Effects of the Belt and Road Initiative on the Global Economy

2019 ◽  
pp. 139-161
Author(s):  
John Joshua
Keyword(s):  
Global Economy ◽  
Belt And Road Initiative ◽  
Belt And Road ◽  
The Belt And Road

scholarly journals China’s Belt and Road Initiative Extension to Central and Eastern European Countries - Sixteen Nations, Five Summits, Many Challenges

2017 ◽  
Vol 23 (78) ◽  
pp. 57-76 ◽  
Author(s):  
Marsela Musabelliu
Keyword(s):  
Global Economy ◽  
European Countries ◽  
Chinese Government ◽  
Eastern European ◽  
Belt And Road Initiative ◽  
International Affairs ◽  
Cooperation Mechanism ◽  
Belt And Road ◽  
Eastern European Countries ◽  
The Belt And Road

Abstract The Belt and Road Initiative proclaimed by President Xi in 2013, a strategy developed by the Chinese government, is very important to China but is not confined to China. In order for the initiative to be successful it needs to be embraced by the countries on the terrestrial and maritime route indicated in the plan. In the late 1980s Deng Xiaoping proposed to integrate Socialism with Chinese Characteristics (Zhongguo Tese Shehui Zhuyi, ) into global capitalism and in the 1990s the Jiang Zemin leadership initiated the Going out policy (Zouchuqu Zhanlue, ) – the current Belt and Road Initiative is China’s continuation in implementing those policies into actual deeds. China’s accession to WTO in 2001 marked China’s full integration into the global economy and since then the People’s Republic of China (PRC) has become the largest trading partner for more than 180 countries. The Xi-Li administration has been extremely proactive since it was established in 2012; from that year on, Chinese behavior in international affairs has gained an ever-growing role as a forger of economic and diplomatic ties between countries. The primary example of this behavior is the Belt and Road Initiative (BRI). As every serious foreign policy plan, the BRI is an accumulation of various other initiatives. For example, the cooperation mechanism “16+1”, with which the PRC has approached Central and Eastern European Countries (CEEC), can be integrated under the BRI. This paper analizes the “16+1” China-CEEC cooperation mechanism in the context of the bigger BRI initiative, and tries to comprehend the economic and political factors intertwined with its implementation.

Omnipresent Economics: The Belt-and-Road-Initiative (BRI) Underpinning

2018 ◽  
Vol 01 (01) ◽  
pp. 1850002
Author(s):  
Da Hsuan Feng ◽  
Haiming Liang
Keyword(s):  
United States ◽  
Global Economy ◽  
Recent Trend ◽  
The United States ◽  
Developing Nations ◽  
Belt And Road Initiative ◽  
Theoretical Underpinning ◽  
Mobile Payments ◽  
Belt And Road ◽  
The Belt And Road

In this paper, we will discuss at length a founding theoretical underpinning for the Belt and Road Initiative (BRI) which we term as “omnipresent economics.” We will also discuss how such economics could allow China to work with the United States, European nations, emergent nations as well as developing nations. We also discuss the recent trend of mobile payments in which China is now a leader, and predict how it may allow nations to flourish under such a system. Finally, we will discuss how such economics could render global economy stable.

scholarly journals A Research on the Belt and Road Initiatives and Strategies of RMB Internationalization

2017 ◽  
Vol 6 (1) ◽  
pp. 13 ◽  
Author(s):  
Xuejun Lin ◽  
Yefen Xiao ◽  
Yuan Liang ◽  
Xiaowen Zhang
Keyword(s):  
Global Economy ◽  
International Monetary System ◽  
Belt And Road Initiative ◽  
Good Opportunity ◽  
Monetary System ◽  
Push Forward ◽  
Belt And Road ◽  
The Stability ◽  
The Belt And Road ◽  
Rmb Internationalization

Some problems exist in current international monetary system, such as dollar dominance and frequent fluctuation of exchange rate, which are not conducive to the development of trade, investment and global economy. Financial crises break out frequently. So we should reform the international monetary system and create a multi-polar international monetary system to regulate dollar conduct by mutual competitions. RMB internationalization is not only favorable to the stability of the world's currency, but also good to China's own development. The Belt and Road Initiative has been bringing more opportunities for the internationalization of the RMB. The Belt and Road Initiative aims to strengthen economic cooperation between China and its neighboring countries and promotes the regional economic prosperity. This strategy provides a good opportunity for China to develop trade, increase investment and expand financial markets. So RMB should take advantage of this opportunity to improve the proportion of RMB trade settlement, increase the amount of RMB investment and financing and accelerate the circulation of RMB, and then steadily push forward the process of RMB internationalization under the premise of controlling risks.

