The Critics and Development of China's ‘One Belt One Road’ Initiative for Global Economic Development and Sustainability

Abstract

The growing power of China's economy with its ‘One Belt One Road’ initiative for building a new globalised world is generally believed to have an impact on global economic development and sustainability.

The current Chairman and President of the People's Republic of China Mr. Jinping Xi proposed the ‘One Belt One Road’ initiative in 2013 during his official visit to Kazakhstan and Indonesia. This was a Chinese initiative to create the Silk Road Economic Belt (SREB) and the Maritime Silk Road (MSR) to promote a new model for international cooperation and development. In recent years, more and more countries from Asia, the Middle East, Europe and Africa have agreed to join the initiative and have established their regional plans for economic development and sustainability.

This chapter provides a critical review of China's ‘One Belt and One Road’ initiative for creating higher growth and economic development through infrastructure connectivity, increased trade and investment. It discusses the challenges of the ‘One Belt One Road’ initiative and reports on the risks associated with the development of this regional cooperation. It summarises arguments for a common approach to infrastructure development and regional cooperation by supranational institutions.

It concludes that the growing positive support for China's ‘One Belt One Road’ initiative and its development as one of the largest infrastructure and investment projects in history would bring significant benefits to the global economy.

Citation

Jiang, L. (2020), "The Critics and Development of China's ‘One Belt One Road’ Initiative for Global Economic Development and Sustainability", Crowther, D. and Seifi, S. (Ed.) Governance and Sustainability (Developments in Corporate Governance and Responsibility, Vol. 15), Emerald Publishing Limited, Leeds, pp. 131-144. https://doi.org/10.1108/S2043-052320200000015013