CHINA'S BELT AND ROAD INITIATIVE AS A SYSTEMIC TOOL FOR IMPLEMENTING INTERNATIONAL DEVELOPMENT POLICY

Abstract

The author analyzes the evolution of China’s Belt and Road Initiative, the main changes in its priorities and implementation mechanisms. It is shown that this initiative has become a comprehensive mechanism for implementing China's development strategy for the 21st century "Community with a shared future for mankind" and an important tool for the formation and development of an alternative model of the globalization process. Three priority trends have been determined in this context: the development of transport (economic) corridors; the creation of an extensive financing network, including the formation of specialized financial institutions; the growing emphasis on new areas of interaction that will technologically shape the future of the world economy.

The article proves that, against the background of substantial achievements in pursuing this initiative, there are a number of impediments to its implementation, which have intensified in the context of the global security crisis and aggravating geopolitical rivalry. Among these are: excessive costs and long implementation periods, low profitability and poor financial resilience of a number of large projects; insufficient involvement of private investors and private investment institutions; the presence of misuse of funds and corruption; the accumulation of considerable debts to China by the countries where such projects are implemented; lack of resources to ensure the highest technological level of projects; insufficient focus on environmental and social standards; considerable disruptions in supply chains. These barriers and challenges may lead to a significant modification of the initiative in the future under the influence of rival policies and institutional formations, changes in the geography of international trade and investment flows.

In the future post-war recovery of Ukraine's economy, the prospects for using the options of the Belt and Road policy will significantly depend on the specific political and economic conditions of post-war development, an objective reassessment of the lessons from the past, and the pragmatic formation of development policy on a new technological basis in a qualitatively new format of globalization processes.