The One Belt One Road Initiative: An Enabler of Entrepreneurship or Big Business in Developing Countries

2020 ◽  
Vol 5 (1) ◽  
Author(s):  
Sivakumar Velayutham
Keyword(s):  
Developing Countries ◽  
Small Group ◽  
Global Economy ◽  
Economic Structure ◽  
Belt And Road Initiative ◽  
Economic Prosperity ◽  
One Belt One Road ◽  
Belt And Road ◽  
The One ◽  
The Belt And Road

In March 2015, China proposed the Belt and Road Initiative (OBOR) as its signature initiative to advance economic prosperity of the countries along the Belt and Road. The initiative promises economic development including entrepreneurial development and prosperity to mainly developing countries in Asia, Central Europe, and Africa. Entrepreneurship drives economic change and innovation while at the same time expanding opportunity and unleashing the initiative of people. Entrepreneurs are crucial to building prosperous societies that deliver opportunity to all. Recent evidence however suggests that the entrepreneurial economy is faltering and a small group of giant companies dominate the global economy. This paper seeks to critically appraise the possible effects of OBOR on entrepreneurship in developing countries along its route. Will OBOR revitalise entrepreneurship in developing countries or further intensify the dominance of the economy by a small group of giant companies. Empirical study indicates a high emphasis on large firms in the economic structure of OBOR countries (Novosak and Jurčík, 2018). This paper seeks to illustrate why OBOR is proving to be more of a Bane rather than a Boon to entrepreneurship in developing countries further promoting the dominance of the economy by big corporations.

scholarly journals Policy Coordination between China and Latin American Countries under the Framework of the Belt and Road Initiative

2019 ◽  
Vol 12 (3) ◽  
pp. 129-150
Author(s):  
Xu Wenhong
Keyword(s):  
Developing Countries ◽  
Latin America ◽  
Latin American ◽  
Global Economy ◽  
Policy Coordination ◽  
Historical Background ◽  
Belt And Road Initiative ◽  
Belt And Road ◽  
Latin American Countries ◽  
The Belt And Road

Latin American countries were not a part of the earlier draft of the route map of China’s Belt and Road initiative. Through efforts of both sides, starting from the Belt and Road Forum for International Cooperation in May 2017, Latin America has become an indispensable and important participant of the ‘Belt and Road’ initiative. In view of the differences in history and objective circumstances between China and Latin America in terms of histories, cultures, current economic states and development needs etc., policy coordination plays a fundamental role in the China-Latin America cooperation under the framework of the Belt and Road initiative. This article explores the four aspects of policy coordination in the BRI context, namely historical background, philosophy, principle and objective. The article notes that the weight of the US, EU and Japan in the global economy is decreasing, and the number of contradictions in the national economies of these countries, on the contrary, is growing. At the same time, the aggregate economic weight of developing countries is increasing. This new paradigm of development of the world economy gives a chance to developing countries, namely China and Latin America, to deepen economic cooperation. China has already become the second largest trading partner and the third largest source of investment for Latin American countries. China also proposes a solution based on its own Chinese experience, which will allow countries from Latin America to further accelerate their economic growth through infrastructure cooperation within the framework of the Belt and Road Initiative. The basic principles of such cooperation are win-win cooperation, shared growth through discussion and collaboration and the essence of policy coordination, etc. It is believed that, on the premise of a high degree of consensus achieved through policy coordination, both China and Latin America will achieve sustainable and efficient cooperation and development under the framework of the Belt and Road initiative.

scholarly journals International Cooperation for the Belt and Road Initiative: Key Issues and Future Prospects

