The Belt and Road Initiative (BRI) is designed for the global community, in particular, countries committed to globalisation and free trade, a Lao newspaper said in an opinion article on Friday.
China has committed itself to global trade as it views the multilateral platform as capable of bringing benefits to China and all countries of the world, according to the Vientiane Times.
The Silk Road Economic Belt and the 21st Century Maritime Silk Road Initiative, proposed by China in 2013, is aimed at building trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes.
According to a report from Chinese authorities, since its inception, the initiative has been welcomed with strong support from 124 countries and 29 international organizations. It is not surprising that this China-led initiative has received such substantial international support, given that it is not just designed for China, but the global community, the Lao daily noted.
Countries lying along these trade routes will benefit from the initiative which is particularly advantageous at a time when the world economy is slowing, and some states are promoting protectionism.
For China, the BRI is part of its economic vision of promoting its opening-up policy and active international cooperation. China views it as essential for all countries to work together to fight against isolationism and protectionism. China does this to ensure that multilateral trade platforms remain open so that all countries can secure benefits based on a win-win approach, the newspaper said.
The global initiative is designed to embrace the trend towards an interconnected world, economic globalization, cultural diversity and stronger IT application to uphold the global free trade regime in the spirit of open cooperation.
It also aims to promote the orderly and free flow of economic factors, highly efficient allocation of resources and deep integration of markets. In addition, the initiative encourages countries along the Belt and Road to achieve economic policy coordination and carry out broader and more in-depth regional cooperation to higher standards, according to the Vientiane Times.
Apart from that, the initiative aims to create conditions for the participating countries to develop an open, inclusive and balanced regional economic cooperation architecture that benefits all.
"The initiative is open for cooperation and is open to all countries, and international and regional organizations for engagement," the Lao daily said.
One of the unique characteristics of the BRI is that it is harmonious and inclusive. It advocates tolerance among civilisations, respects the paths and modes of development chosen by different countries, and supports dialogues among different cultures on the principles of seeking common ground while shelving differences and drawing on each other's strengths so that all states can coexist in peace for shared prosperity.
One of the strengths of the initiative is that it follows market operations. It will abide by market rules and international norms, give play to the decisive role of the market in resource allocation and the primary role of enterprises, and let the governments perform their due functions, the Lao newspaper noted.
