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China’s Belt and Road Initiative: The rationale and likely impacts of the new structural economics perspective

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  • Justin Yifu Lin

    (Peking University)

Abstract

China, a rising global power, proposed the Belt and Road Initiative (BRI) in 2013 as a development cooperation framework to fulfill its responsibility for assisting other developing countries. The initiative, based on China’s experiences and strength, focuses on infrastructure and is enthusiastically received by both developing countries and multilateral development institutions as infrastructure is the bottleneck for growth in most developing countries. Using a new structural economics perspective, this commentary discusses China’s rationale for proposing the BRI and analyzes the unprecedented opportunities that the initiative offers for partner countries to achieve their industrialization and modernization.

Suggested Citation

  • Justin Yifu Lin, 2022. "China’s Belt and Road Initiative: The rationale and likely impacts of the new structural economics perspective," Journal of International Business Policy, Palgrave Macmillan, vol. 5(2), pages 259-265, June.
    • Handle: RePEc:pal:joibpo:v:5:y:2022:i:2:d:10.1057_s42214-022-00138-9
    DOI: 10.1057/s42214-022-00138-9
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    References listed on IDEAS

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    1. Justin Yifu Lin, 2011. "New Structural Economics: A Framework for Rethinking Development," The World Bank Research Observer, World Bank, vol. 26(2), pages 193-221, August.
    2. Pierre-Richard Agénor & Otaviano Canuto & Michael Jelenic, 2012. "Avoiding Middle-Income Growth Traps," World Bank - Economic Premise, The World Bank, issue 98, pages 1-7, November.
    3. Benn Eifert & Alan Gelb & Vijaya Ramachandran, 2005. "Business Environment and Comparative Advantage in Africa: Evidence from the Investment Climate Data," Working Papers 56, Center for Global Development.
    4. Roberts, Mark & Deichmann, Uwe & Fingleton, Bernard & Shi, Tuo, 2010. "On the road to prosperity ? The economic geography of China's national expressway network," Policy Research Working Paper Series 5479, The World Bank.
    5. William Easterly, 2007. "Was Development Assistance a Mistake?," American Economic Review, American Economic Association, vol. 97(2), pages 328-332, May.
    6. Lin,Justin Yifu & Wang,Yan, 2017. "Going Beyond Aid," Cambridge Books, Cambridge University Press, number 9781107153295.
    7. Justin Yifu Lin, 2013. "From Flying Geese to Leading Dragons: New Opportunities and Strategies for Structural Transformation in Developing Countries," International Economic Association Series, in: Joseph E. Stiglitz & Justin Lin Yifu & Ebrahim Patel (ed.), The Industrial Policy Revolution II, chapter 1, pages 50-70, Palgrave Macmillan.
    8. Lin, Justin Yifu, 2013. "Global infrastructure initiative and global recovery," Journal of Policy Modeling, Elsevier, vol. 35(3), pages 400-411.
    9. Reinikka, Ritva & Svensson, Jakob, 1999. "How inadequate provision of public infrastructure and services affects private investment," Policy Research Working Paper Series 2262, The World Bank.
    10. Vivien Foster & Cecilia Briceno-Garmendia, 2010. "Africa's Infrastructure : A Time for Transformation [Infrastructures africaines]," World Bank Publications - Books, The World Bank Group, number 2692, December.
    11. World Bank & International Monetary Fund, 2009. "Global Monitoring Report 2009 : A Development Emergency," World Bank Publications - Books, The World Bank Group, number 2625, December.
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    Cited by:

    1. Jiatao Li & Ari Van Assche & Xiaolan Fu & Lee Li & Gongming Qian, 2022. "The Belt and Road Initiative and international business policy: A kaleidoscopic perspective," Journal of International Business Policy, Palgrave Macmillan, vol. 5(2), pages 135-151, June.

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