TheChinaRailwayExpressisakeyprojectoftheBeltandRoadInitiative.ThisphotoshowsaviewofanewcontainercraneservingtheTranscontainerRailTerminalinZabaikalsk,Russia.ItisthebiggestcontainerrailterminalontheborderbetweenRussiaandChina.byYangJieTheriseofprotectionisminrecentyearshasaccompanieddramaticchangestakingplaceintheworld,leavingglobalstatesmenandscholarsanxiousaboutthefutureofglobalization.Sincethe2008internationalfinancialcrisisandespeciallyafter2016,theglobalizationtrendhastakenasuddendownturnmarkedbyBrexitandaseriesofprotectionistpoliciesimplementedbytheDonaldTrumpadministration.Oncestalwartchampionsoffreetradeandglobalization,theUnitedStatesandBritainbothtookastepback,causingthelocomotiveofglobalizationtolosepowerandswitchtracks.
Againstthisbackdrop,theBeltandRoadInitiative(BRI),whichwasproposedbyChina,hasbecomeananchorfortheprecariousglobaleconomyandapropellerofthereformanddevelopmentofglobalization.Fiveyearsagowhenitproposedtheinitiative,Chinawasaimingtoimprovetheglobaleconomicgovernancesystem.Now,changesintheglobalcontexthaveobjectivelyraisedtheinitiative鈥檚importancetonewheights鈥攊tisaplatformforincreasingnumbersofheadsofstateandgovernmenttoexplorenewmodesofglobaleconomicgovernance.Inshort,theBRIisleadinganewtypeofglobalizationandwillusherinaneweraofinclusiveglobalization.
Theterm鈥渋nclusiveglobalization鈥漣sanimmanentcritiqueofneoliberalglobalizationofthelast30to40yearsthatfeaturesbothsimilaritiesanddifferenceswiththelatter.Inclusiveglobalizationdoesnotinvolvede-globalizationorareversalofglobalizationbutratheraradicalevolutionandreformofglobalization.Thefundamentaldifferencebetweenthetwoisthatinclusiveglobalizationisdesignedfirstandforemosttoimprovepeople鈥檚livelihoodsratherthanonlyservetheinterestsofcapital.
InclusiveGrowth
Intheresearchandpracticeofbothglobalandnationaldevelopment,therelationshipbetweenmarketsandgovernmentinterventionhasbeenaconsistentfocus.Aninclusivegrowthmodelrequiresamoreactivestatetoavoidbecomingsubservienttotheneedsofcapitalaccumulation,withgreateremphasisonsocialequity,environmentalsustainabilityandimprovedgovernancecapacity.First,governmentsneedtostrengthencooperationtoaddressglobalchallengessuchasturbulenceinfinancialmarkets,climatechangeandsimilarglobalpains.Second,countriesneedtostrengthentheprotectionofordinarypeopleandincreasethelivingstandardsofthepoorthroughtrainingandeducation,targetedpovertyalleviation,massentrepreneurshipandinnovation,jobcreation,infrastructureprovision,andothermeasures.Third,acountryneedstheabilitytoguidetheallocationoffinancialresourcesandprovidebasic,reliableandaffordablepublicservices.TheBRIattachesgreatimportancetotheroleofgovernments,emphasizinginteractivebilateralormultilateralpolicycoordination,alignmentofdevelopmentstrategies,plansandprojectsandaproactivesearchforpointsofagreementandmutualbenefits.Theaimisnotjusttomeettheneedofcapitalexpansion,butdosoinwaysthatmeettheneedsoflessdevelopedregionsandordinarypeople,spreadthebenefitstomoreregionsandmorepeopleandprovideforinclusive,win-winadaptationandadjustment.
InclusiveInfrastructureDevelopment
Inclusiveinfrastructuredevelopmentmeansprovidingreliableandaffordableinfrastructureinlessdevelopedregionsandcountries.Manystudieshaveshownthatconnectivityisaprerequisiteforaregiontobenefitfromeconomicglobalization,andthatinvestingininfrastructurebottleneckscanspureconomicgrowthandsocialandfinancialreturns.Althoughmoderninfrastructurehaslinkedmanypartsoftheglobe,makingtheworldsmallerinmanyways,manyregionsandbillionsofpeoplestilllackfullaccesstothemoderninfrastructuresystem.EveninsomedevelopedcountriessuchastheUnitedStates,infrastructurehasbecomeoutdatedanddilapidatedduetoalackofinvestment.
