Social Sciences in China, 2019

Vol. 40, No. 1, 2019

 

The “Absence” of Asian Regional Economic Integration and the

Development Orientation of the Belt and Road

(Abstract)

 

Li Xiangyang

 

Asia has a special significance in China’s neighborhood strategy. Geographically, the Belt and Road Initiative faces the countries of Asia or China’s neighbors in the first place. Asia is clearly marked by an imbalance in and “absence” of regional economic integration. This “absence” is two-fold: it is expressed on the one hand as a lack of unified institutional arrangements for regional economic integration, and on the other as the inability of underdeveloped countries in the region to truly participate in regional economic integration and thereby gain opportunities for development. Compared with the rule-oriented nature of existing regional economic integration mechanisms, the Belt and Road Initiative, as a new type of regional cooperation mechanism, displays an orientation towards development. All existing regional economic integration arrangements, regardless of their form, establish specific rules on access thresholds, the rights and duties of member countries, schedules and roadmaps, dispute resolution mechanisms and so forth. This is not the case for the Belt and Road, which is not predicated on specific rules, but establishes its overall framework by orienting itself towards development. Overall, the development orientation of the Belt and Road is helpful not only in overcoming the inherent defects of Asian regional economic integration, but in responding to the new challenge of anti-globalization. This is an institutional public good that China offers to Asia and to the world.

 

Keywords: Belt and Road, regional economic integration, institutional public good, development orientation