The Belt and Road Initiative and the AIIB

The ancient Silk Road was a channel for trade and cultural exchange linking Asia, Europe and Africa. In September and October 2013, during visits to Kazakhstan and Indonesia, President Xi Jinping proposed building the “Silk Road Economic Belt” and the “21st Century Maritime Silk Road,” together known as the Belt and Road Initiative. It holds to the principles of joint consultation, joint contribution and shared benefits, and aims to strengthen connectivity and practical cooperation among countries along the routes for common development. To address the shortage of funds for infrastructure in Asia, China proposed setting up the Asian Infrastructure Investment Bank (AIIB). It was formally established in December 2015 and opened in January 2016, headquartered in Beijing, with 57 founding members, later growing to more than one hundred. China also put up funds to establish the Silk Road Fund. In 2017 and 2019 China hosted two Belt and Road Forums for International Cooperation. Under the initiative, major projects such as the China–Laos Railway and the Jakarta–Bandung high-speed railway were completed or advanced, and China–Europe freight trains grew rapidly in number, linking over a hundred Chinese and European cities. By 2023 China had signed cooperation documents on the Belt and Road with more than 150 countries and over 30 international organizations. The initiative is a major step in expanding China’s opening-up and, in China’s view, a public good it offers toward building a community with a shared future for mankind; it has promoted economic development and people-to-people ties along the routes, though it has also faced concerns and challenges over debt, the environment and other matters.