China and Europe see broad prospects of BRI cooperation in the decade to come

10 years ago, President Xi Jinping proposed the Belt and Road Initiative (BRI), a cooperation platform for common development. 10 years on, the BRI has become an important global public good joined by over 150 countries and 30 international organizations. Among regions across the globe, China-Europe cooperation under the BRI has proved fruitful.

China-Europe Railway Express has greatly facilitated trade between the two sides. Reaching more than 200 cities of 25 European countries, the freight trains have made over 74,000 trips along 86 routes by June 2023, transporting nearly 7 million TEUs, with the total trade value exceeding US$300 billion.

Third-party cooperation has yielded good results. Of the 14 countries that signed third-party market cooperation documents with China, 9 are European countries. Chinese and European companies have worked successfully together in Eurasia, Africa and Latin America. The European Bank for Reconstruction and Development and People's Bank of China jointly hosted Central Asia Investment Forum in Beijing in 2018, committing to promoting sustainable and inclusive development of countries involved.

Cooperation between China and Central and Eastern European countries (CEECs) has blossomed. Over the past decade, 9 meetings were held at presidential or prime minister level. 9 documents and nearly 500 measures of cooperation were adopted. Trade volume between China and CEECs increased by 142.6%. The Budapest-Belgrade Railway and the Pelje?ac Bridge have greatly shortened travel time. Port of Piraeus of Greece has become the 4th largest in Europe, with throughput growing from 880,000 TEUs in 2010 to 5.437 million TEUs in 2021. The project has created 13,000 jobs locally and contributed over €1.5 billion to local economy.

Connectivity has been enhanced, delivering real benefits for both sides. Thanks to more airlines, over 2 million visits were paid to CEECs by Chinese travelers in 2019, up by 373% over 2013. During the COVID-19 pandemic, Zhengzhou-Luxembourg Air Silk Road, together with China-Europe Railway Express, operated day and night, delivering urgently-needed medical supplies to Europe. Transport companies have benefited from the BRI. Nurminen Logistics, a Finnish company, now serves over 1,000 direct customers operating trade between China and Europe. Its CEO Olli Pohjanvirta called it “a road of solidarity and cooperation”.

The significance of BRI goes beyond the regional level. The initiative has the potential of creating a more equitable and prosperous world. UN Secretary-General António Guterres recognized the profound connection between BRI and the 2030 Agenda for Sustainable Development. The World Bank estimated that BRI-related investments could lift 7.6 million out of extreme poverty and 32 million out of moderate poverty by 2030.

Despite all its achievements, the BRI is not without doubts, even criticism. Some say China has geopolitical motive, or eyes for bigger influence, or creates debt traps. The thing is, through BRI, practical cooperation has been conducted, roads and bridges built, making lives better for the local people. Perhaps a fair mind is all it takes to make the right conclusion.

The 3rd Belt and Road Forum for International Cooperation not only marks the 10th anniversary of the BRI, but a new beginning. It's a great opportunity to take stock of the progress and chart the future course. As the BRI comes to the second decade, there are broad prospects for China-Europe cooperation.

The BRI and Europe's Global Gateway can be aligned to create synergy, enhancing connectivity of Asia and Europe, the two ends of the Eurasian continent. Climate change, digital, health, maritime, S&T, standard coordination, and cultural exchange are among areas that the two sides can work together on. China's construction expertise can ease infrastructure needs in CEECs. Third-party market cooperation between the two sides can help deliver prosperity to developing countries. The list goes on. With closer exchange and better understanding, a new phase of cooperation benefiting both sides and the world can be expected.

The author is an international observer.