Development beyond aid: Utilizing comparative advantage in the belt and road initiative to achieve win-win

Justin Yifu Lin, Yan Wang

Abstract


Against the backdrop of anti-globalization rhetoric, this paper summarizes our joint book entitled Going Beyond Aid (Lin and Wang 2017) and discusses the prospects for development finance in the broad context of Belt and Road Initiative (BRI). Based on the New Structural Economics (Lin 2010, 2011), here we focus on China’s demonstrated comparative advantages in infrastructure, e.g. in hydropower, and high-speed railways (HSR). In addition, long term orientation (LTO) and patient capital are latent comparative advantages that many Asian economies possess, and are critical for the Belt and Road Initiative. Only if these comparative advantages are utilized can these economies cooperation potentially to achieve win-win.

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DOI: http://dx.doi.org/10.24294/jipd.v1i2.68

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