As the Belt and Road Initiative (BRI) steps into its second decade, its global impact keeps deepening. Proposed by President Xi Jinping in 2013, the BRI has evolved into one of the most extensive and influential platforms for international economic cooperation. Today, over 150 countries and 30 international organizations have joined the initiative, representing more than 75 percent of the world’s population and over half of global GDP. According to the Centre for Economics and Business Research, the BRI is expected to contribute an additional $7.1 trillion to global GDP annually by 2040.
As Xi pointed out, cooperation under the BRI has entered a new stage of high-quality development. It is essential to deepen the “hard connectivity” of infrastructure, “soft connectivity” of rules and standards, and “heart connectivity” among the peoples of the partner countries.
Infrastructure remains a cornerstone of BRI development, supported by China’s strong manufacturing capabilities and financing advantages. As of May, China has signed 125 standardization cooperation documents with 71 countries and released over 2,300 national standards in foreign languages, which facilitates smoother project implementation and reduces transaction costs. Meanwhile, institutional alignment and rules-based cooperation are becoming increasingly important. The harmonization and mutual recognition of regulatory frameworks reduce institutional barriers to cross-border factor flows, thereby enhancing the operational efficiency and sustainability of infrastructure projects throughout the BRI network.
As BRI cooperation continues to expand in scope, scale, and depth, its global appeal and influence are steadily growing.
The most remarkable sign of progress is the broadening of cooperation areas — from traditional infrastructure to emerging sectors such as green development, digital technology, and innovation. In 2020, China’s investment in renewable energy across partner countries exceeded that in fossil fuels for the first time. By leveraging its technological and financial strengths, China continues to deliver efficient solutions for green transformation. At the same time, digital and innovation-driven projects — such as submarine cables, 5G networks, data centers, and cloud computing hubs — are gaining momentum and are set to become new engines of growth.
This expansion has been accompanied by a shift in financing models. Early BRI-related projects relied heavily on bilateral loans to accelerate implementation. As partnerships matured, market-oriented instruments — such as equities, funds, and bonds — have gained traction, offering more diversified and sustainable financing options. On the multilateral fronts, China has played a key role in launching platforms like the Silk Road Fund and the Asian Infrastructure Investment Bank, and more recently, the Shanghai Cooperation Organization Development Bank. These mechanisms have strengthened the resilience and long-term viability of BRI projects. Furthermore, Chinese financial institutions have expanded their global presence, with 13 banks establishing 145 first-tier institutions across 50 partner countries by mid-2023.
Driven by the global climate consensus, the digital technology revolution, and China’s industrial chain advantages, the BRI is rapidly transitioning from its traditional Phase 1.0 into a new Phase 2.0 centered on green and digital development
Governance practices have also evolved, moving beyond project-level management toward deeper institutional cooperation. The BRI’s core contribution to the existing international governance system lies in the network of cooperative platforms it has fostered — ranging from close ties with established mechanisms such as the Forum on China-Africa Cooperation and the China-Central and Eastern European Countries cooperation framework, to the emergence of new platforms like the Belt and Road Initiative International Green Development Coalition. On the institutional front, policy frameworks like the Guiding Principles on Financing the Development of the Belt and Road and the Debt Sustainability Framework for Participating Countries of the Belt and Road Initiative have strengthened regulatory standards and promoted a transition from reactive negotiations to proactive, rules-based engagement.
Driven by the global climate consensus, the digital technology revolution, and China’s industrial chain advantages, the BRI is rapidly transitioning from its traditional Phase 1.0 into a new Phase 2.0 centered on green and digital development.
The BRI’s transition from infrastructure-led development to green and digital transformation marks a new phase of opportunity. By the first half of 2025, green energy projects accounted for $9.7 billion of China’s energy investments in BRI-participating countries, adding approximately 11.9 gigawatts of installed capacity. This reflects an increasing emphasis on sustainability, climate resilience, and low-carbon growth.
Hong Kong, with its unique positioning under the “one country, two systems” framework, has emerged as a vital gateway for high-quality BRI development. As one of the world’s most open and competitive economies, Hong Kong raised HK$107.1 billion ($13.75 billion) through initial public offerings in the first half of 2025, ranking first globally. The city also serves as the largest offshore renminbi hub, offering robust financing, settlement, and investment services to BRI-participating economies. Its legal infrastructure and dispute resolution capabilities further enhance its role as a regional connector. The establishment of the International Organization for Mediation headquarters in May marked a new chapter in Hong Kong’s contribution to global governance and commercial collaboration.
As the BRI enters its Phase 2.0, characterized by green and digital transformation, differentiated investment opportunities are emerging. Equity investments in early-stage economies offer significant growth potential, while debt investments benefit from yield variance due to different credit ratings. Stock market connectivity between China and BRI-participating countries could further diversify investment channels and introduce high-quality enterprises to domestic investors.
China International Capital Corp Ltd, as one of the BRI facilitators, has played a pivotal role in promoting the initiative through a multifaceted strategy that combines investment banking, cross-border financing, and regulatory harmonization. Since 2024, it has completed seven major BRI-related fundraising exercises totaling over $27 billion, including the world’s first dual listing of a mining company on the Hong Kong and Kazakhstan stock exchanges, and a landmark RMB bond issuance by the Development Bank of Kazakhstan. It continues to leverage its 30 years of financing experience in Hong Kong and the city’s unique strengths to support BRI-related financial innovation and cross-border capital flows.
The author is chairman of the board of directors and management committee, China International Capital Corp Ltd.
The views do not necessarily reflect those of China Daily.