Theseproblemsarecloselyrelatedtochangesinnationalandglobalcapitalmarketssincethe1980s.Overthepast25years,regionalbanksandtraditionalsavingsorganizationshavelostouttonewfinancialintermediariessuchaspensionfunds,mutualfunds,sovereignwealthfunds,fundsofprivatecorporationsandcertaintypesofinsurancecompanies.Thefundamentalproblemisthatthefundssuppliedbythesefinancialintermediariesaremorelikelytobeinvestedinspeculativeorshort-terminvestmentsinfinancialmarkets.Hotmoneythatflowsfromonecountrytoanothertoearnshort-termprofitsisexemplary,asistheconductofinstitutionssuchashedgefunds.Infrastructureprojectsare,however,large-scaleandcapital-intensivewithlongturnovertimesandlongpaybackperiodsthatrequirepatientlong-termfunding.Thegapbetweentheseneedsandthepredominanceofshort-termfinancingledscholarslikeJustinYifuLintoemphasizetheimportanceofaserious鈥渕aturitymismatch鈥漣ntheglobalinfrastructurefinancingmarketandtheneedformore鈥減atientcapital.鈥漁neofthepriorityareasoftheBRIistheprovisionofsubstantialinfrastructurefinancingforconnectivityoffacilitiestoaccelerateaccesstomoderninfrastructurenetworksinlessdevelopedcountriesandregionsandprovideopportunitiesfordevelopment.TheprovisionofpatientcapitalisoneoftheimportantreasonstheBRIhasbeenwelcomedbymanydevelopingcountries.
AtextilefactoryinCambodia,investedbyaChineseenterprise,isoneofthefruitsoftheBeltandRoadInitiative.VCGInclusiveDevelopmentPaths
Globalizationdoesnotrequireaunifieddevelopmentmodel鈥攑romotingtheso-called鈥渂estpractices鈥漚ndestablishedformulasfordevelopmentshouldbeabandoned.Intheyearssincethe1980s,WesterncountriesliketheUnitedStatesandBritainsoughttotransferneoliberalidealsandpoliciesoftenintheshapeofconditionalitytoothercountries,especiallydevelopingcountries.Inthelate1980s,theWashingtonConsensusemergedasasetofpolicyprescriptionsadoptedbyWashington-basedinstitutionssuchastheInternationalMonetaryFund,theWorldBank,andtheUnitedStatesTreasuryDepartment.Inthe1990s,theseandsometimesawidersetofneoliberalmeasureswereimposedoncountriesinneedoffinancialassistance.Atleastuntiltheglobalfinancialcrisisof2008,theWorldBankpeddledtodevelopingcountriesasetof鈥渂estpractices鈥漺hoseessencewasprivatization,marketizationandliberalization.
NearlytwodecadesofhistoryhaveshownthatalmostallthecountriesthatwereforcedtofollowtherecipeoftheWashingtonConsensusweresubsequentlymiredinseriouseconomicdifficultiesforsometimeandlosttheireconomicindependence(whichwasindeedanobjectiveofthemeasures).Althoughfrequentlyrecommended(butunabletobeimposed),Chinadidnotadoptthesestandardprescriptions.Instead,itexploreditsowndevelopmentpathof鈥渃rossingtheriverbyfeelingthestones.鈥滱saresult,itachievedrapidandsustainedeconomicgrowth.Itispreciselyforthisreasonthatunliketheneoliberalglobalizationmodel,China鈥檚BRIdoesnotinvolvetheidentificationofonebestdevelopmentpath(namely,onecenteredoncontemporaryeconomic,institutionalandpoliticalconditionsindevelopedcountries).Instead,theBRIstressesthateachcountryshouldchooseadevelopmentpaththatsuitsitsowndevelopmentconditionsanditsowncircumstances.AttheBeltandRoadForumforInternationalCooperationinMay2017,ChinesePresidentXiJinpingnotedthatChinahasnointentiontointerfereinothercountries鈥檌nternalaffairsorexportitsownmodelofdevelopment,butseekstoachieveanewmodelofwin-wincooperation.
