THE ESTABLISHMENT OF SUSTAINABLE DEVELOPMENT AID/ FINANCING SYSTEM UNDER BELT AND ROAD INITIATIVE (BRI)

Abstract

The Chinese economy is moving away from investment/export-driven growth and toward consumption/local demand-driven development. In recent domestic-oriented economic stages, what part is China's opening-up strategy expected to play? This isn't only a method for China to get foreign money and technology; it's also a tool for it to boost its position in international ascendency. The "Belt and Road" initiative, unveiled by General Secretary Xi Jinping in 2013, is generally considered as a great policy for China's next spell of reforms. The study strives to place the “Belt and Road” in the context of China's open-up strategy, highlighting its increasing significance in regulating main international economic establishments across the globe. This study also stresses the necessity for BRI members to establish a mutual aid/funding system. The article's first part examines China's responses to the world's main economic regimes. The second element of the BRI represents the aim and development of China's opening-up strategy. China's development aid/finance in the BRI, as well as its attitude toward international frameworks, are used as case studies in the third part. The fourth section, which uses the gravity model from an international economic perspective, discusses the BRI's trade connections with member countries. According to the findings, building a successful BRI investment and finance system requires government and private business sector for cross-border financial collaboration. It emphasized the need of establishing international and regional financial hubs for the investment and finance of BRI member countries.