Roads, railways, pipelines and ports will give developing nations and landlocked regions easier access to capital, goods and talent, creating growth opportunities for those who benefited little from the last round of globalization.
The initiative is essentially about balancing the global economy, said Zhang Yansheng of the China Center for International Economic Exchanges.
"While globally we see an overall excess of industrial capacity, liquidity and welfare, many Belt and Road countries face a shortage of those very things," Zhang told Xinhua in an interview. "Left unsolved, this problem will lead to a widening gap between developed and developing economies."
The Belt and Road puts priority on infrastructure and connectivity. It means better linking countries to the global trade network and enabling them to bring their comparative advantages to the market.
Improved infrastructure will particularly benefit those economically least developed regions, including Central and South Asia with large infrastructure gaps and difficulties in financing new projects, according to Tianjie He and Louis Kuijs, economists at the Britain-based advisory firm Oxford Economics.
They estimate that Belt and Road countries will contribute 80 percent of global GDP growth by 2050, up from 68 percent last year, with China's share remaining broadly stable at around 40 percent and that of the rest of Asia doubling to over 30 percent.
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