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China will host the third Belt and Road Forum for International Cooperation from October 17 to 20 in Beijing, marking the 10th anniversary of the massive investment initiative. Now, digitizing cooperation goals is a top priority of the Belt and Road.
At the first Belt and Road Forum for International Cooperation in 2017, Chinese President Xi Jinping hailed the global infrastructure plan as “the project of the century.”
The Chinese leader said the Belt and Road Initiative has brought enhanced infrastructure connectivity to the world , and said he would promote connectivity across land, sea, air and cyberspace, focusing efforts on key routes, cities and projects, as well as connecting highways, railways and ports. Over the past six years, analysts say the massive infrastructure deals have made progress, despite funding challenges due to the impact of the Covid-19 pandemic.
According to economists , the digitalization of the Belt and Road’s goals can be loosely called the “Digital Silk Road”. This is seen as the driving force that keeps the Belt and Road attractive and helps promote China to become a global technology leader. China launched the “Digital Silk Road” in 2015 as the technology arm of the Belt and Road to promote digital connectivity.
The “Digital Silk Road” broadly covers network infrastructure such as 5G, e-commerce and the digital economy, as well as urban planning. Analysts say China’s push for digitalization is part of its efforts to cement its position as a global technology leader while keeping the Belt and Road attractive.
“Digital Silk Road” projects have become increasingly important in recent years as some emerging economies have outgrown their need for basic infrastructure, according to Associate Professor Lim Tai Wei of the Singapore University of Social Sciences . Countries that are ready to launch their own Fourth Industrial Revolutions now need China to share those technologies, Lim Tai Wei said.
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