Willing and Able

China has the resources and people to overcome the threat of coronavirus

- Charles Onunaiju

It has been nearly seven years since Beijing launched its far-reaching and comprehensive global development framework, the Belt and Road Initiative, in 2013. The World Bank acknowledged the initiative as a “China-led effort to improve connectivity and regional cooperation on a trans-continental scale, through large scale investments.”

Some estimates suggest that over $900 billion of financing in grants and concessional loans for the Belt and Road projects, has been, or is about to be, spent in more than 160 countries that make up 60 percent of the world population.

Unlocking trade

China’s contribution to global economic growth from 2013-2018 on average was 28.1 percent, ranking first in the world. It is also the largest trading partner for more than 120 countries in the world. According to a report issued last July from the Mckinsey Global Institute, from a market perspective, depending on China’s engagement with the world in the coming years, an economic value of between $22 trillion to $37 trillion could be added or subtracted to or from the global economy by 2040.

In the report, which analyzed 186 countries, China was found to be the largest export destination for 33 countries and the largest source of imports for 65 countries. In addition to its huge presence in trade, China has also grown over the years to become a major player in global investment flows. From 2015 to 2017, it was the world’s largest source of outbound foreign direct investment and second-largest recipient of inbound investment, said the report.