Essay Example on Bride for most developing economies and a boost of Ego

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Undertaking huge and ambiguous infrastructural initiatives remains a national bride for most developing economies and a boost of ego on their way to emerging market and or developed status China the world fastest growing economy for the past two decades continues to catch the attention of the globe when it comes to undertaking giant infrastructural development projects From the construction of the three gorges dam to the building of the world largest telescope and recently the manufacturing of the world largest marine aircraft the AG600 In the wave of these developmental initiatives the pronouncement of the One Belt One Road initiative OBOR by His Excellency Mr Xi Jinping President of the People's Republic of China 2013 has caught the attentions of many people both at home and abroad To the extent that some pundits term the initiative as unachievable and or unfeasible while others see it as a potential opportunity for global trade liberalization

The pronouncement of the OBOR initiative has given rise to a pandora box of arguments relating to its motives cost and benefit to China and the global economy Amidst those rising debates and opinions this paper focuses on the 16 1 members states as a group that would be affected by the famous One Belt One Road initiative that china envisages to propel development at home and abroad Whilst others see this as a treat to the rapid expansion of Beijing s influence both politically and economically some developing economies including their developed counterparts especially Central and Eastern European countries hereafter refer to as the Sixteen plus One 16 1 welcome the idea and consider it as a viable opportunity to expanding global trade and prosperity On the other side China s view about this massive offshore investment is that the One Belt One Road Initiative will enhance global trade and further liberalize commercial activities amongst countries thus strategically benefiting all parties and that a global collaboration would ensure a win win situation 2 1

Overview and Background of OBOR A decline in economic activities causes nation to search for new opportunities to resuscitate its economy thereby returning to the days of economic growth and prosperity Across the globe the quest to accelerate economic growth and development now a day remains a national priority for most developing and emerging market economies However the current slowdown in economic activities in China has prompted Beijing to under take the world biggest ever offshore investment the One Belt One Road OBOR that would eventually re establish the overland Silk Route Commercial Belt and the 21st Century Maritime Silk Route Historically the Maritime Silk Route has be in existence more than 2 000 years ago Zhang Qian China s imperial envoy is credited for establishing the Silk Road The Silk Road refers to a network commercial routes that connect China to the Central part of Asia and Middle East the Arab World The name Silk Route was derived from one of China's most important export commodity Silk According to Tian Jinchen Director of the Western Development Department of China's National Development and Reform Commission the route by itself influenced the development of the whole region for more than hundred years However the re establishment of a modern equivalent of the overland Silk Route Commercial Belt and the 21st Century Maritime grasp the news when His Excellency President Xi Jinping proposed the idea The president informed his audience that new initiative will create a network of railways pipelines roads and utility grids that would connect China Central and West Asia and parts of the Southern Asia As such giving birth to the One Belt One Road OBOR initiative According to the President Xi Jinping OBOR does not only comprise physical links

The initiative s objective is to generate the world's largest podium for economic cooperation including policy enhancement and coordination financing and trade collaboration at the same time cultural and social cooperation OBOR would create benefits for everyone via open discussion Beijing s State Council authorized an action plan for OBOR in 2015 with two components namely the Silk Route Economic Belt and the 21st Century Maritime Silk Road exhibit The former envisages three 3 routes linking China to Europe through Central Asia the Persian Gulf the Mediterranean via Western Asia and the Indian Ocean via South Asia Whilst the latter is will create links amongst regional waterways According to reports the initiative has drawn the interest of more than sixty 60 countries whose combined gross domestic product GDP is twenty one 21 trillion United States Dollars and that some practical achievements which includes the signing of bilateral cooperation agreements relative to the project with Russia Mongolia Hungary Tajikistan and Turkey Projects like including a rail link between eastern China and the Islamic Republic of China that could be expanded to Europe OBOR has initiated new rail connections with Thailand and Laos and a high speed rail projects in Indonesia Overall OBOR s initiative has generated cooperation agreements with more than two hundred 200 enterprises along the project s corridor However according to reports OBOR will cost China several of trillion dollars in other for the initiative to be materialize and there are series of challenges that Beijing must anticipate for the realization of OBOR

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