Responsibility of a Major Country and Win-Win Cooperation:Policy Effect Assessment of China's Belt and Road Initiative
The policy implications of the Belt and Road Initiative(BRI)can be categorised into two phases:China's BRI proposal and the establishment of a cooperative consensus between China and the other participating countries.Based on information from bilateral cooperation documents and cross-border data from between 2007 and 2019,this paper assesses the impact of these two phases on bilateral economic and trade relations.The study's findings indicate that since the introduction of the BRI,China has been increasing its assistance to countries along the Belt and Road,highlighting its commitment as a leading nation.When a country reaches a cooperation consensus with China on the BRI,China begins to increase its direct investment in that country,thus contributing to a win-win scenario.A strong cooperation consensus on the Belt and Road also significantly boosts China's direct investment in other countries,while a weak consensus holds it back.The mechanism analysis indicates that in the infrastructure sector,both the BRI proposal and the establishment of a cooperation consensus have had a significant positive impact.The cooperation consensus plays a crucial role in improving the business environment and promoting cultural exchange.
Belt and Road Initiative(BRI)interactive cooperationassistanceoutward foreign direct investment(OFDI)
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