This paper examines the impact of Chinese investments in the infrastructure
facilities within the Belt and Road Initiative on the Serbian economy. The
research objectives are to measure the impact of the general foreign direct
investments and the Chinese foreign direct investments on the key indicators
of the Serbian economy, to assess their impact on the Serbian economy in
general, and to compare their effects. The initial hypothesis is that the
effects of the Chinese foreign direct investments on infrastructure are
significantly more favourable than foreign direct investments originating in
other countries, primarily due to the sectors they are implemented, and the
different approach of Chinese investors, which implies the mutual benefit of
partners and long-term interests in a particular country or region. The
impact of the Chinese and general foreign direct investments on several key
economic indicators of the Serbian economy is measured separately and
compared. Since there are several dependent variables involved in the
correlation, the Multiple Variable Analysis is used. The statistical
procedure includes two tests of the statistical significance of the
estimated correlation: P-value, as a part of Multiple Variable Analysis, and
F-test, which is commonly used for small samples. The results show much
stronger and more positive impact of the Chinese investments than general
foreign direct investments, but also point to the direction of a change,
such as increasing of import of goods and services, the reduction of
unemployment, and the increase in the employment rate, as well as the dege
of openness of the economy. Some results can be considered as the general
effects of joining the Belt and Road Initiative, that is, they can have
great significance for all countries on one of the many directions of the
new Silk Road.