New Silk Road spreads benefits to all

President Xi Jinping's proposal to build a new Silk Road Economic Belt is in line with the trend of economic globalization, leading to a truly multipolar world and "information revolution". The project envisages China cooperating with Eurasian countries to build a stable, peaceful and developed region. If the Silk Road plan's aims are achieved, it could well be the project of the century.

The international community has responded to the Silk Road Economic Belt plan both with appreciation and concern. Some think the economic belt will be only a transportation corridor, or an economic aid program to achieve China's goals, while others think China will use its economic strength to change the geopolitical pattern of Eurasia. This makes it necessary to clarify the plan's main contents and functions.

The Silk Road Economic Belt will help overcome the aftershocks of the global financial crisis and make global governance more efficient. The world economy has not yet recovered from the global financial crisis which started in the United States in 2008 and which exposed the institutional weaknesses of the global governance system. Emerging market economies have a strong need to make the global governance system fairer and more representative, especially because it is becoming increasingly difficult to coordinate the interests of the developed and developing countries under the current system.