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2020 | OriginalPaper | Chapter

1. China’s Belt and Road Initiative: Introduction and Overview

Authors : Pradumna B. Rana, Xianbai Ji

Published in: China’s Belt and Road Initiative

Publisher: Springer Singapore

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Abstract

This chapter reviews how China’s Belt and Road Initiative (BRI) is evolving. It begins with a discussion of the historical, economic, and geopolitical contexts in which the initiative was rolled out by Beijing in 2013. Through the BRI, China seeks to expand its diplomatic manoeuvring space, reclaim its past glory, provide infrastructure finance to neighbouring countries, and revive its slowing economy. By discussing, among others, the scope and the coordination financing mechanisms of the BRI, this chapter explains how the initiative is being implemented by the Chinese government. The broader trade and investment relations between China and three Asian sub-regions of interest, namely, East and Southeast Asia, South Asia and Central Asia are provided. The major achievements of the BRI to date are also highlighted. The chapter concludes with an overview of the structure of the book.

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China is likely to benefit from the BRI in the following ways: (1) China has over-capacity in eight sectors—crude steel, aluminium, cement, chemicals, flat glass, ship building, and paper and paper board; these products could be used to build infrastructure in BRI countries; (2) BRI could elevate China’s global status and put it at the centre of the world once again; (3) New corridors will provide strategic alternative routes to China to source its inputs; and (4) BRI could help in internationalising the Renminbi. On the other hand, BRI countries could benefit in the following ways: (1) Addressing the shortage of infrastructure finance and, thereby, promoting regional cooperation and economic development and (2) Attracting investment and technology from China.

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Title: China’s Belt and Road Initiative: Introduction and Overview
Authors: Pradumna B. Rana
Xianbai Ji
Publisher: Springer Singapore
Book: China’s Belt and Road Initiative
Print ISBN: 978-981-15-5170-3

Electronic ISBN: 978-981-15-5171-0

Copyright Year: 2020
DOI: https://doi.org/10.1007/978-981-15-5171-0_1