprehensive initiative, including political cooperation, policy dialogue, trade and investment, infrastructure building, connectivity, culture exchanges and people-to-people bonds – it is not a pure economic initiative. The BRI is an open, inclusive platform for development rather than an exclusive arrangement and, also, a cooperative initiative contributing to mutually beneficial economic development for countries concerned. Along with abolishing ideological divisions and geopolitics, the BRI is a decisive push toward comprehensive and balanced development of all participating countries.

However, co-ordination is inevitable and should focus on mutual expansion of the markets, not only for the introduction of new products but also for creating an environment for new investments. Both new products and fresh investments will ultimately introduce high standards in production technology and improve the quality of goods. All European countries, not only the CEEs, have the opportunity to attract capital, and access labor markets and new sources of innovation. The announcement of a $10 billion fund represents a crucial opportunity for completing all planned infrastructure investments and give rise to even higher revenue through transport and the flow of people, goods and capital. In this regard, the most important are infrastructure projects that will be useful for all involved partners. Construction of bridges, modernization of railways, construction of new roads, and investment in ports -- these are only a small number of important and worthwhile projects.

Only a proactive approach will provide and expand economic benefits for all partners.

Ivona Ladjevac is head of Regional Center “Belt and Road”, Institute of International Politics and Economics in Belgrade, Serbia.

The author contributed this article to China Watch exclusively. The views expressed do not necessarily reflect those of China Watch.

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