Chinas One Road and One Belt - Belt and Road Intiative- Strategic and Economic Future of World

One Road and One Belt (OBOR) or Belt and Road Initiative (BRI) and the Fate of World. One Road and One Belt (OBOR) or Belt and Road Initiative (BRI) and the Fate of World. Development in economic interaction is rapidly changing the new alignments in the form of socio-economic cooperation around the globe. China has transformed itself from a socialist giant to economic powerhouse. China desires to become a global player through its Belt and Road Initiative, which are an economic superhighway linking continents and cultures. China conceived the idea of One Belt One Road Initiative in 2013 with the initially planned portfolio of infrastructure, energy, and economic projects. OBOR is of prime importance to China, as it would boost its industrial growth and country’s strategy for economic diplomacy and strategic superiority. OBOR is expected to create new markets for Chinese goods, and enhance economic activity. It would also enable the manufacturing powerhouse to gain control of cost-effective routes to export materials easily. China has announced investments of over $1 trillion in the various infrastructure projects and is funding them by offering low-cost loans to the participating countries. OBOR or BRI could play a key role in shaping the socioeconomic and sociopolitical future of Asia, Africa and Europe. It is indeed a massive initiative, envisioning an integrated network stretching from the shores of the Pacific to the heart of Europe and extending to South Asia, Southeast Asia and Africa. OBOR or BRI holds immense potential for the global economy. OBOR or BRI by interconnecting global economies would be the harbinger of amicable relations and economic prosperity for the people Asia, and Africa. OBOR or BRI is the largest initiative of current century joining more than 70 countries through roads, rails and maritime means. China through this initiative intends to connect with countries of Asia, Africa and Europe to expand its economic and strategic influence. One Road and one belt or Belt and Road Initiative (BRI) is a transformational venture and can bring peace and development in Asia, Africa and Europe. BRI would be a role model for other countries of world. OBOR project is all-inclusive for economic and social development. The USA and its allies perceive it as a strategic move by China to attain control and play a role of balancer at the global level by gaining support from majority of countries. China sees this venture as an opportunity to emerge as a global leader. Initially announced in the year 2013 with the purpose of restoring the ancient Silk Route that connected Asia and Europe, the project's scope has been expanded over the years to include new territories and development initiatives. The Belt and Road Initiative (BRI) involves building a big network of roadways, railways, maritime ports, power grids, oil and gas pipelines, and associated infrastructure projects in participating countries. The project covers two parts. The first is called the “Silk Road Economic Belt,” which is primarily land-based and is expected to connect China with Central Asia, South Asia, Eastern Europe, and Western Europe. The second is called the “21st Century Maritime Silk Road,” which is sea-based and is expected to connect China’s coast in Pacific Ocean to the Mediterranean Sea, littoral states of Africa, South-East Asia, and South Asia. There is dire need of continental economic integration through BRI and CPEC. Human resource development projects would resolve economic challenges like fiscal debt and balance of payment, poverty alleviation and socio-economic development. This vision extends from Baltic States in Europe to Southeast Asia and Africa. BRI is not a physical road but also caravans meandering on different routes, carrying both goods and ideas. It would facilitate commerce between China and the wider global community. OBOR offers great strategic and economic advantage to China as it gains physical access to the Indian Ocean, Middle Eastern oil resources and new market of Africa. Countries consider it as a prosperous global strategic and economic move by China to rule the world in future. Chinas global rivals are striving to oppose and derail this project. BRI can lead to open new vistas of regional cooperation, integration, interregional trade, stability and sustainable development. The involvement of the all countries in the BRI is evidently very profitable, by ensuring them economic and political benefits. Massive investments in infrastructure under the BRI will be highly profitable for all countries by promoting interconnectivity and improving regional trade cooperation through the creation of a trans-regional transport network and by opening up new markets. In addition to economic connection countries, mutual interests also converge regarding the establishment of a multipolar world, which may reduce the global supremacy of the US. Due to these factors and shared benefits, China and all countries have maintained cordial relationship, which also augur well for the success of the BRI. Numerous participating countries perceive the BRI as a win-win situation and willingly joined BRI for socioeconomic and long-term development benefits. The current geopolitical atmosphere of coexistence and confrontation and paranoia about the Chinese plan by the West, it seems a distant dream to reap the true potential of the BRI. The key to success of the BRI in all countries lies in the fact how successfully China implements the project in participating countries having vastly different socioeconomic, political, technological and governance structures. For reaping the benefits