The “One Belt, One Road” (OBOR) initiative is a program that opens a drastically new perspective to the global communities. The essence of this program is to form, establish, and promote international partnership and development. It is to be achieved through the strengthening of the existing regional bipartite and two-sided mechanisms and structures of interactions involving China.
The execution of the initiative will contribute to the economic prosperity and cooperation of countries situated along the Silk Road, and it will promote exchanges and contacts between different civilizations and foster the peaceful development of the world (One belt one road, n.d.). The initiative involves the active promotion of the harmonization of national strategies for the development of countries, which are along the “One Belt and One Road” path. In order to promote the implementation of this initiative, countries need to establish a closer linkage of Asia, Europe, and Africa and enforce the cooperation that would be beneficial for these countries in a new form.
The objectives of this initiative are designed to encourage the free movement of factors of production in an orderly manner, the effective allocation of resources, and a profound fusion of markets. The project will enable countries (that are directly linked to the project) to adjust their economic policies and make them more ambitious and layered. As discussed at the World Economic Forum, the OBOR initiative aims to develop the infrastructures of the partnering countries in a mutual way. Jin Liqun mentioned that though the project is concerned with the geopolitical proposition, its primary goals are “peace and prosperity of people” (World Economic Forum, 2016).
The collaboration of the Eurasian countries will incite and endorse commercial bonds with China. Another member of the Forum, Li Daokui stressed out that the initiative orients in the long-term when putting up in the infrastructure development (World Economic Forum, 2016). The approach of free movement of goods, capital, and commodities would enable establishing a region similar to the European Union, which implies strong economic convergation rather than confrontation. The initiative will contribute to a deeper regional partnership and help in shaping the structure of an unblocked, tolerant, and balanced economic collaboration (One belt, one road, n.d.). It is essential to note that this initiative underlines the importance of the crucial benefits for all the countries involved in this project.
The mission of this project is to establish a new enhanced global partnership and governance. The project is aimed at the formation and strengthening of coherence in the Asian, European, and African continents. In addition, its goal is to strengthen the interconnected collaboration between the countries adjacent to the path in order to facilitate a comprehensive and holistic network of cooperation.
The establishment of such cooperation should provide the countries along the Silk Road with a sustainable development that is comprehensive and balanced (One belt, one road, n.d.). The interconnectivity and integration related to the implementation of the initiative are to help countries to compare and combine the development strategy and unlock the potential of the regional market. During the forum in September 2016, in San Francisco, it was stated that the scale of the initiative is immense.
It includes 65 countries and more than four billion people. The major banks are to support the program with an eventual capital of several hundred billion dollars (One belt, one road, one world, 2016). The participants of the forum explained and evidenced with numerical facts that the current situation is a rare combination of political, economic, legal, and institutional factors for the success of the OBOR project.
The program is to cover most of Eurasia linking the developing and the developed countries. The rich reserves of natural resources can be found in this region, and the key element of China’s initiative is the sharing and pooling of resources. Honorable Ren Faqiang stressed out that China would invest capital and labor in the construction of infrastructure for the implementation of mutual communication and mutual access (One belt, one road, one world, 2016).
In addition, the initiative will provide an opportunity to step up investment and consumption, to create demand and more workplaces (Peng, 2017). What is more important, the “One Belt One Road,” is to expand cultural exchanges between peoples and enrich cultures in a mutual way. The main goals of the project are the political concord between the countries and the mutually beneficial interaction between the world’s infrastructures. Furthermore, the continuous trade and free movement of capital are the major objectives of the project as well. Achieving these objectives will allow reaching a harmonious purpose, which is the mutual trust and reciprocal respect, peace, and prosperity of the people.
In conclusion, the Chinese and world economies are closely linked with each other. China will adhere to policies that allow the establishment of a new comprehensive approach to the uncovered system that is deeply integrated into the global economy. This project reveals the positive perspective of the strengthening of mutually beneficial cooperation of Asian, African, and European countries and the world. It is one of the most promising strategies for the development of the world community as well as the global market.
References
One belt one road. (n.d.). Web.
One belt, one road, one world. (2016). Web.
Peng, M. (2017). Global business (4th ed.). Mason, OH: South-Western Cengage Learning.
World Economic Forum. (2016). China 2016 – one belt, one road, many winners?