Belt and Road Initiative is a “Chinese mind-boggling mega project integrating three continents that will be a pivotal step towards attaining China’s goals.
A brief introduction to Belt and Road Initiative
Belt and Road Initiative also known as “BRI” is an exciting mega-infrastructural project initiated by China. It is a part of China’s grand strategy: to displace American order. China was economic power and a center of trade in the past. Now it wants its economic hegemony back starting a such colossal project. Belt describes the land route which stretches from North China to Central Asia to the Middle East to Europe to Russia and Eastern Europe. Road describes sea routes that start from the South East China Sea and lead to the Malacca Strait of Malaysia to Sri Lanka to the Mediterranean Sea to Europe. It is actually an economic integration of three continents: Asia, Africa, and Europe.
The idea of BRI was conceived in 2013 and it started working in 2016. Around 138 countries have signed a Memorandum of Understanding and it has been started in 70 countries. This project will be completed in 2049. And there is a logic behind setting this date: china’s 100th Independence Anniversary. Upon completing a century of freedom, China wants its revival as a gift for the Chinese people.
Belt and Road Initiative and its Economic Corridors
Belt and Road Initiative consists of six International Economic Corridors.
- China-Mongolia-Russia Economic Corridor
- New Eurasian Land Bridge
- China-Central Asia-West Asia Economic Corridor
- China-Indochina Peninsula Economic Corridor
- China-Pakistan Economic Corridor
- Bangladesh-China-India-Myanmar Economic Corridor
These projects include infrastructural developments for ports, roads, railways, and airports. Developments of power plants and telecommunication networks.
The goals of the Belt and Road Initiative
Belt and Road Initiative includes the following goals to achieve.
Policy Coordination
Through BRI, China will be able to influence other countries’ foreign policies. Those countries will have to keep China’s consent before formulating their foreign policy in mind.
Infrastructure Connectivity
Infrastructure connectivity will make trade easier amongst the member countries which will result in collective development.
Unimpeded Trade
When trade barriers are eliminated, goods can reach across the globe which results in prosperity.
Financial Integration
It will be a significant part of the implementation of “BRI.” Its objective is to establish cooperation, finance and investment system, credit information system, and currency stability system.
Connecting People through Belt and Road Initiative
Through this project, people of all countries will connect for trade which will also result in cultural connectivity.”
Through this project, China aims at creating hegemony in the region and beyond it. Establishing economic integration, China wants to align other countries’ foreign policies in favor of it. This project is based on collective development, but it will boost China’s economy to the greatest extent. America and other western countries do not let it happen. That’s why G7 countries have started the B3W project to counter BRI.
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