Digitizing the Silk Road

SGGP October 17, 2023 09:18

China is hosting the third Belt and Road International Cooperation Forum from October 17-20 in Beijing, commemorating the 10th anniversary of this massive investment initiative. Now, digitizing cooperation goals is a top priority for the Belt and Road Initiative.

At the first Belt and Road International Cooperation Forum in 2017, Chinese President Xi Jinping hailed the global infrastructure development plan as "the project of the century."

According to the South China Morning Post, the Chinese leader stated that the Belt and Road Initiative has brought about enhanced infrastructure connectivity with the world , while emphasizing the need to promote connectivity by land, sea, air, and cyberspace, focusing efforts on key routes, cities, and projects, as well as connecting highway, rail, and port networks. Over the past six years, analysts have noted that massive infrastructure deals have made significant progress, despite considerable funding challenges due to the impact of the Covid-19 pandemic.

According to economists , the digitalization of the "Belt and Road" initiative can be loosely described as a "Digital Silk Road." This is seen as the driving force behind the "Belt and Road" initiative's continued attractiveness and its role in propelling China to become a global leader in technology. China launched the "Digital Silk Road" in 2015 as the technology arm of the "Belt and Road" initiative to promote digital connectivity.

The "Digital Silk Road" broadly encompasses network infrastructure such as 5G, e-commerce and the digital economy, as well as urban planning. Analysts believe that China's efforts to promote digitalization are part of an overall attempt to solidify its position as a global technology leader, while keeping the "Belt and Road" initiative attractive.

According to Associate Professor Lim Tai Wei of the University of Social Sciences Singapore, “Digital Silk Road” projects have become increasingly important in recent years as some emerging economies have outgrown their basic infrastructure needs. Professor Lim Tai Wei argues that these countries are ready to launch their own Fourth Industrial Revolution and now need China to share those technologies.

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