Has the Belt and Road Initiative Promoted Regional Balanced and Full Development? Empirical Evidence from Countries along B&R and Domestic Provinces

Abstract

Abstract: The ‘Double Cycle’ strategy launched by China provides a new opportunity for the continuous and stable advancement of the ‘Belt and Road’ initiative, and also provides a new model for regional development research. In light of a multi-dimensional measurement design, this paper constructs a research framework for the inadequacy and imbalance of regional development from the perspective of domestic and international dual cycles, and discusses the effect of the Belt and Road Initiative on the adequacy and balance of regional development from the international and domestic levels. We find that, The Belt and Road Initiative can promote the balance and adequacy of regional development. On the one hand, the Belt and Road Initiative plays a significant role in reducing the imbalanced and insufficient development among countries along B&R, especially reflected in the reduction of industrial structure differences and policy governance differences. On the other hand, the Belt and Road Initiative promotes balanced and full development among China’s provinces along B&R and other provinces in China, especially as evidenced by the narrowing gap in economic development and market demand. In addition, the negative inhibitory effect of the Belt and Road Initiative on the imbalanced and inadequate development is characterized by regional heterogeneity, with the strongest effect in Central and Eastern Europe and the smallest effect in Northeast Asia. Therefore, the breadth and depth of the Belt and Road Initiative can be further promoted in terms of expanding cooperation with countries along B&R and other economies, improving industrial division of labor, strengthening the free flow of factors, and expanding the scope of trade and investment, so as to provide policy support for the balance and adequacy of regional development.

Key words: the Belt and Road Initiative, new development pattern, regional development, policy evaluation, synthetic control method

Xu Shengxia, Liu Qiang, Yang Jiahui. Has the Belt and Road Initiative Promoted Regional Balanced and Full Development? Empirical Evidence from Countries along B&R and Domestic Provinces[J]. Management Review, 2024, 36(10): 35-48.

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