Boost for Eastern Europe

It is not vast territory nor the population figures that make a country significant; what makes it great is the wisdom of its leaders: the decisions they make and the innovative ideas they come up with. I came to this conclusion as a result of a contemplation of the Belt and Road Initiative.

There is no doubt that China is historically very significant; its civilization is among the oldest. Its tremendous inventions greatly influenced the evolution of human civilization. However, no matter how important its past achievements have been to human progress, China still has the strength and will to innovate. It is eager to rejuvenate itself, but more than that, it is also willing to share the benefits of that process with other countries and their people.

China's energy and commitment to shared development were recognized among Eastern European countries when they jointly established with China, the Central and Eastern Europe countries and China cooperation (16+1) mechanism in 2012.

The CEE countries were in a difficult position, coping - mostly unsuccessfully - with the aftermath of the 2008 global economic crisis.

The situation was even more complicated for those that were either in the group of latecomers to the European Union or waiting to join (such as Western Balkans countries). There was no fresh capital and investment declined, while the repercussions of the global crisis forced many companies to shut down work places or shed jobs. Growing social fear and tensions could have easily provoked political instability and led to failures of governance. Therefore, President Xi Jinping's proposal for countries to work together for shared development under the framework of the Belt and Road Initiative could not have come at a better time. For all the CEE countries, the Belt and Road Initiative has offered hope for a better future.

The principles of joint discussions, co-building and sharing; creating an open, inclusive, balanced and benefit-sharing in the framework of regional economic cooperation; represent a firm base that will make possible all participating countries to cope with internal and external challenges. These principles have attracted the political elites of Eastern European countries to accept the "five connectivity" pillars of the Belt and Road Initiative: policy coordination, infrastructure connection, unimpeded trade, financial integration and people-to-people bonds. The aim is to be aware of the necessity to overcome prejudices toward each other, to change mindsets and acknowledge others as partners. This task is very demanding and needs more time to be completed, but unfortunately it is not the only one.

Boost for Eastern Europe

Each of Eastern European countries has to counter claims that the initiative is intended to undermine and destabilize the current global economic order and even to create divisions in Europe. Particularly loud are the voices of some EU officials, who accuse China of "wanting to shape globalization to suit its own interests", namely "the reduction of surplus capacity, the creation of new export markets and safeguarding access to raw materials".

Such biased perceptions prevent them from realizing that the Belt and Road Initiative is a unique opportunity to connect countries and continents through infrastructure, and cultural and technological exchanges in order to drive sustained economic progress and better understanding among the people of different countries. The new financial institutions established by China, for example, the Asia Infrastructure Investment Bank and Silk Road Fund, operate under current global economic and financial rules. They operate with the awareness that the Belt and Road Initiative is a comprehensive initiative, including political cooperation, policy dialogue, trade and investment connectivity, infrastructure building, cultural exchanges and people-to-people bonds - it is not purely an economic initiative.

The Belt and Road Initiative is an open, inclusive platform for development rather than an exclusive arrangement and, also, a cooperative initiative contributing to mutually beneficial economic development for all involved. Along with promoting comprehensive and balanced development, it also strives to abolish ideological divisions and geopolitics.

However, coordination is essential and should focus on mutual expansion of the Belt and Road markets, not only for the introduction of new products but also for creating an environment for new investments. Both new products and fresh investments will ultimately introduce high standards in production technology and improve the quality of goods. The Belt and Road Initiative offers all European countries, not only the CEE countries, the opportunity to attract capital, and access labor markets and new sources of innovation. The announcement of a $10 billion fund represents a crucial opportunity for completing all planned infrastructure investments and give rise to even higher revenue through transport and the flow of people, goods and capital. In this regard, the most important are infrastructure projects that will be useful for all involved partners. Construction of bridges, modernization of railways, construction of new roads, and investment in ports - these are only a small number of important and worthwhile projects.

Only a proactive approach will provide and expand the economic benefits for all partners.

The author is head of the Regional Belt and Road Center of the Institute of International Politics and Economics in Belgrade, Serbia.