Abstract: The Belt and Road Initiative (BRI) has contributed Chinese wisdom to the development of globalization and construction of a more balanced and inclusive globalization model. Interpreting the effective exertion of its functionsfrom a global perspective is conducive to providing practical evidence for the high-quality development and steady progress of the BRI. From both theoretical and empirical dimensions, this paper systematically explores the mechanism and effect of the BRI on the process of globalization. It reveals that the BRI has a significant globalization promotion effect. Heterogeneity analysis reveals that the globalization promotion effect of the BRI is more significant in countries with high and medium-high income, high level of financial development, current account deficit, and those situated along the Land Silk Road. Mechanism research demonstrates that the BRI has a positive effect on the global participation of countries along the route through connectivity in policy, infrastructure and trade. Therefore, China should continue to adhere to the major strategy of high-standard opening up, deepen high-quality development of the BRI, further promote“the Five Channels”, construct mechanisms for sustainable development cooperation, benefit distribution, and support systems. This will help solve the real-world dilemma of globalization and advance the building of a community with a shared future for mankind.

Key words: the Belt and Road Initiative, globalization, synthetic control method, trade, investment