2020 ◽  
Vol 2 (1) ◽  
pp. 76-95
Author(s):  
Liao Li
Keyword(s):  
International Cooperation ◽  
Global Economy ◽  
Dispute Settlement ◽  
Human Life ◽  
Implementation Process ◽  
Belt And Road Initiative ◽  
Dispute Settlement Mechanism ◽  
Belt And Road ◽  
Asean Countries ◽  
The Belt And Road

AbstractInternational Cooperation for the Belt and Road Initiative (BRI) is of great significance to China and the other BRI countries. By the end of January 2020, China has signed 200 cooperation documents with 138 countries and 30 international organizations to build the “Belt and Road”. The BRI faces challenges from some Western and ASEAN countries, differences among the Belt and Road Countries, and also global emergency issues. In addition to grave threats to human life, the COVID-19 coronavirus carries serious risks for the global economy. In the implementation process of the BRI, it will inevitably encounter various trade and investment frictions, and it needs a long-term dispute settlement mechanism. In the post-epidemic era, we need to construct top-level design, accelerate further trade cooperation, promote China-ASEAN cooperation, strengthen China-African Cooperation, and jointly fight against the epidemic.

scholarly journals Impact of Financial Cooperation under the Belt and Road Initiative on the Global Economy

2020 ◽  
Vol 5 (8) ◽  
pp. 1010-1017
Author(s):  
Fakhr Ullah ◽  
Naveed Jan ◽  
Xiyu Liu
Keyword(s):  
Economic Theory ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Rapid Development ◽  
International Economic Order ◽  
Point Of View ◽  
Belt And Road Initiative ◽  
Belt And Road ◽  
The Belt And Road ◽  
The Way

The belt and Road Initiative is a platform for multilateral regional economic and trade cooperation advocated by China, which bears the important historical mission of political mutual trust, economic cooperation and trade cooperation. The cultural integration between China and its neighboring countries promotes the formation of a new international economic order and the construction of a harmonious society. This measure increases the total export volume of China's countries along the way, thus increasing the proportion of states along the way in China's trade structure, improving the trade situation and increasing the importance of dividend policy. From another point of view, based on the principles of openness, tolerance, peaceful cooperation, mutual benefit and mutual learning, we should take cooperation, co construction, sharing and we are committed to building a responsible society and an idea of equality, cooperation, tolerance and win win for the common destiny. In the whole country, compared with the traditional way of competition, this is the innovation and Transcendence of the traditional economic theory of geography, thus forming a new type of economic theory. China's traditional economy Belt and Road, has been seriously impacted and restricted since the global financial crisis in 2008. China's "Belt and Road" initiative has brought these areas into a state of rapid development and become the leader of China's economic development. Meanwhile, the internationalization of these areas has become a trend of future development. This paper will explore Belt and Road initiative, the global economic impact and long-term planning development under the background of global cooperation and financial system.

The Belt and Road Initiative and Sino-Russian economic cooperation: Is there one more chance for us?

2019 ◽  
pp. 47-71
Author(s):  
Petr M. Mozias
Keyword(s):  
Regional Integration ◽  
Raw Materials ◽  
Belt And Road Initiative ◽  
Stage Of Development ◽  
Belt And Road ◽  
Flexible Framework ◽  
The One ◽  
International Transactions ◽  
The Belt And Road ◽  
Current Stage

China’s Belt and Road Initiative could be treated ambiguously. On the one hand, it is intended to transform the newly acquired economic potential of that country into its higher status in the world. China invites a lot of nations to build up gigantic transit corridors by joint efforts, and doing so it applies productively its capital and technologies. International transactions in RMB are also being expanded. But, on the other hand, the Belt and Road Initiative is also a necessity for China to cope with some evident problems of its current stage of development, such as industrial overcapacity, overdependence on imports of raw materials from a narrow circle of countries, and a subordinate status in global value chains. For Russia participation in the Belt and Road Initiative may be fruitful, since the very character of that project provides us with a space to manoeuvre. By now, Russian exports to China consist primarily of fuels and other commodities. More active industrial policy is needed to correct this situation . A flexible framework of the Belt and Road Initiative is more suitable for this objective to be achieved, rather than traditional forms of regional integration, such as a free trade zone.

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