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integration－trade, investment and finance－began benefiting large emerging and developing econ
omies. To be sustainable, globalization cannot serve just a few wealthy advanced economies. It m
ust also serve poorer and faster-growing economies, which today account for most of the global growth.
So, by flirting with trade protectionism and punitive tariffs on imports, adva
nced economies are seeking to implement the wrong policies at the wrong time. As the adv
anced countries have fallen into secular stagnation, they desperately need growth. Therefore, the rise of poorer eco
nomies is not a win-lose game, because it benefits the advanced economies, too.
In the aftermath of the 2008 global financial crisis, all major advanced econom
ies would have faced another Great Depression without the support of large emerging economies, particularly Ch
ina. And the contribution of these countries to global GDP growth is expected to climb to 80 percent by 2050.
tivity of infrastructure, unimpeded trade, financial integration and closer people-to-people ties as its main goals, has advanced in solid steps, the report said.
“Significant progress has been made, including a number of landmark early results. Participating countries have obtai
ned tangible benefits, and their appreciation of and participation in the initiative is growing,” according to the report.
With a view to building a global community of shared future, the BRI uphold
s the principles of extensive consultation, joint contribution, and shared benefits, the report said.
“Through the initiative China has made a constructive contribution to the reform of th
e current global governance system and to economic globalization,” according to the report.
The report said China would face many problems and challenges in pursuing the BRI in
the future as well as unprecedented opportunities and prospects for development.