The road to happiness: The effect of the belt and road initiative on residents' well-being in participating countries

Abstract

This paper examines the impact of the Belt and Road Initiative(BRI) on residents' well-being using the difference-in-differences method based on Gallup World Poll(GWP) data from 2009 to 2018. The implementation of the BRI significantly enhances residents' well-being in participating countries, and this conclusion remains robust under a series of tests. Analysis of the mechanism indicates that advancements in economic and social development, improvements in governance quality, and enhancements in environmental sustainability lead to the increase of residents' well-being. The promotion effect is notably stronger in countries with greater regulatory quality and cultural proximity to China, and variations of the effect exist among different demographic groups. This paper provides insights into evaluating the developmental quality of the BRI.