China’s Belt And Road Initiative Summit Meeting In Beijing

On May 14th, there will be 28 nation states gathering in Beijing for the Belt and Road (OBOR) Initiative Summit Meeting. This Initiative was proposed by President Xi Jinping in 2013 in order to expand the linkages among countries between Asia, Africa, and Europe through industrial establishments. China is inviting all states to join this initiative, because a common Chinese ideology is that you will become rich if you enrich others.

The OBOR initiative aims to create a modern silk road by signing a free-trade agreement and infrastructure projects. This initiative will build up a tighter relationship as well as stimulate China’s domestic economy. This plan will be financed by the Asian Infrastructure Investment Band (AIIB), the New Development Bank (NDB), the Silk Road Fund established in 2014, and BRICS’s banks based in Shanghai. This summit is the first official large-scale meeting with the participants. It is a precious opportunity for China to announce its policy and strategy with other states. The Chinese government states that the OBOR should be strongly to opposed protectionism, it will be inclusive, and complementary of existing regional cooperative mechanism.

The media mass received a highly positive response. “There’s a lot of skepticism about China’s plans. Yes it is the kind of infrastructure that sounds attractive for parts of Europe, but we all know this is about China gaining influence,” said a senior European Union diplomat. “There is a pressing need in today’s world to have a shared, open and inclusive cooperation platform… to jointly tackle global challenges,” Chinese Foreign Minister Wang Yi told reporters ahead of the summit.

President Donald Trump’s decision to withdraw from the Trans-Pacific Partnership offers more chance and space for China’s the Belt and Road Initiative and provides states more incentive to participate. The Initiative targets to create a win-win game which benefits many developing countries with China’s overcapacity infrastructures. At the time, the OBOR is regarded as the second “open up policy” of China, the first one in the late 1970s has bloomed Chinese economic development for the last few decades.

So far, China’s the Belt and Road Initiative is only focused on economic development, but according to the integration process, economy, politics and physical, are based on economic interdependence which argues that tightened relationships will raise the risk and cost of war and conflicts. It is not so hard for us to believe the close economic exchange will, to some extent, promote peace and security communication.

Jieruo Li
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