The B&R's regional growth potential is world's greatest

Conclusion

The above data naturally does not mean there are no problems facing the B&R region. The advantage of North America and the EU is that their per capita GDPs are much higher than the B&R region, and both NAFTA and the EU have an institutional structure which B&R region does not have nor is projected to have at present. The Beijing summit therefore has numerous tasks to work on not only its own projects but building and integrating existing initiatives. Such work is clearly an entire project lasting over a prolonged period.

But the far greater growth performance in the B&R region compared to any other, and therefore the vastly greater market expansion of the B&R region than any other, is a much stronger locomotive of the world economy than other relatively far less rapidly growing centers of the world economy.

The author is Senior Fellow of Chongyang Institute for Financial Studies, Renmin University of China.