of the BRI based on a mutual win-win proposition propounded by China, it is vital for China to work vigorously and to commence initiatives aimed at ensuring international norms and inclusiveness of the plan. China has been successful in enlisting support of the UN for the BRI as the world body has emphasized that the initiative could play a vital role in enabling developing countries to make tangible progress towards the 2030 Agenda of sustainable development. BRI-OBOR and future of South Asia China, India and Pakistan must display some maturity and their political leadership must exhibit true statesmanship to create a scenario which is a win-win situation for all the stakeholders. As part of the enormous new Silk Route project or the One Belt One Road initiative, the governments of Pakistan and China developed a proposal in the mid-2000s to create an economic corridor from Kashgar, Xinjiang, in China to Gwadar, Balochistan, in Pakistan with an aim to promote national, bilateral, and international economic integration. China, no doubt, is our friend of all weather. It is geographical compulsions that force her to have amicable relations with Pakistan. Given its geographical position, Pakistan has the potential to serve as a nexus for the two routes envisaged under BRI-OBOR. Pakistan is in a strategic position to help China to connect with the affluent countries of Middle East, Southeast Asia and emerging economies of Africa. Enhanced regional integration could expand Pakistan’s economy by 30% by 2040. The Belt and Road Initiative (BRI) and China-Pakistan Economic Corridor (CPEC) can help us navigate the challenges of contemporary times. China has completed more than 40 power projects in Pakistan focusing on socio-economic development of the people. Pakistan has adopted economy-oriented foreign policy. CPEC, which is the flagship project of Chinas ambitious One Belt One Road scheme, can open up vast economic and connectivity opportunities for South Asia including Pakistan. The economic cooperation between China and South Asia would have a transformational effect on the programme of economic cooperation, not just a game-changer but also a fate-changer for South Asian people. CPEC is part of China’s grand vision, known as OBOR initiative. OBOR and CPEC would become an instrumental in changing the political and economic plight of South Asia. In order to remove the prevalent trust deficit, it is imperative for major regional actors such as China, India and Pakistan to initiate productive dialogue and amicably resolve their bilateral disputes. If South Asian countries want to have a decent share in the global FDI, they will have to resolve their longstanding bilateral issues and must come up with investment friendly regimes. Landlocked Nepal has recently joined OBOR by signing a deal that will help it improve cross-border connectivity with China. China has developed a seaport in Sri Lanka connecting it with Pacific Ocean. Stronger economic and political relations can support South Asian economic transformation and security objective, and increasing resources for public investment in economic and human development. India Pakistan is members of SCO along with China. BRI and future of Africa. The history of Africa reveals that the European colonial countries had sucked the blood of Africa and left it with the gift of sanguinary civil wars and socio-economic issues. China is striving to heel the wounds inflicted by colonial countries by injecting billion of dollars in the shape of economic development through BRI project. China has a long history of engagement with the African continent and has substantially increased Foreign Direct Investment and trade linkages. Chinese trade ties increased with Africa when China emerged as a net importer of oil, and quest for minerals and natural resources development. China also became a net importer of coal. For Africa, China is one of the main sources of foreign aid and one of the largest investment partners in infrastructure projects. The African leaders are seeking for boosting their economies and for ending decades of conflicts and socio-economic decadence by joining BRI that aims at building ports, roads, and railways across dozens of countries. Like many other developing countries, African countries have similar expectations from Chinese investments in infrastructure and other sectors along with positive spill over such as job creation, technology transfer and enhanced economic productivity. The African countries are looking at the BRI as an opportunity to advance their industrialization, infrastructure up gradation and development process and socio-economic amelioration. There is no doubt that Chinese financing under the BRI could be a huge boon for the African countries to overcome low investment in infrastructure. BRI and future Prospects for Central Asia China shares border with Central Asian countries and Russia. The Central Asian countries are member of ECO, and SCO. China has also made no secret of it that Central Asia and Russia are integral elements for the implementation of the BRI as these countries are vital for effectively connecting China’s overland to Europe, the Persian Gulf and the Mediterranean. Besides, the geo-economic benefits to China, Central Asian countries also recognize the BRI to be a source of needed financial support to improve physical infrastructure that could lead to better connectivity and enhanced trade, along with increased stability. The involvement of the Central Asian countries in the BRI is obviously beneficial, by according them economic and political benefits. Central Asian countries support the OBOR due to massive investments by China in local transmission projects in these nations.