Abstract: Theorists have discussed the Belt and Road Initiative relative to its political or policy implications, and world response to it has focused on analysis and commentary that assesses it geopolitically, with some even calling it a power play by China. Although the Belt and Road Initiative was proposed and has been promoted by China, it fundamentally is being developed within and adapted to laws of international industrial transfer and worldwide economic development trends, founding the initiative on universality and objectivity. The Belt and Road Initiative is an upgraded version or a new phase of the Go Out strategy adopted by the Chinese government to encourage Chinese enterprises to look abroad, which has been an important part of international industrial transfer. China is becoming a major output source in this new round of international industrial transfer, and the countries along the Belt and Road have become the major recipients. The new growth center of the global economy is likely to emerge along the Belt and Road, but the question of which countries in particular will take the lead in industrializing and accelerating economic growth through this industrial transfer will be decided in part through conditions such as development stage, technical maturity, cost level, and geographical location and in part through internal and external policy adjustment and choices made by the participating countries. Full text available here.