China’s Belt and Road Initiative27 views
China’s Belt and Road Initiative (BRI) is an ambitious programme to connect Asia with Africa and Europe via land and maritime networks along six corridors with the aim of improving regional integration, increasing trade and stimulating economic growth.
The name was coined in 2013 by China’s President Xi Jinping, who drew inspiration from the concept of the Silk Road established during the Han Dynasty 2,000 years ago – an ancient network of trade routes that connected China to the Mediterranean via Eurasia for centuries. The BRI has also been referred to in the past as ‘One Belt One Road’.
The BRI comprises a Silk Road Economic Belt – a trans-continental passage that links China with south east Asia, south Asia, Central Asia, Russia and Europe by land – and a 21st century Maritime Silk Road, a sea route connecting China’s coastal regions with south east and south Asia, the South Pacific, the Middle East and Eastern Africa, all the way to Europe.
The initiative defines five major priorities:
- policy coordination
- infrastructure connectivity
- unimpeded trade
- financial integration
- and connecting people.
The programme is expected to involve over US$1 trillion in investments, largely in infrastructure development for ports, roads, railways, and airports, as well as power plants and telecommunications networks.
The BRI’s geographical scope is constantly expanding. So far it covers over 70 countries, accounting for about 65 per cent of the world’s population and around one-third of the world’s Gross Domestic Product (GDP).