Southeast Asia has become a key area for the development of the “Belt and Road’ initiative (BRI). At present, among the six economic corridors planned by the BRI, Southeast Asia has covered two of them – the China-Indochina Peninsula Economic Corridor and the Bangladesh-China-India-Myanmar Economic Corridor. In the meantime, Southeast Asia is also an important part of ”21st Century Maritime Silk Road“ initiative, and thus can been considered as a sample of demonstration for the globalization strategy of the BRI. This study finds that in recent years, China-invested infrastructure and connnectivity building (particularly the railway constructions) have been growing fast in Southeast Asia. In addition, a number of China-ASEAN industrial cooperation zones have been established. Together with an increasing number of enterprises settled in these zones, transnational supply chains have begun to take shape. In this context, China’s private-owned enterprises have also started to expand their investment in the Southeast Asian markets. Nonetheless, the BRI has been confronted with problems and challenges, and has been criticized for the lack of risk management, profitability, sustainability, localization and public support. It shows that the export of ”China Model“ can be problematic, as it remains not adapted to other countries’ local conditions. This research first looks at the achievements of the BRI in Southeast Asia, and then examines the problems and challenges in these projects. Finally, this article also aims to provide a number of policy recommendations to the Chinese government.

东南亚地区是“一带一路”倡议中的重点区域。在目前“一带一路”规划的六大经济走廊 中，东南亚地区集聚了“孟中印缅经济走廊”和“中南半岛经济走廊”，同时也是“海上丝绸之 路”构想的重要一环，因此可以被视为“一带一路”全球化过程中的重要示范样本。本研究发现， 近年来，中国投资的基础设施建设(特别以铁路建设为核心)在东盟各国迅速铺开。同时，以产业园 区为例，一批中国—东盟产业园区开始进驻企业，跨国产业链雏形正在形成，民营企业也开始逐步 加大在东南亚国家的投资力度。尽管如此，“一带一路”倡议在东南亚仍然问题重重，在风险控 制、盈利能力、可持续性发展、本土化战略、民意相通等问题上遭到了广泛的质疑和批评，反映出 “中国模式”的海外输出存在诸多水土不服。本文将重点考察“一带一路”倡议在东南亚地区取得 的成绩，以及可能面临的困难及挑战。同时，本研究将试图为中国政府提出可行的政策建议。