Can the Belt and Road Initiative Empower Sustainable Development in Developing Countries?

This article explores the significant positive impact of the “Belt and -Road” initiative on the sustainable development performance of developing countries. The research shows that this effect is particularly evident in low-income countries and developing countries with higher sustainable development performance. Compared with countries with a higher level of industrialization, the “Belt and Road” initiative has a more obvious impact on developing countries with lower levels of industrialization. Similarly, countries with developed financial services, high dependence on foreign investment, and lower energy consumption can also achieve greater benefits. The paper uses the Super Efficiency SBM model to measure the sustainable development performance indicator—Green Total Factor Productivity and uses the Difference in Differences model to assess the impact of the “Belt and Road” policy on the sustainable development of developing countries. The practical significance of this research is mainly reflected in promoting a comprehensive and in-depth understanding of the “Belt and Road” initiative for policy makers, investors, and developing countries themselves. For policy makers, the research results can help them better understand the influence and contribution of the “Belt and Road” initiative on a global scale, thus formulating more targeted policies. For investors, this study provides important insights into investment returns and risks, especially valuable to those seeking investment along the Belt and Road route. In terms of academic value, this study expands the theoretical vision of the interrelationships among the Belt and Road initiative, international investment, and sustainable development, enriches the economic literature of developing countries, and provides new frameworks and directions for future research.