A Model for Cooperation

Belt and Road Initiative will play a bigger role in the post-pandemic era

- Hu Biliang

The novel coronavirus disease (COVID-19) pandemic has dealt a devastating blow to the world order but it also reminds nations to explore new ways of survival and development. E-commerce as well as the broader digital economy have progressed rapidly. Greener forms of economic growth and lifestyles have been recognized and promoted. Regional economic integration has accelerated. These profound changes have encouraged China and other participating countries to expand cooperation under the framework of the Belt and Road Initiative.

On December 18, 2020, Chinese State Councilor and Foreign Minister Wang Yi attended the Meeting of the Advisory Council of the 2020 Belt and Road Forum for International Cooperation via video link. He said, “No matter how the situation may evolve, the international community’s need for the Belt and Road remains unchanged; partners’ support for the Belt and Road remains unchanged; and China’s resolve to advance Belt and Road international cooperation remains unchanged.”

New trends

The World Trade Organization (WTO) originally predicted in early April 2020 that COVID-19 would likely cause the global trade to plummet by between 12.9 percent and 31.9 percent in the year. But it lowered its forecast last October, predicting that the volume would fall by 9.2 percent. E-commerce has played a positive role in promoting cross-border trade during the pandemic. Actually, China had developed cross-border e-commerce trade with all other Belt and Road participants by the end of 2019.