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Does the Connectivity of the Belt and Road Initiative Contribute to the Economic Growth of the Belt and Road Countries?

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  • Yaowen Chen
  • Zuojun Fan
  • Jie Zhang
  • Min Mo

Abstract

Since the Belt and Road Initiative (BRI) has been implemented for five years, it is time to ask whether the BRI contributes to Belt and Road (BR) countries’ economic growth, and how are the five elements of connectivity implemented between China and its partner countries since the BRI was proposed. This study focuses on the development of the five elements of connectivity between China and the BR countries from 2008 to 2017 using a comprehensive connectivity index extracted from principle component analysis, and then investigating if the connectivity has contributed to the economic growth of the BR countries with quantitative analysis of the fixed effect econometrical model. It is found that Russia, South Korea, and Singapore presented the top three levels of connectivity with China with regard to the overall connectivity index, varying from 1.4 to 2.4. Madagascar and Panama have the lowest level of connectivity with China, with values of −0.8 to −1.1. The result of the fixed effect model shows that the connectivity of the BR countries with China contributes to their economic growth. This provides quantitative evidence that the connectivity between BR countries and China has a significant influence on the economic growth of those countries.

Suggested Citation

  • Yaowen Chen & Zuojun Fan & Jie Zhang & Min Mo, 2019. "Does the Connectivity of the Belt and Road Initiative Contribute to the Economic Growth of the Belt and Road Countries?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(14), pages 3227-3240, November.
    • Handle: RePEc:mes:emfitr:v:55:y:2019:i:14:p:3227-3240
    DOI: 10.1080/1540496X.2019.1643315
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    Cited by:

    1. Sidong Zhao & Yiran Yan & Jing Han, 2021. "Industrial Land Change in Chinese Silk Road Cities and Its Influence on Environments," Land, MDPI, vol. 10(8), pages 1-30, July.
    2. Hsu, Ching-Chi & Chien, FengSheng, 2022. "The study of co-movement risk in the context of the Belt and Road Initiative," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 1130-1152.
    3. Hongxing Yao & Mohammed Ismail Alhussam & Omar Abu Risha & Bilal Ahmed Memon, 2020. "Analyzing the Relationship between Agricultural FDI and Food Security: Evidence from Belt and Road Countries," Sustainability, MDPI, vol. 12(7), pages 1-20, April.
    4. Danny Chi Kuen Ho & Eve Man Hin Chan & Tsz Leung Yip & Chi-Wing Tsang, 2020. "The United States’ Clothing Imports from Asian Countries along the Belt and Road: An Extended Gravity Trade Model with Application of Artificial Neural Network," Sustainability, MDPI, vol. 12(18), pages 1-15, September.
    5. Abdul Sattar & Muhammad Noshab Hussain & Muhammad Ilyas, 2022. "An Impact Evaluation of Belt and Road Initiative (BRI) on Environmental Degradation," SAGE Open, , vol. 12(1), pages 21582440221, March.
    6. Visansack Khamphengvong & Hongou Zhang & Qitao Wu & Toulany Thavisay, 2022. "Examine the Economic and Social Effects on Lao People’s Perceived Benefit Attitudes towards BRI," Sustainability, MDPI, vol. 14(9), pages 1-19, April.
    7. Qiyong Chen & Shiyu Chen & Changfeng Shi & Qinghua Pang & Ang Li, 2021. "Evaluation of agricultural investment environment in countries around the Black Sea under the background of The Belt and Road," Natural Resources Forum, Blackwell Publishing, vol. 45(4), pages 464-483, November.

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