This　study　examines　the　potential　risks　of　the　Belt　and　Road　Initiative　(BRI)　on　the　comovements　of　international　stock　markets.　Using　stock　markets　of　related　countries　as　a　case　study,　we　implement　an　asymmetric　dynamic　conditional　correlation　model　to　estimate　dynamic　conditional　correlations　between　the　China　stock　market　and　related　stock　markets.　The　results　of　testing　the　structural　changes　show　that　the　breakpoints　of　dynamic　conditional　correlations　are　within　the　announcement　dates　of　BRI,　documenting　that　the　comovements　between　China＇s　stock　market　and　related　stock　markets　significantly　increase　following　BRI　actions.　The　positive　comovements　lead　to　a　stronger　volatility　spillover　effect　when　China＇s　stock　market　is　more　volatile.　To　investigate　the　downside　risk　of　BRI　actions,　we　evaluate　the　performance　of　portfolio　strategies　by　introducing　gold.　The　findings　show　that　portfolios　composed　of　gold　and　stock　markets　perform　well.　These　results　suggest　that　using　gold　as　a　hedge　could　effectively　increase　the　diversification　benefits　and　reduce　downside　risk.