Aims and Objectives of the “One Belt, One Road” Initiative

Lobanov, Mikhail M. and Zvezdanović Lobanova, Jelena (2016) Aims and Objectives of the “One Belt, One Road” Initiative. In: Danube and the New Silk Road : Danube and the New Silk Road : [thematical proceeding from the international scientific conference]. Institute of International Politics and Economics, Belgrade, pp. 86-107. ISBN 978-86-7067-234-5

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Abstract

China’s ‘One Belt, One Road’ initiative puts new emphasis on the development of the system of international relations, and it is expected to contribute to the further displacement of the gravity center of the world economy and the expansion of intercontinental trade flows. Increased attention to the proposed project could be explained not only by its scale and supra-regional territorial coverage, but also with an ambiguous attitude to it in potential member countries, as well as by uncertainty of content, which allows experts to find different interpretations of its goals and objectives. Over time, it becomes increasingly clear that China is seeking to expand the scope of ‘One Belt, One Road’ (OBOR) by the realization of various projects in partner countries, deliberately giving them the initiative for the development of investment proposals. Having succeeded in creating the financial basis of this strategy and reducing the number of possible political risks, the Chinese authorities are rewarded not only with the growing interest to OBOR in the partner countries but also with the increasing competition between them for transportation routes development. This eventually will allow China to control the critical elements of an extensive network of ground transportation in Eurasia, which will be used for the intercontinental trade, especially for deliveries to remote areas of the hinterland (although the prospects to compete with sea transport remain non-obvious). We should not underestimate the other political and economic benefits of OBOR initiative that modestly silenced in official statements and documents. But at the same time while assessing the strategy we should refrain from the alarmist predictions about the formation of a new world order and hegemonic aspirations – at this stage, Chinese authorities consider OBOR as an opportunity to address the crucial problems of socioeconomic development, resource provision and the reduction of regional disparities. Neighboring countries, regardless of their regional ambitions and economic weight, have a chance to take advantage of externalities that will arise during the implementation of the new Chinese project.

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