BRI initiative can increase global income by 2.9%

The research report released by World Bank Group on 18 shows that the implementation of BRI will enable 32 million people to get rid of the moderate poverty situation with a daily average cost of living below 3.2 dollars, which will increase global trade by 6.2%, increase the trade volume of the economies along the border by 9.7%, and increase global income by 2.9%.

The opportunity and risk of transportation corridors, points out that supporting policy reform is crucial for countries to benefit from the "one belt and one road". The report said that if the trade facilitation is improved and the trade restrictions are reduced, the actual revenue of building a "one belt and one way" economy may reach two to four times. In addition, strengthening labor mobility and adjusting relevant policies can ensure a more equitable share of proceeds. The report said that the "one belt" initiative could speed up the economic development of dozens of developing countries, supplemented by deep policy reforms to enhance transparency, improve debt sustainability and reduce environmental, social and corruption risks. Jeira Pazarbache, vice president of World Bank, said that the implementation of the "one belt and one road" target needs the reform of the participating countries. "It will be helpful to strengthen data openness, transparency, open and transparent government procurement, and uphold the highest standards in the social and environmental fields." Caroline Freud, Director of the World Bank's Bureau of Macroeconomics, Trade and Investment, said transparency was essential at all levels, including project planning, budgeting and procurement. Freund said that if all countries want to fully benefit from the "one belt and one way", we must strengthen cooperation. In addition, countries need to strengthen environmental standards, establish social safety networks and promote labor mobility.