Research and Describe Chinas Rising: One Belt One Road

China Is Rising: One Belt One Road
Zhongnan Zhang
Northeastern University
Introduction
One Belt One Road (OBOR) is an abbreviation for 21st-Century Maritime Silk Road and The Silk Road Economic Belt. It has numerous roads that connect China to Asian Africa and European countries. According to Callaghan and Hubbard’s (2016), the initiativewill help China explore markets for Chinese exports, gain soft power through an exchange of culture in Asia, reinforce economic integration of Asia countries and improve China’s regional security. The primary objective of the China’s “One Belt One Road”(OBOR) initiative is to expand and economic cooperation and between China and the world with a long term view of building a stable and economically prosperous Chinese society that will be energy sufficient(Sidaway & Woon, 2017; Callaghan & Hubbard’s, 2016). Through OBOR, China hopes to encapsulate and foster peaceful; co-existence, interdependence and regional cooperation through mega infrastructure project interconnectivity between regional members. China hopes that through the initiative, it will develop seaports, railroads, economic corridors and other interregional infrastructure projects for mutual peace and cooperation. The initiative is based on a win-win model where all the states will mutually benefit. China hopes that through this multipolar global development initiative, it will not only prosper domestically but also spread its prosperity to the rest of the world(Callaghan & Hubbard’s, 2016). The OBOR initiative is built on a framework of mutual cooperation and interdependence through peace, interdependence and regional harmony. In a nutshell, the primary objective of the OBOR project is to open up trade and export opportunities for Chinese enterprises, and creation of employment for western Chinese residents who have been excluded from the coastal economic boom driven by industrial manufacturing(Aris, 2016). Thus infrastructure development in respective OBOR participating states will spark demand for construction material, absorb China’s oversupply of cement and steel. Holistically, China will use the OBOR project to protect its foreign investments thus fostering economic and political stability(Farchy et al., 2016).
China’s “One Belt One Road”(OBOR) initiative has necessitated the creation of Asian Infrastructure Investment Bank (AIIB) and ASEAN Infrastructure Fund which plays an essential role in the provision of financial capital and guarantees for China-ASEAN industries (). The 10 ASEAN founding member states plays a significant role in the initial AIIB management and disbursement of funds for regional development through the AIIB. Secondly, OBOR has led to the development of flagship infrastructure projects such as the Chinese high-speed railway that interconnects major Asian trading Blocks. These developments have positioned China as a major actor in the Asian economic development agenda as the OBOR is seen as an ideal opportunity for China railway Corporation to spread out and export its technology into Asia and the world. Third, China has fast-tracked the construction of industrial parks both in china and the region, even though the sluggish global economy has negatively impacted on the envisaged benefit of the projects. The construction of industrial parks has seen improved cooperation between China and regional partners. Additionally, conception of OBOR initiative has advanced China’s energy cooperation which has resulted in the development of massive pipeline and oil infrastructure to facilitate oil importation.
Massive opportunities have been identified from the implementation of the “One Belt One Road”. ThisOBOR master plan is expected toopen up immense foreign trade opportunities for China and ASEAN member states whichcomprises30 member states plus the initial 10 signatory states. Evidently, OBOR initiative promises unprecedented economic and trade opportunities not only for Chinese industries, but ASEAN member states, the ASIAN region and more than 65 nations that will fall within the OBOR region(Ploberger, 2017). Secondly, OBOR will provide an opportunity for the ASEAN countries which are largely developing nations to improve and modernize their dilapidated transportation infrastructure as these countries have booming construction industries that would spark increased demand for construction material(Ploberger, 2017). China will thus significantly benefit as its Companies will most definitely undertake these major infrastructure development projects thus opening up Chinese companies for more oversees construction contracts which will mean more jobs for the Chinese Citizens. Asian countries such as Indonesia are expected to benefit from the OBOR initiative through Asian Infrastructure Investment Bank (AIIB) and the New Silk Road Fund.China has established these two institution...