BRI a 'game changer' for prosperity and development of Global South

President Xi Jinping's keynote speech at the opening ceremony of the third Belt and Road Forum for International Cooperation in Beijing has resonated with experts in the region, who said that the BRI has spurred infrastructure development that has benefited Asian countries and other emerging economies across the world.

In his speech on Wednesday, Xi said the initiative represents humanity's joint pursuit of development for all and added China will work with all parties involved to usher Belt and Road cooperation to a new stage of high-quality development, and make relentless efforts to achieve modernization for all countries.

Anna Rosario Malindog-Uy, vice-president for external affairs at the Manila-based Asian Century Philippines Strategic Studies Institute, said Xi's speech further flamed the hope that the initiative is a "game changer for the Global South in its quest toward economic development and prosperity".

The BRI is reshaping the global economic landscape in profound ways, Malindog-Uy said.

Apart from enhancing infrastructure and connectivity, it promotes increased trade between the East and West. "This is a potential game changer for businesses worldwide," she said, noting that it can expand market access and growth opportunities.

Yoshikazu Ono, a representative of the Japan-China Belt and Road Promotion Association, said Xi's speech has "provided a comprehensive review of the past decade and presented future prospects".

The BRI has quickly developed after its implementation. This grand undertaking has made substantial contributions to continents, including Asia, by realizing projects such as highways, high-speed railways, and port terminals, Ono said.

"In the future, the focus of Japan-China cooperation should be on how to enhance the economies of the countries taking part in the BRI that already have high-speed trains and highways, not only in Asia, but also in Africa and the Middle East, making the economies in these nations and regions more prosperous," he added.

Wirun Phichaiwongphakdee, director of the Thailand-China Research Center of the Belt and Road Initiative, said the BRI has built closer regional industrial and supply chains that are key to Asia-Pacific cooperation. "Such efforts will help the region better cope with risks and ensure stability and prosperity," Wirun said.

Xi said China will take eight major steps to support high-quality Belt and Road cooperation, namely: build a multidimensional Belt and Road connectivity network; support an open world economy; carry out practical cooperation; promote green development; advance scientific and technological innovation; support people-to-people exchanges; promote integrity-based Belt and Road cooperation; and, strengthen institutional building for international Belt and Road cooperation.

Hideo Fukuyama, secretary of the China Logistics Study Group, said the first step, which involves the construction of international corridors and passages, is crucial for post-COVID-19 world economic development. Fukuyama said China made "a brilliant move" in creating logistics routes for the land and maritime Silk Roads. "President Xi, who made this possible, deserves praise," he said.

Lim Chu Chin, chairman of the Thai Chinese Chamber of Commerce, said the BRI reflects China's determination to further open the country to the world.

"This is a great opportunity for the world, especially the Southeast Asian countries that share geographic proximity and culture in common with China. Through Belt and Road cooperation, China is opening its doors even wider to the world," he said. "The trend of going green will catch on with more countries around the world. Cooperation is expected to bring Chinese wisdom to countries involved in the initiative, aiming to achieve a win-win result and accelerate sustainable development goals."