The Belt and Road Initiative: a new paradigm for global governance
DOI:
https://doi.org/10.15359/99-1.1Keywords:
Belt and Road Initiative, development, economic cooperation, global governance, international order, regional integrationAbstract
The Belt and Road Initiative (BRI) has engaged in an intense debate on its influence on the international order. In various regions of the Western world, the perception prevails that the BRI represents a threat to the existing global system. However, there are those who argue that, rather than challenging it, the BRI is building on its reconfiguration. This article argues that, contrary to many interpretations, the BRI was not designed as a meticulously structured plan to upset the global balance. It is a policy in development, with objectives that evolve over time. Through a review of global governance and a thorough analysis of the initiative, the main conclusion is that the main challenges of the BRI do not stem from a deliberate strategy to undermine the liberal order, but from more prosaic factors such as unclear rules, shortcomings in project management, and the difficulties inherent in effective economic cooperation. The analysis is based on official statements, statistical data collected between 2015 and 2022, as well as recent empirical evidence. In the first section, the regulatory framework of global governance is examined, as well as the institutions in charge of overseeing the implementation of the initiative. Subsequently, a critical analysis of the evolution of the BRI is carried out, contrasting its declared objectives with the obstacles that have arisen in its execution. The findings are conclusive, so far, the BRI has not generated a transformative impact on the international order. Its main difficulties emanate from within, such as the lack of coordination between Chinese actors, the technical complexity of the projects and the lack of transparency in the financing mechanisms. More than a threat, the BRI should be understood as a proposal under construction, whose potential for full consolidation is still distant. The future impact of the BRI will depend on China’s ability to address the challenges it faces and the response of the international community.
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