11 facts you should know about the vision

Wang Zhimin, a professor at the University of International Business and Economics in Beijing / CHINA DAILY

China's approach to the Belt and Road Initiative mirrors its independent, nonaligned diplomatic stance. As a longtime opponent of a winner-takes-all philosophy, China signed memorandums of understanding and agreements with at least 56 countries and regional organizations last year, covering both developed and developing communities.

The inclusive and open nature of the initiative could supplement the existing international order. Old multinational organizations, including the World Bank and the Asian Development Bank, have played their parts, but many of them do not pay enough attention to the need for infrastructure in the developing world.

The Asian Infrastructure Investment Bank, for one, is designed to resolve the problem. Other Beijing-proposed financing institutions, such as the New Development Bank, will not only bring new business opportunities to other economies, but also prop up the overseas operations of Belt and Road projects.

The implementation of the initiative is conducive to enhancing infrastructure worldwide, boosting developing countries' production and consumption, and striking a balance between virtual and bricks-and-mortar economies. It aims to replace hegemonism and power politics, and help forge fairer global governance.