Tuesday, May 16, 2017

One Belt One Road program

The Silk Road Economic Belt and the 21st-century Maritime Silk Road, also known as the Belt and Road Initiative, the Belt and Road (abbreviated B&R), or One Belt, One Road (abbreviated OBOR) is a development strategy, proposed by Chinese president 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 for priority capacity cooperation in areas such as steel manufacturing.

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. It was the most frequently mentioned concept in People's Daily in 2016.

                                        China, Japan and the Koreas in red
                                              IAAB members in Orange
OBOR Vision

The One Belt One Road initiative is geographically structured along 6 corridors, and the maritime silk road.

  • New Eurasian Land Bridge, running from Western China to Western Russia
  • China - Mongolia - Russia Corridor, running from Northern China to Eastern Russia
  • China - Central Asia - West Asia Corridor, running from Western China to Turkey
  • China - Indochina Peninsula Corridor, running from Southern China to Singapore
  • China - Pakistan Corridor, running from South-Western China to Pakistan
  • Bangladesh - China - India - Myanmar Corridor, running from Southern China to India
  • Maritime Silk Road, running from the Chinese Coast over Singapore and India to the Mediterranean.

Asian Infrastructure Investment Bank (AIIB)

The Asian Infrastructure Investment Bank, [members in orange in the map above] 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.

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 Oceania countries. China will be the single largest stakeholder, holding 26% of voting rights. The bank plans to start operation by year end.

Footnote by the Blog Author

Additional financial commitments by China have been made publicly in May of 2017.  It has been reported to me that train service from coastal China to Great Britain has already been established and is faster than by transoceanic shipping.

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