The challenges for sustaining the International Cooperation Mechanism have become exceptionally difficult during the Post-epidemic Era.

The Silks Road Think Tank and the Development Research Center of the State Council (DRC) have launched a joint initiative to meet the challenges and promote the recovery and sustainable development of the global economy.

Despite this time of crisis, sustaining the existing cooperation mechanisms like Belt & Road Initiative is even more important than ever, and the development of it has not ceased.

According data from Ministry of Commerce, Outward Foreign Direct Investment (ODI) into BRI related economies took up 17.2 percent of the total for Janaury – August period, up 4.8 percentage points year-on-year.

The value of new contracted projects in the BRI related economies was 72.95 billion dollars, while the completed turnover was 46.02 billion dollars. Both took up more than half of the total.

The Silk Road Think Tank Network, guided by the Development Research Center of the State Council, held its Online Annual Meeting and launched an initiative aimed at making the global governance system function better.

Economic globalization and the international governance system face tremendous pressure with the global pandemic still raging and world economy in serious recession.

An official with the State Council’s research institute has suggested ways to foster high-quality growth and consolidate regional trade cooperation.

“The challenges remain tough as the pandemic is still raging globally which adds momentum to the anti-globalization trend. The joint initiative calls for closer partnership among Belt & Road Initiative Partners, with collaborative areas ranging from pandemic control to economic resurgence,” said Taopingsheng, Director General of the Department of International Cooperation from DRC.

Tao also called for protecting the multilateralism cooperation mechanism, and proactively use policy tools to strike a balance between macro-economic adjustment and stimulus, hence stabilize the global supply chain. Highlights including healthcare, the digital economy and environmental protection could help shape a higher-quality growth pattern.

The Joint Initiative noted that countries are confronted with difficult tasks to control the pandemic, stabilize the economy, and protect livelihoods.

“SiLKS does have the potential to become this sort of leader, and facilitate to achieve the sustainable development goals, shaping the COVID-19 recovery and policy response to be globally coordinated,” said Balazs Horvath , the RBAP Senior Economic and Strategic Advisor on Belt & Road Initiative from UNDP.

The initiative called for all parties to work together to achieve a global victory over the pandemic and jointly build a global community of health for all. It also emphasized that any attempts to politicize the COVID-19 pandemic, label the virus, or stigmatize any particular country should be opposed.

“I strongly believe that global pandemic presents not only challenges but also opportunities. Belt & Road is a long term initiative, any problems and setbacks only present chances to rethink the implementation for tomorrow.

The world will never be the same as before, and it does not need to, while we could make the world develop even better.” said Yerzhan Saltybayev, the Director of Institute of World Economics and Politics.

The Joint Initiative also expected members and partners to jointly build SiLKS into an influential network of think tanks with sound governance, adequate funding, dynamic academic exchanges, and meaningful research findings.

The network is set to provide high-standard intellectual support to high-quality Belt & Road Cooperation in the post-COVID-19 era.