Facilitate cultural exchange and integration 3. Chinese President Xi Jinping announced one of China’s most ambitious foreign policy and economic initiatives at the end of 2013. It is part of the greater One Belt One Road (OBOR) initiative launched by the Chinese government Initially valued at $46 billion, it is now worth $62 billion as of 2017. An important cause of this dilemma is that just like the other ‘great plans’ proposed during the last six years——the Chinese Dream, Millennium Strategy of Xiong’an and Made in China 2025——OBOR has been closely integrated with Xi’s personal accomplishments. OBOR , becomes a vehicle that promotes alignment of infrastructure, trade and economic strategies. One cannot help but doubt the profitability and effectiveness of China’s fast-growing overseas investment. The concept of “One Belt, One Road” (OBOR) continues to be at the center of Chinese President Xi Jinping’s travels abroad whether to the 2015 G20 and APEC conferences or to the Middle East. The region will be less dependent on European and American markets. Picture Above: People post on China’s social media saying that their department gave free movie tickets for Wolf Warrior 2 to its employees and demanded compulsory attendance. NEW DELHI: Africa— undergoing a bitter experience in the aftermath of Chinese investments in the continent — may face more trouble after China’s mega One Belt One Road ( OBOR) connectivity initiative — that gives Beijing strategic foothold in the region —is rolled out. In spite of India's objection, Pakistan and China have launched a luxury bus service passing through Pakistan-occupied Kashmir from Lahore (Pakistan) to Kashgar city (China's) in November 2018. AIIB or Asian Infrastructure and Investment Bank was originally conceived by china as a multilateral institution for financing the infrastructure needs of the Asian region. Packaging all the existing overseas projects into a shiny new box under Xi’s name was a quick way to gain credit. Last year, the Xinhua News Agency said that OBOR has already made 76 major achievements and had more than 270 specific results, which included all sorts of international treaties, cooperation, projects, funds and aids. Its trade might be boosted with Eurasian economies. While India has not officially taken a position on OBOR, it is not averse to the initiative as long as it involves the … initiative is open to all countries who are interested in development, regardless of their regime types. The vision document Asia Africa Growth Corridor was launched by India and Japan soon after the launch of China’s OBOR initiative. The Peopleâs Forum on OBOR and BRICSheld in Hong Kong last year discussed many of them. In order to achieve the soft power building goal of OBOR, China now hosts a large number of international students from OBOR countries——in 2017, they numbered 317.2 thousand, or 64.85% of the overall international students in China. Cao had participated in China’s agricultural cooperation with African countries, which was later integrated into OBOR, and played an important role of contacting high-rank officials of the relevant governments. The infrastructure needs of the region will get adequate funding. It’s considered as China’s response to U.S’s Pivot to Asia re-balancing act (strategic counter) and TPP (economic counter). Last year the former promised that it would grant a special OBOR loan of 250 billion yuan in three years; and the latter’s OBOR-related outstanding loans had reached 830 billion yuan by the end of the first quarter of 2018. The Summit, showcased China’s plans to build a … In case, India accepts the OBOR initiative, it might lose its strategic autonomy. Meanwhile, Maldives, Nepal, Myanmar and Sri Lanka are eagerly pursuing potential BRI projects. In December 2014, the Chinese government pledged US$40 billion for the creation of the state-owned Silk Road Fund to provide investment to OBOR projects; in May 2017, Xi pledged an additional US$14.5 billion into it. The think tank would “help promote the idea and educate New Zealanders on the One-Belt One-Road initiative, and more generally on the people, culture and languages of China.” For instance, planning for the China-Pakistan Economic Corridor started during Musharrafâs regime; the agreement on the construction of Gwadar Port was signed as early as 2001 by then Premier Zhu Rongji and phase one of construction was completed in 2006. The corridor possesses deep security threat to India too. Both plans created doubts of interest and security apprehensions for some nation, as in this case India has fear of being overshadowed by it. In line with her At the approach of the new millennium, the limited size of its domestic market, profit But first, let’s discuss the Communist Party of China (CPC)’s motives for OBOR. 20 talking about this. Once Beijing’s political blessing for a project is communicated via funding from its policy banks, China’s national- or provincial-level state-owned enterprises build it, often with little or no political or financial risk assessment or market research. China built the Hambantota Port in the south of the island and financed 81% of its $1.4 billion cost. So Beijing has to repress them more brutally. This was established in 1964, after pressure from the developing countries, to offset the GATT effects. The MCQ Factory : Topicwise MCQs for UPSC, Questions in UPSC Prelims 2020 from MCQ Factory and IAS4Sure Notes. Safer, economical and faster alternative medium of connectivity to oil rich Central and West Asia besides connecting European markets for its finished goods. The First One Belt, One Road (OBOR) Summit concluded on 15 May 2017 in Beijing, China. Italy set to become first G7 country to join ‘Belt