One Belt, One Road

The Silk Road Economic Belt and the 21st-century Maritime Silk Road
Simplified Chinese 丝绸之路经济带和21世纪海上丝绸之路
One Belt, One Road
Simplified Chinese 一带一路

The Silk Road Economic Belt and the 21st-century Maritime Silk Road, also known as The Belt and Road (abbreviated B&R), One Belt, One Road (abbreviated OBOR) or the Belt and Road Initiative is a development strategy and framework, proposed by Chinese paramount leader Xi Jinping that focuses on connectivity and cooperation among countries primarily between the People's Republic of China and the rest of Eurasia, which consists of two main components, the land-based "Silk Road Economic Belt" (SREB) and oceangoing "Maritime Silk Road" (MSR). The strategy underlines China's push to take a bigger role in global affairs, and its need to export China's production capacity in areas of overproduction such as steel manufacturing.[1][2]

It was unveiled in September and October 2013 in announcements revealing the SREB and MSR, respectively. It was also promoted by Premier Li Keqiang during the State visit in Asia and Europe.

Infrastructure networks

The coverage area of the initiative is primarily Asia and Europe. However, Oceania is also included as well as East Africa. According to the financial experts at the State Council, the entire scheme would cost around US$8 trillion if it was implemented entirely as Xi promoted.[3]

Silk Road Economic Belt

When Chinese leader Xi Jinping visited Central Asia and Southeast Asia in September and October 2013, he raised the initiative of jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road. Essentially, the 'belt' includes countries situated on the original Silk Road through Central Asia, West Asia, the Middle East, and Europe. The initiative calls for the integration of the region into a cohesive economic area through building infrastructure, increasing cultural exchanges, and broadening trade. Apart from this zone, which is largely analogous to the historical Silk Road, another area that is said to be included in the extension of this 'belt' is South Asia and Southeast Asia. Many of the countries that are part of this belt are also members of the China-led Asian Infrastructure Investment Bank (AIIB). North, central and south belts are proposed. North belt goes through Central Asia, Russia to Europe. Central belt goes through Central Asia, West Asia to the Persian Gulf and the Mediterranean. South belt starts from China to Southeast Asia, South Asia, the Indian Ocean. Central belt is spoken down due to complex religion problems and separation movement along the belt. It could be even taken advantage by extremists.

Maritime Silk Road

The Maritime Silk Road, also known as the "21st Century Maritime Silk Road" (21世纪海上丝绸之路) is a complementary initiative aimed at investing and fostering collaboration in Southeast Asia, Oceania, and North Africa, through several contiguous bodies of water – the South China Sea, the South Pacific Ocean, and the wider Indian Ocean area.[4][5][6]

The Maritime Silk Road initiative was first proposed by Xi Jinping during a speech to the Indonesian Parliament in October 2013.[7] Like its sister initiative the Silk Road Economic Belt, most countries in this area have joined the China-led Asian Infrastructure Investment Bank.

East Africa

This region of Africa (In particular Zanzibar) will form part of the MSR after improvement of local ports and construction of a modern standard-gauge rail link between Nairobi and Mombasa.[8]

Closely related networks

The China Pakistan Economic Corridor (CPEC) and the Bangladesh-China-India-Myanmar(BCIM) Economic Corridor are officially classified as "closely related to the Belt and Road Initiative".[9] In coverage by the media, this distinction is disregarded and the networks are counted as components of the initiative. The CPEC in particular is often regarded as the link between China's maritime and overland silk road, with the port of Gwadar forming the crux of the CPEC project.

Financial institutions

AIIB

The Asian Infrastructure Investment Bank, first proposed by China in October 2013, is a development bank dedicated to lending for projects regarding infrastructure. As of 2015, China announced that over one trillion yuan ($160 billion US) of infrastructure projects were in planning or construction.[10]

On 29 June 2015, the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB), the legal framework was signed in Beijing. The proposed multilateral bank has an authorized capital of $100 billion, 75% of which will come from Asian and Oceanian countries. China will be the single largest stakeholder, holding 26% of voting rights. The bank plans to start operation by year end.[11]

Silk Road Fund

For the main article, see Silk Road Fund.

