Silk Road Economic Belt

The Belt and Road Initiative (BRI) is a global development strategy adopted by the Chinese government involving infrastructure development and investments in 152 countries and international organizations in Asia, Europe, Africa, the Middle East, and the Americas.'Belt' refers to the overland routes for road and rail transportation, called 'the Silk Road Economic Belt'; whereas 'road' refers to the sea routes, or the 21st Century Maritime Silk Road. It was known as the One Belt One Road (OBOR) (Chinese: 一带一路) and the Silk Road Economic Belt and the 21st-century Maritime Silk Road (Chinese: 丝绸之路经济带和21世纪海上丝绸之路) until 2016 when the Chinese government considered the emphasis on the word 'one' was prone to misinterpretation. The Chinese government calls the initiative 'a bid to enhance regional connectivity and embrace a brighter future'. Some observers see it as a push for Chinese dominance in global affairs with a China-centered trading network. The project has a targeted completion date of 2049, which coincides with the 100th anniversary of the People's Republic of China. The initiative was unveiled by Chinese paramount leader Xi Jinping in September and October 2013 during visits to Kazakhstan and Indonesia, and was thereafter promoted by Premier Li Keqiang during state visits to Asia and Europe. The initiative was given intensive coverage by Chinese state media, and by 2016 often being featured in the People's Daily. Initially, the initiative was termed One Belt One Road Strategy, but officials decided that the term 'strategy' would create suspicions so they opted for the more inclusive term 'initiative' in its translation. The stated objectives are 'to construct a unified large market and make full use of both international and domestic markets, through cultural exchange and integration, to enhance mutual understanding and trust of member nations, ending up in an innovative pattern with capital inflows, talent pool, and technology database.'The initial focus has been infrastructure investment, education, construction materials, railway and highway, automobile, real estate, power grid, and iron and steel. Already, some estimates list the Belt and Road Initiative as one of the largest infrastructure and investment projects in history, covering more than 68 countries, including 65% of the world's population and 40% of the global gross domestic product as of 2017. The Belt and Road Initiative addresses an 'infrastructure gap' and thus has potential to accelerate economic growth across the Asia Pacific area, Africa and Central and Eastern Europe: a report from the World Pensions Council (WPC) estimates that Asia, excluding China, requires up to US$900 billion of infrastructure investments per year over the next decade, mostly in debt instruments, 50% above current infrastructure spending rates. The gaping need for long term capital explains why many Asian and Eastern European heads of state 'gladly expressed their interest to join this new international financial institution focusing solely on 'real assets' and infrastructure-driven economic growth'. The Leading Group for Advancing the Development of One Belt One Road was formed sometime in late 2014, and its leadership line-up publicized on 1 February 2015. This steering committee reports directly into the State Council of the People's Republic of China and is composed of several political heavyweights, evidence of the importance of the program to the government. Then Vice-Premier Zhang Gaoli, who was also a member of the 7-man Politburo Standing Committee then, was named leader of the group, with Wang Huning, Wang Yang, Yang Jing, and Yang Jiechi being named deputy leaders.