and Road’ initiative. Some political dissidents also argue that members of the Chinese ruling class are using OBOR as a mean of money laundering or even to secretly transfer national wealth overseasin preparation for their lives after the collapse of the CPC regime. UNCTADUnited Nations Conference on Trade and Development This strategy eventually irritated the Chinese government. The objectives of the OBOR are as follows: 1. Thus, it won’t be a surprise if ‘re-education’ camps are constructed in other provinces in the future. China’s military build-up and aggressiveness have inevitably exacerbated the arms race in this region. Chinese influence in Indian neighbors such as Nepal, Bhutan may increase. UNDERSTANDING CHINA’S BELT AND ROAD INITIATIVE 3 All levels of the Chinese Government, from the national economic planning agency to provincial universities, are scrambling to get involved in OBOR. United Nations Conference on Trade and Development. Any person with a conscience must admit that no economic achievement or national ambition can justify these atrocities. INTRODUCTION In a span of 3 decades, China has transformed from an agricultural, self-contained and inward looking state into a global economic powerhouse second only to the United States (Cheung & Lee, 2015). Now nearly 60 per centof the US surface ships and over 60 per cent of US submarines have been deployed in this region. The positive gain yielded from a companyâs activity. India extended fast security clearances for Chinese investments in the country. Anyhow, investing too heavily overseas would inevitably exacerbate inadequacy at home. Since the proposed corridor passes through the disputed territory of Pakistan occupied Kashmir, it is no way acceptable to India from any perspective. This initiative can also be seen by India as an alternative to TPP. GDPGross Domestic Product Will improving connectivity between its underdeveloped southern and western provinces, its richer coast, and the countries along its periphery. Creation of a unified large market that makes use of both international and domestic markets. One example is the construction of artificial islands in the South China Sea and the relevant naval frictions around them. The essence of OBOR is to promote regional and cross-continental connectivity between China and Eurasia. However, 170 senior executives of Chinaâs state-owned enterprises (SOEs) have been prosecuted by the authorities since 2013[28] and many of these SOEs have been involved in OBOR projects. growth from 2012 to 2016 was 9.3 percent, higher than the national level. And this is an on-going trend. Companies, government departments and even schools organized for their employees or students to watch this movie; in some cases attendance was even compulsory. China has framed the ambitious policy keeping in mind a free-trade area in the Asia-Pacific (six economic belts of OBOR). But, India isn’t included in the US-led Trans-Pacific Strategic Economic Partnership and the Transatlantic Trade and Investment Partnership, leaving the ambitious nation feeling marginalized on the world economic stage. Connectivity covers five major areas of interest: policy coordination, infrastructure construction (including railways and highways), unimpeded trade, financial integration and people-to-people ties. An amount paid in remuneration of an investment or received by a lender. To summarise it the ultimate objective of the OBOR will address the infrastructural gap and accelerate potential economic growth across the Asia Pacific region, Africa and … rate, and other factors (such as securing energy and resources supplies) started pushing China to invest its capital globally. Thus a state-led strategy to integrate China’s huge amount of OFDI was inevitable. During the last several years, Wang sold 80% of Wanda’s domestic assets and spent more than 250 billion yuan buying overseas assets. The other regional playerswho are vigorously sharpening their gears include India, Taiwan, Australia and Vietnam. Analysts believe that the OBOR initiative will impact 4.4 billion people and has the potential to generate USD 2.5 trillion in 10 years. According to this report: In response to this report and the consecutive international criticism, the CPC launched a PR campaign to whitewash the re-education camps. There is also a rumor] saying that Sun Zhengcai, who was a former member of the Political Bureau and Party Committee Secretary of the Chongqing Municipal, transferred 1 billion yuan from the OBOR funds to his mistress’s shell company in Hong Kong, which became one of the accusations his political enemies in the party used to down him. Just like the resistances against land grabbing and forced demolitions carried out by ordinary Han Chinese in other parts of China, national minorities in XUAR also fight back to defend their home, and often in more intense and determined manners. In 2017, the CPC even incorporated OBOR into its Constitutionduring its 19th National Congress. You can search inside your notes. * Prelims Guidance Program 2021 An article published in the Financial Times in July this year pointed out that 234 out of 1,674 Chinese-invested infrastructure projects announced in 66 Belt and Road countries since 2013 have encountered difficulties. The âOne Beltâ and âOne Roadâ refer to Chinaâs proposed âSilk Road Economic Beltâ and âMaritime Silk Roadâ. It’s doubtful that this significant strategy could have been widely discussed within the party and government during such a short time, let alone for meticulous studies to have been conducted about its negative impacts on ordinary people in the Belt and Road countries and potential resistance.
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