The Case of Australian Reluctance With the Chinese Belt and Road Initiative

2019 ◽  
pp. 11-21
Author(s):  
Mona Chung ◽  
Bruno Mascitelli
Keyword(s):  
Global Strategy ◽  
Trading Partner ◽  
Belt And Road Initiative ◽  
Left Behind ◽  
China Trade ◽  
One Belt One Road ◽  
The World ◽  
Belt And Road ◽  
Trade Relationship ◽  
The One

The One Belt One Road initiative is a global strategy proposed by President Xi in 2013. It was referred to as the new silk road approach which includes a land-based and ocean-based routes. The BRI, were it to reach its milestones, would be a landscape changing plan of the world and not just for China. As Australia's number one trading partner, China plays an important role for Australia especially for its economy. However, there has been a poor and lacking understanding of this strategy since 2013. The chapter highlights the importance of the strategy and the approach by the Australian politicians. Fearing being left behind, Australia politicians begin to pay attention to the strategy and especially any related plans which may or may not include Australia. The aim of this chapter is to ascertain and explain why Australia has adopted a cool and almost negative approach towards the Chinese Belt and Road Initiative (BRI). With further exploration of the Australia-China trade relationship, the chapter raised the question of the importance of China to Australia.

Demystifying the Belt and Road Initiative: China’s domestic and non-strategic policy?

2021 ◽  
pp. 205789112110388
Author(s):  
Yuan Jiang
Keyword(s):  
Global Strategy ◽  
Chinese Economy ◽  
Chinese Government ◽  
Belt And Road Initiative ◽  
Xi Jinping ◽  
One Belt One Road ◽  
Belt And Road ◽  
Strategic Policy ◽  
The Difference ◽  
The Belt And Road

The Belt and Road Initiative (BRI) is a central policy of the Chinese government. The initiative is directly associated with President Xi Jinping, who first put forward the BRI in Kazakhstan and Indonesia in 2013, initially as One Belt One Road. Different from repetitive literature that concludes the BRI as China's global strategy, this article makes a contribution to argue that the BRI is China's domestic and non-strategic policy. To justify this argument, this article analyses how the BRI has been embedded into aspects of Chinese domestic policy by revealing its nexuses with Chinese domestic economy, politics and ideology. To deepen the understanding of the BRI's connection with the Chinese economy, this article explores the link between the BRI and China's supply-side structural reform. Meanwhile, this research demystifies the BRI as a global strategy and the difference between joining and rejecting the BRI to prove the BRI's non-strategic essence. In the end, this article discusses the BRI's far-reaching geopolitical influence.

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 Chinese Strategy Towards Europe: The Belt and Road Initiative and 17 + 1 Strategy – What Does It Mean for the EU and Central and Eastern Europe?

2020 ◽  
Vol 24 (2) ◽  
pp. 121-145
Author(s):  
Erhan Akdemir
Keyword(s):  
Geographical Area ◽  
Political Trust ◽  
Belt And Road Initiative ◽  
Cultural Contact ◽  
Global Impact ◽  
One Belt One Road ◽  
Large Geographical Area ◽  
Belt And Road ◽  
The One ◽  
The Belt And Road

Several projects like the Silk Road have been developed by different countries in the post-1991 period, but there is only one that had a tremendous global impact: the “One Belt One Road” (Belt and Road) Initiative developed by China. This project was fi rst announced by the Chinese President Xi Jinping during his visit to Central Asia in 2013, and has subsequently had a tremendous global, regional and national effect. The Belt and Road Initiative not only covers almost the entire Asian continent, but also a large geographical area that extends from East Africa to Europe. Through this project China aims to promote common development and welfare sharing among all countries along the Belt and Road routes, to establish mutual political trust between China and these countries, to more effectively connect transportation networks among regions and cities along the routes, and to establish cultural contact between societies. Accordingly, China wants to put its development process on a planned and solid basis by increasing its global impact in the economic, political, and cultural fields.

