Development Beyond Aid : Utilizing Comparative Advantage in the Belt and Road Initiative to Achieve Win-Win

Against the backdrop of anti-globalization rhetoric, this paper summarizes our joint book entitledGoing Beyond Aid (Lin and Wang, 2017a) and discusses the prospects for development finance inthe 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 patientcapital are latent comparative advantages that many Asian economies possess, and are critical forthe Belt and Road Initiative. Only if these comparative advantages are utilized can these economies cooperate to potentially achieve win-win