China is playing a vital role in the new world system. It has come up with a new model of globalization where China will remain at the center of all sorts of economic and political activities. Belt and Road Initiative (BRI) of China is one of President Xi Jinping’s most ambitious foreign and economic policies in this regard. It is known as ‘One Belt, One Road’ as well (OBOR). This project aims to strengthen Beijing’s economic leadership along with the development of other countries of the world. To achieve this goal, China is now busy taking initiatives for the infrastructure development of its neighbouring countries. Many foreign policy experts have marked this initiative as Beijing’s attempt to gain political leverage over its neighbours and this is part of the strategic calculation of Beijing. She now emphasizes the growth of her provinces and has taken different projects to raise the quality of living, which would also lead to the BRI's advancement. China hopes to be the number one economic superpower by 2050, through the Belt and Road Initiative. In this age of globalization with the progress of the Belt and Road Initiative, it is hoped that other parts of the world will be able to develop their economy too as it will change the scenario of trade and commerce.

Behind this mega project, China has listed five major priorities. Those are: The first one is Policy Coordination: The purpose of the initiative is to inspire countries to work together and collaborate to accomplish projects. The second one is Cultural Exchange: This is the aim of fostering bonds between people and friendly interaction between businesses, as well as deeper cultural understanding to encourage international cooperation. The third one is Unimpeded Trade: By promoting economic integration through BRI, cross-border investments and trade are aimed at more cooperation between countries on the Belt and Road. Finally, Financial Integration: BRI is designed to enhance monetary and financial cooperation as well as general financial interactions. Moreover, it aims to extend currency exchange and scope. This focuses on building facilities to allow greater connectivity between the Belt and Road countries, such as restoring and developing ports, removing obstacles, repairing roads, etc., as well as building better networks between countries along the Belt and Road through the construction of highways, railways, and fiber-optic lines.

Challenges in implementing BRI: The ambitious strategy faces considerable difficulties as well. First, there is no assurance that China’s investment-led economic miracle in recent decades will be repeated in countries with very different economic and cultural circumstances. Security is a major concern in countries like Afghanistan and Pakistan, and growing Chinese involvement may stir local opposition, which happened in Sri Lanka with Chinese investment in the strategic port of Hambantota. To avoid stumbling blocks, China needs to pay attention to local conditions and laws, such as the EU investigation into the Belgrade-Budapest rail project, a showcase of the Belt and Road Project in Europe.

The political motivation in the Belt and Road Initiative could also run against commercial logic and genuine infrastructure needs in different countries, leading to bad investment and financial losses. There is also a risk that some countries may not be able to back their loans to Chinese lenders, which could worsen China's growing debt problem. Apart from this, the vision of China for infrastructure connectivity growth in Eurasia may also conflict with India, Japan, and Russia.

Benefits, globalization & BRI: The new Silk Road would naturally benefit China itself, as it will connect the world's largest trading nation to Europe, its largest export market, and Africa, potentially the content of future development. Meanwhile, investment in countries along the way could create new markets for Chinese exporters and help Chinese companies, such as construction, rail, and telecom firms, to expand abroad just as economic growth and heavy investments are slowing at home.

The Belt and Road initiative also aims to support China's less-developed western regions that have benefited less than the coastal provinces in the East from the rapid growth of the country so far. As most of the money would come from China, the initiative would also promote the internationalization of the Chinese currency and bolster China’s political influence abroad.

China’s financial resources and expertise in infrastructure building could indeed benefit people in underdeveloped countries across Eurasia and coordinated investments in railways, ports, and power plants could spur growth in trade among the countries. Some Chinese experts also claim that the Belt and Road Initiative with its infrastructure focus encourages a more prosperous and inclusive version of globalization compared to that led by Western countries.

Globalization has three major categories: political globalization, which refers to the amount of political interaction between different countries; social globalization, which refers to the exchanging of ideas and knowledge between and through different countries; and economic globalization, which refers to the interconnectedness of economies through trade and exchange. China has come up with a new model of globalization. China will be connected with Central Asia, Africa, and Europe through road, rail, and seaways under BRI. This will bring a big change in global trade and commerce along with social and political aspects of the world. Chinese influence will increase by this and more importantly the countries which are related to BRI will also be benefited from this. The positive impact of globalization will accelerate the economies of these countries. With this initiative, about 65 countries are involved. BRI will cover one-third of the world's economy, where about half of the world's total population resides. Interestingly, 75% of the total energy reserves is located in this area. China has assured that if BRI becomes successful, all the countries related to this project will get the opportunity to build up a tariff-free market system with China. It will pave the way for Chinese dominance over the economy by defeating the USA in the 21st century. The Chinese scholar has mentioned this as ‘Chinese Globalization’ will end hunger and poverty and accelerate economic development.

The writer is BSS in International Relations (IR) & MSS in Development Studies (DS), Bangladesh University of Professionals (BUP).