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.

scholarly journals Integration Perspectives of Eurasian Land-Based Transport Corridors: Empirical Evidence from the OBOR and Rail Baltica Initiatives

2020 ◽  
Vol 10 (3) ◽  
pp. 3-25
Author(s):  
Anatoli Beifert ◽  
Gunnar Prause ◽  
Yury Shcherbanin
Keyword(s):  
Research Question ◽  
Secondary Data ◽  
Political Agenda ◽  
Special Focus ◽  
One Belt One Road ◽  
Strategic Role ◽  
Belt And Road ◽  
Silk Route ◽  
Framework Conditions ◽  
The One

Abstract Land-based Trans-Eurasian transport corridors, their current development and perspectives have been high on the political agenda in the last two decades not only in Europe and China but also in the transit countries such as russia, Belarus and Kazakhstan. A number of conceptual initiatives are already being implemented. The Belt and road or the one Belt, one road (oBor) initiative on the Chinese side and the rail Baltica project from the European perspective have gained special attention. Big-scale infrastructural projects are also being implemented by transit countries, e.g., the construction of a motorway from China to Europe—from Kazakhstan via russia to Belarus—to facilitate the land-based shortcut for cargo transport within the Eurasian transport corridor. This article investigates the general framework conditions of infrastructural investments into projects related to Eurasian logistics and discusses strategic areas of intersection between the European activities and the new Silk Way. in the framework of the oBor initiative, this article also addresses the interaction of the Chinese–Kazakh–russian–Belarusian –polish railway transport, with a special focus on Belarusian–polish cross-border issues. The authors have participated in several projects focusing on transport corridors and discuss the research question of how different Eurasian land-based transport corridors can be integrated and which strategic role can the rail Baltica project play in the context of the new Silk route. The research is based on surveys, expert interviews, secondary data research and case studies.

scholarly journals Belt and Road Initiative: Interim Results and Challenges During Pandemic

2021 ◽  
Vol 65 (3) ◽  
pp. 42-51
Author(s):  
N. Pyzhikov ◽  
E. Gushchin
Keyword(s):  
Selection Process ◽  
Foreign Debt ◽  
Cost Effective ◽  
Point Of View ◽  
Current Status ◽  
Belt And Road Initiative ◽  
Middle Income ◽  
Chinese Investment ◽  
The World ◽  
Belt And Road

The article analyses the current status of the Belt and Road Initiative (BRI), its key achievements and challenges, including those related to the COVID 19 pandemic. In the 2010s China has become one of world’s largest investors and BRI is one of the most important tools of Chinese investment policy. Due to its flexible structure, BRI has been able to adjust and develop in the context of the U.S. – China trade war and the growing anti-Chinese sentiment in the world that included the concerns over so called China’s debt diplomacy. But this lack of rigidity is also a challenge to those who study BRI because there is no official list of projects (estimations vary between 118 and 374) and countries participating in BRI (up to 138). China’s key BRI partner is Pakistan. The total value of projects implemented by China in Pakistan as part of the China-Pakistan Economic Corridor was initially estimated at $46 billion but now exceeds $70 billion (new projects were signed even during the pandemic). BRI is increasing the number of its participants. In March 2019 Italy became the first G7 country to sign a BRI MoU with China. While implementing BRI China has faced such challenges as rising concerns of “China’s debt trap”, as well as ecological and political issues. In 2020 BRI is facing a new challenge with the COVID-19 pandemic. Some BRI projects were postponed because of the pandemic, but in some cases they were unaffected. There are 64 out of 138 countries participating in BRI that come from low and lower-middle income groups according to the World Bank classification. Their average ratio of foreign debt to GDP was 54% in 2018–2019. It is most likely that these countries will be hit hard by the coronacrisis. Thus the pandemic will encourage China to tighten the selection process for BRI projects with a focus on the most strategically important and cost effective ones. From the point of view of China’s BRI partners, the effect can be two-fold: the most unstable economies will increase their dependence on China, while with the economically strong countries China will be more willing to make concessions and offer more favorable conditions for cooperation.

scholarly journals The Belt and Road Initiative – Shared Development or a Threat for the World Economy?

