BRI is an investment program that aims at infrastructure development and economic integration of countries along the route of the historic Silk Road. It is transcontinental in its approach and aims at accelerating infrastructure development. The Initiative was announced in 2013 by China’s President Xi Jinping and is also known by the previous name one belt one road initiative.
The need for Belt and Road initiative
Based on the Asian Development Bank (ADB) figures it has been found that Asia faces an infrastructure funding gap of an estimated USD 26 trillion through 2030. So to address this gap, BRI came up to build better transport connectivity within Asia).
Belt and Road initiative cost is around $124 bn announced as on. 2017.
The ultimate purpose of the belt and road initiative BRI is listed below as follows -:
Promote connectivity in areas like Europe, Asia, and African nations.
Connectivity in oceans.
Increase and strengthen the partnership in the countries that are along the Belt and Road.
To set up multidimensional and composite networks among the countries
To promote development that is diversified, balanced and sustainable in the member countries.
Policy coordination In participating countries
China’s benefits from BRI
Some of the core interests of China in the BRI include -:
Protection of China’s social stability
Protection of political system
Promoting continued economic and social development.
China’s motivations for the Belt and Road Initiative
With the help of the Belt and Road initiative, China can take advantage to pursue its core interest in its periphery key where certain geopolitical opportunities lie
The china- USA rivalry -: The rivalry between the two is also a major reason for the initiative. So under this initiative
China wants to create a new regional order and replace the American-led liberal international order. China ‘s 80%trade passes through the Malacca strait which is in Singapore and is an ally of the USA.So the BRI will help China develop its safe routes.
The BRI will make china a key trade, economic, and political partner of nations on China’s periphery,
It will also help China to develop model relations between China and other nations that benefit Beijing and is markedly different from the West.
BRI helps tackle the domestic challenges that China will continue to face in the coming years.
Some of the domestic challenges that Beijing faces and that it believes BRI can solve include -:
Economically and social development in its western provinces to prevent ethnic tensions.
sidestepping the Middle-Income Trap by exporting industrial overcapacity.
Providing continued growth to ensure the CCP’s legitimacy is also a challenge that BRI helps tackle
These domestic challenges pose problems to China’s core interests of national security, social stability, and territorial integrity.
A solution to these problems will guarantee china’s national security as it will remove the ethnic tensions
Further, it will guarantee social stability and other core interests like protecting China’s territorial integrity and the main and major factor that will provide continued economic and social development in the world’s most populous country China.
The Belt and Road initiative was announced by China’s President Xi Jinping in 2013. It was known as the One Belt One Road initiative till 2016 post when it is known as BRI.BRI is an investment program that aims at infrastructure development and economic integration of countries along the route of the historic Silk Road. It is transcontinental in its approach and aims at accelerating infrastructure development. The ultimate purpose of the belt and road initiative promotes connectivity in areas like Europe, Asia and African nations.
Connectivity in oceans. Increase and strengthen the partnership in the countries that are along the Belt and Road, To set up a multidimensional and composite network among the countries, To promote development that is diversified, balanced, sustainable in the member countries. The motivation for BRI is To replace the American-led liberal international order, To make china a key trade, economic, and political partner of nations in China’s periphery, To tackle the domestic challenges that China will continue to face in the coming years, To take advantage of geopolitical opportunities in its periphery and promote
social and economic development in the country so that CCP’s legitimacy is maintained.