China’s Belt and Road Initiative

 China’s Belt and Road Initiative (BRI) is a massive infrastructure investment which may usher in a new era of trade and growth for economies in Asia and beyond. The Chinese President Xi Jinping launched BRI in 2013 which aims to connect East Asia with Europe. The plan was two-pronged: the overland Silk Road Economic Belt and the Maritime Silk Road.

BRI is a vast network of railways, energy pipelines, highways, and streamlined border crossings, both westward—through the mountainous former Soviet republics—and southward, to Pakistan, India, and the rest of Southeast Asia. President Xi believes that Such a network would expand the use of Chinese currency, the renminbi, enhance economic activities and increase regional connectivity.

BRI has both geopolitical and economic inspirations. It aims to develop new investment opportunities, cultivate export market for its own products and boost its incomes and domestic consumptions. China’s underlying motive behind BRI is enhancing global economic links to its western regions, which were historically neglected and now facing extremism and separatism movements. Promoting economic development in its Xinjiang province is a major priority. It is to secure long-term energy supplies from Central Asia and the Middle East, especially via safe routes. It is a strategy to counter US “Pivot to Asia” policy.

As a whole BRI is a great opportunity for all the countries to progress as infrastructure is key to development. Till now 139 countries joined BRI project and work towards regional connectivity and prosperity is in progress.

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