2021 ◽  
Vol XXIV (Issue 1) ◽  
pp. 364-381
Author(s):  
Robert Ciborowski ◽  
Ewa Oziewicz ◽  
Sylwia Pangsy-Kania
Keyword(s):  
World Economy ◽  
Belt And Road Initiative ◽  
The World ◽  
Belt And Road ◽  
The Belt And Road

scholarly journals China: investment ambitions, limitations and opportunities

2019 ◽  
Vol 2019 (3) ◽  
pp. 138-157 ◽  
Author(s):  
Serhii Korablin
Keyword(s):  
Raw Materials ◽  
Value Added ◽  
Capital Intensity ◽  
Developed Countries ◽  
Belt And Road Initiative ◽  
Foreign Investments ◽  
Rapid Economic Growth ◽  
Belt And Road ◽  
The One ◽  
The Belt And Road

The article considers financial aspects of the implementation of the People's Republic of China's international initiative of "One Belt, One Way". China's impressive economic success over the last 30 years has shown how it grew into a major global exporter and investor, gaining the second-country status in terms of national GDP and imports. These changes took place against the backdrop of rapid economic growth and deep structural reforms, which were accompanied by increased output and exports of high value-added products. Under these conditions, the country naturally prefers to reorient the global economic system in such a way that it is more conducive to China's economic, financial and political interests. A key practical tool for implementing such a plan is the One Belt, One Way initiative, which is to ensure simultaneous access to (a) Western technologies, (b) global raw materials markets, (c) infrastructure capacities that should maximize the deliveries of Chinese produce to all corners of the world economy. However, such an ambitious plan requires an extraordinary amount of financial resources. Despite China's considerable international reserves (over $3 trillion), its volume is still insufficient to cope with such a task. Moreover, the country itself needs further assimilation of foreign investment and technology due to the relatively low level of capital intensity of its workforce. China will be able to solve this dilemma if it manages to create a system of "counter investment", that is, attraction and absorption of foreign investments from more technologically developed countries, which are denominated in the main reserve currencies, and simultaneously realize their own foreign investments in Yuan, offering their users deliveries of own products of slightly lower technological complexity than those received from foreign investors. This publication was prepared based on the presentation of "The Belt and Road Initiative - A New Shape of Globalization?" presented at the Institute of World Economics and Policy (IWEP) of the Chinese Academy of Social Sciences (CASS) in May 2019 as part of the International Economic and Economic Conference on "Economic and Trade Cooperation under the Belt and Road Initiative: Retrospect and Prospect".

scholarly journals ANALYZING AMERICAN VALUES IN BELT AND ROAD INITIATIVE (BRI)

2019 ◽  
Vol 5 (15) ◽  
pp. 1439-1447
Author(s):  
Siti Nurhasanah ◽  
Marthen Napang ◽  
Syaiful Rohman
Keyword(s):  
Manifest Destiny ◽  
Silk Road ◽  
Chinese Government ◽  
Belt And Road Initiative ◽  
Investment Bank ◽  
The Us ◽  
The World ◽  
Belt And Road ◽  
Silk Route ◽  
The 19Th Century

The Belt and Road Initiative (BRI) was initiated by Xi Jinping after being elected as the president of China in 2012. BRI connects Asia, Africa, and Europe based on shared-destiny to created trade routes integrates main centers of economic vitality. This project gave benefit for all participating countries, such as providing help for poorer regions. Even China created a financial system that supports this project, called The Asian Infrastructure Investment Bank (AIIB) and The New Development Bank (NDB). China's efforts to expand its influence in the world are similar to US efforts in the 19th century, known as Manifest Destiny. Americans believed that the US is destined to expand the territories westward approaching Pacific Ocean and spreading democracy. This effort is also highly related to their belief that the US is a City upon a Hill. There was some belief that the US becomes a great country that leads other nations in the world. The focus of this paper is two American beliefs in the context of China's effort to increasing its economic and military power in the world by reactivating the Silk route. The author uses the concept of Tianxia as City upon a Hill and Manifest Destiny in Chinese version in analyzing China's measures to increase its strength on an international level. The author will further analyze how these beliefs being adopted by Chinese government in realizing its dream of regaining the glory of managing silk-road, making it the new silk-road. Keywords: Belt and Road Initiative (BRI), New Silk Route, Manifest Destiny, City upon a Hill, Tianxia

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