InclusiveParticipationinGlobalization
Theveryconceptofinclusiveglobalizationembodiesthenotionthatitinvolvesallcountriesandallpeopleintheworld.Althoughglobalpowersarethecatalystsofglobalization,allcountriesshouldhavethebasicrighttoequalparticipation.Inhistoricalexperiencesofglobaleconomicexpansion,strongcountriesexerciseddominant(hegemonic)influence.TheexpansionofcolonialtradewasdominatedatvarioustimesbythePortuguese,SpanishandDutch,followedbyawaveofimperialexpansionledbyGreatBritainandsubsequentlytheUnitedStates.TheliberalinternationalorderdominatedbyWesterncountrieshasbeenassociatedwithanextremelyunequalsystemofinternationaltradeandinvestment.Inthelastphaseofeconomicglobalization,multinationalcorporationsandWestern-dominatedinternationalorganizationssupportedbytheUnitedStates,theonlyglobalsuperpower,exercisedextraordinarypower,leavingmanycountriesinaweakpositiontonegotiatewiththem.Whilefurtheradvancingglobalization,akeyissueinpromotinganinclusivepathconcernsmethodstocarefortheweakandlimitthedominantinfluenceofgreatpowers.
TheBRIadherestotheprinciplesof鈥渙penness,inclusiveness,equalityandmutualbenefits鈥漚swellasthatof鈥渁chievingsharedgrowththroughdiscussionandcollaboration,鈥漧iftingthelargestcommondevelopmentfactoratoptheagendaandgivingprioritytojointdevelopmentandcommonprosperity.Moreover,theinitiativeisneitherconfinedtoasmallgroup,norjustforgroupswithonesetofbeliefsorsocialvalues.Theinitiativeupholdsopen-mindednessandwelcomesallinterestedcountriesandregionstoparticipateinappropriatewaysonequalfooting.TheJointCommuniqu茅oftheLeadersRoundtableoftheBeltandRoadForumforInternationalCooperationspecificallyemphasizedtheneedforspecialattentiononleastdevelopedcountries,landlockeddevelopingcountries,smallislanddevelopingstatesandothersuchparties.SuchplayersarethecornerstonesofastrongandinclusiveBRI.
CulturalInclusiveness
Overthepastthreecenturies,WesternEuropeanandNorthAmericancountriesleddevelopment,emergingas鈥渄eveloped鈥漜ountriesandcolonial/imperialpowers,andhavesinceoccupiedaleadingpositionintheglobaleconomicorder.TheseWesterncountrieshavedevelopedself-centricideologiesandasenseofculturalsuperiority,underpressurefromwhichmanydevelopingcountrieshavebeenleftwithasenseofculturalinferiority.Especiallyinrecentdecades,increasinglypowerfulforcesofeconomicglobalizationandtheprojectionofWesternpoliticalandideologicalpowerhaveerodedtheculturalindependenceofmanycountriesandnon-Westerncivilizationalvalues.Hollywoodmovies,McDonald鈥檚fastfoodculture,Western-inspiredandsupported鈥渃olorrevolutions鈥漚ndwarsinsomecaseshavesweptthroughmanycountriesandregions,bringingallkindsofculturalconflicts.TheevilconsequencesofthedominanceofWesterndoctrineandWesternculturalsuperiorityareverydetrimentaltoglobalsustainabledevelopment.
TheancientSilkRoad鈥檚principleofmutualrespectandmutuallearningupheldcompletelydifferentculturalvalues.TheBRIalsoveneratestheSilkRoadspirit,respectingculturaldifferencesandemphasizingtheprinciplesofcommondevelopmentandcommonprosperityonthebasisofthepreservationofculturalpluralismandsharedpeace.ChinesePresidentXiJinpinghasrepeatedlystressedthattheBRIdoesnotinvolveanideologicalorpoliticalagenda.Thereisnoplaceforconceptsofculturalsuperiorityorinferiorityanywhereinit.Throughequalexchangeandmutuallearning,cultureshavebecomemorecolorfulandmoreinnovative.
Twoofthefourkeytopicsofthisyear鈥檚BoaoForumforAsiaAnnualConferencewere鈥淎nOpenAsia鈥漚nd鈥淕lobalizationandtheBeltandRoadInitiative.鈥滶conomicglobalizationhasreachedacrossroads.Anti-globalizationrhetoricisbecomingstridentandtradewarsareonhair-triggeralert.SothepromotionofinclusiveglobalizationwiththehelpoftheBRIhasbecomeamoreattractivepoliticalconcepttomorepoliticalleadersfromaroundtheworld.InclusiveglobalizationcanalsoenhancetheintegrationofAsia,providinganewphilosophyandanewdrivingforceforitsadvancement.
TheauthorisdirectoroftheCenterfortheBeltandRoadInitiativeStudiesandassistantdirectoroftheInstituteofGeographicSciencesandNaturalResourcesResearchattheChineseAcademyofSciences.