In November 2014, Xi Jinping announced plans to create a 40 billion USD development fund, which will be distinguished from the banks created for the initiative. As a fund its role will be to invest in businesses rather than lend money for projects. The Karot Hydropower Station in Pakistan is the first investment project of the Silk Road Fund, [12] and is not part of the much larger CPEC investment.

Oversight

The Leading Group for Advancing the Development of One Belt One Road was formed sometime in late 2014, and its leadership line-up publicized on February 1, 2015. This steering committee reports directly into the State Council of the People's Republic of China and is composed of several political heavyweights, evidence of the importance of the program to the government. Vice-Premier Zhang Gaoli, who is also a member of the 7-man Politburo Standing Committee, was named leader of the group, with Wang Huning, Wang Yang, Yang Jing, and Yang Jiechi being named deputy leaders.[13]

In March 2014, Chinese Premier Li Keqiang called for accelerating the "One Belt One Road" initiative along with the Bangladesh-China-India-Myanmar Economic Corridor and the China-Pakistan Economic Corridor in his government work report presented to the annual meeting of the country's legislature.

Role of Hong Kong

On the eve of his 2016 policy address, Hong Kong chief executive CY Leung's announced his intention of setting up a Maritime Authority aimed at strengthening Hong Kong’s maritime logistics in line with Beijing's economic policy.[14] Leung mentioned the “one belt, one road” no fewer than 48 times during the policy address,[15] but the amount of small detail presented in addition to the macro-economic measures related to "one belt, one road" which commentators considered to be irrelevant to Hong Kong people because it skirted over matters of importance to them.[16][17] Leung's apparent overemphasis was seen as a sycophantic promotion of Xi Jinping's concept, and was widely lampooned. The anchor of TVMost, Dong Fong-sing (東方昇), satirised it using a Chinese homonym – “one covered, one exposed” (一戴一露) instead of “one belt, one road” (一带一路) – in a photograph of him half-wearing a brassiere in which one of his nipples was exposed.[18] An op-ed in Wen Wei Po said CY Leung was “horrendously scandalised” by the picture, which was considered obscene.[19]

See Also

References

  1. ↑ "One Belt, One Road". Caixin Online. 2014-12-10. Retrieved 2016-04-13.
  2. ↑ "Getting lost in ‘One Belt, One Road’". Hong Kong Economic Journal. 2016-04-12. Retrieved 2016-04-13.
  3. ↑ http://www.ejinsight.com/20160412-getting-lost-one-belt-one-road/
  4. ↑ "Sri Lanka Supports China’s Initiative of a 21st Century Maritime Silk Route".
  5. ↑ Shannon Tiezzi, The Diplomat. "China Pushes ‘Maritime Silk Road’ in South, Southeast Asia - The Diplomat". The Diplomat.
  6. ↑ "Reflections on Maritime Partnership: Building the 21st Century Maritime Silk Road".
  7. ↑ "Xi in call for building of new 'maritime silk road'[1]-chinadaily.com.cn".
  8. ↑ Jeremy Page (8 November 2014). "China to Contribute $40 Billion to Silk Road Fund". WSJ.
  9. ↑ "Vision and Actions on Jointly Building Belt and Road". Xinhua. March 29, 2015.
  10. ↑ Wan, Ming (2015-12-16). The Asian Infrastructure Investment Bank: The Construction of Power and the Struggle for the East Asian International Order. Palgrave Macmillan. p. 70. ISBN 9781137593887.
  11. ↑ "One Belt and One Road". Xinhua Finance Agency. Retrieved 2016-04-13.
  12. ↑ "Commentary: Silk Road Fund's 1st investment makes China's words into practice". english.gov.cn. Retrieved 2015-07-15.
  13. ↑ "一带一路领导班子“一正四副”名单首曝光". Ifeng. April 5, 2015.
  14. ↑ "Lawmakers should stop CY Leung from expanding govt power". EJ Insight.
  15. ↑ "We get it, CY ... One Belt, One Road gets record-breaking 48 mentions in policy address". South China Morning Post. 13 January 2016.
  16. ↑ "【政情】被「洗版」特首辦官員調職瑞士".
  17. ↑ "2016 Policy Address: too macro while too micro". EJ Insight.
  18. ↑ "Leung obsession with Belt & Road Alliance prompts BRA joke". EJ Insight.
  19. ↑ "TVMost to livid state media: You break our heart but thanks". Hong Kong Economic Journal. 15 January 2016.
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