Energy Consumption, Economic Growth And Environmental Sustainability Challenges For Belt And Road Countries: A Fresh Insight From “Chinese Going Global Strategy”

Abstract

The present study investigated impact of energy and economy related variables on CO2 emissions in 49 countries of belt and road initiative from 1995–2018. The robust type of cross-section dependence and heterogeneity methods were adopted to analyze data set of countries. Energy consumption, foreign direct investment, medium and high-tech industry, and GDP has been found highly unfavorable for the ecological health (CO2 emissions) in 49 nations on BRI panel. However, renewable energy consumption has been found in positive correlation with environmental quality (CO2). Financial development indicator has no significant impact on CO2 emissions in present study. The present outcomes clearly claim strong relationship of economic growth and energy with increased CO2 emissions in 49 nations. Therefore, it is important for policy makers, experts and governments to incentivize and appreciate portfolio investors for sustainable green investments to transform the economic growth into a sustainable and energy efficient development.

The Belt and Road Initiative, Public Health Expenditure and Economic Growth: Evidence from Quasi-Natural Experiments

“…Based on the above analysis, we consistently find that the BRI is effective to promote economic growth in the belt-road countries; this result is consistent with the findings of existing research [ 4 ]. The BRI activates the dynamics of economy through the mechanism of unimpeded trade, policy coordination, financial integration, facilities connectivity, and people-to-people bonding to promote economic growth in the countries along the route [ 40 ].…”

“…The average per capita GDP of a country along the route increased by 3.1%. This result is consistent with the findings of existing studies [ 4 ] and in fact reflects the reality of the international cooperation since the BRI was launched. Importantly, in consideration of a series of robustness tests, including placebo tests, PSM-DID tests, dropping the sample in 2013, and dropping sample in America, our core conclusion remains robust and stable.…”

“…The BRI provides a vison for mutual cooperation in economic growth [ 1 , 15 , 16 ]. The vision involves international trade between partner countries, infrastructure and financial connectivity, policy integration and coordination, and the sharing of technology for the development and economic growth of partner countries [ 4 ]. The BRI has the potential to develop a unified world trade partnership and a strong common sense of cooperation including economy, politic, culture, and society that will lead to a better future for all partner countries [ 17 ].…”

“…The BRI also attaches great importance to the social progress in the belt-road countries; public health is an important component of social progress. In addition, previous research on the relationship between the BRI and sustainable development has mainly discussed the relationship between the environment and the economy [ 4 , 6 ], with few studies considering the social dimension. Thus, we extended this research area by adding a new perspective to the study of the relationship between the BRI and sustainable development from the country level.…”

“…Therefore, we introduce the public health expenditure to explore the relationship between the BRI and public health and economic growth from the dual perspectives of social development and economic growth. The BRI is committed to promoting economic growth through mutual cooperation in five areas: policy coordination, infrastructure connectivity, unimpeded trade, financial integration, and closer people-to-people ties [ 1 , 3 , 4 ]. While promoting the economic growth of each partner, the BRI also attaches great importance to the Sustainable Development Goals (SDGs) [ 1 , 2 ], and the “Guidance on Promoting a Green Belt and Road” issued by China in 2017 proposed the promotion of green Belt and Road construction and the joint achievement of the United Nations (UN) 2030 SDGs by countries and regions along the route.…”