The Establishment of Sustainable Development Aid/Financing System under Belt and Road Initiative

Abstract

China is in the midst of transitioning from a growth model propelled by investment and exports to one anchored in consumption and local demand — a metamorphosis with extensive ramifications for its global stance and open-up strategy. This research elucidates the instrumental role of China's evolving open-up strategy, especially spotlighting the Belt and Road Initiative (BRI) in its current domestically oriented economic phase. We endeavor to accentuate how the BRI is incrementally consolidating China's sway in global economic institutions.

Our approach is comprehensive, initiating with an exploration of China's reactions to global econom-ic norms, followed by a delineation of its evolutionary open-up strategy and objectives. Further-more, we delve into practical instances of China's developmental aid and financing within the BRI framework, scrutinizing its standing in international frameworks. Employing a gravity model, we analyze the influence exerted by the BRI on trade interactions among its constituent nations. The results underscore the imperativeness of nurturing transborder financial alliances encompassing gov-ernments and the private sector, advocating for the inception of international and regional financial nerve centers to streamline investments and financing for BRI affiliates.