Reshaping the International Economic Order. China’s Belt and Road Initiative

David Garciandía Igal

Abstract


The Belt and Road Initiative is the most ambitious infrastructure development project in recent history. It is an important factor in China’s rise equation. However, despite its geoeconomic starting point, the project has profound global implications. The aim of this study is to analyse three basic questions: 1) What is it? 2) How is it financed? 3)Why was it launched? In answering these questions, I argue that the New Silk Road may represent a means for China to influence the established international economic order.


Keywords


Belt and Road Initiative; One Belt One Road; China; international economic order; geoeconomics

Full Text:

PDF

References


Ali, I. & Pernia, E. M. (2003). Infrastructure and Poverty Reduction - What is the Connection? Asian Development Bank, Economics and Research Department. Manila: ERD Policy Brief Series.

Asian Development Bank. (2017). Meeting Asia’s Infrastructure Needs. Manila: Asian Development Bank. https://doi.org/10.22617/FLS168388-2

Bank of International Settlements. (2019). Triennial Central Bank Survey: Foreign exchange turnover in April 2019. Basel: Bank of International Settlements.

Bowles, P. & Wang, B. (2013, November). Renminbi Internationalization: A Journey to Where? Development and Change, 44(6), pp. 1363-1385. https://doi.org/10.1111/dech.12058

Callahan, W. A. (2016). China’s “Asia Dream”: The Belt Road Initiative and the new regional order. Asian Journal of Comparative Politics, pp. 226-243. https://doi.org/10.1177/2057891116647806

Caro Vargas, S. (2015). Economic Corridors in Asia: Paradigm of Integration? Bogotá: Universidad Externado de Colombia. Retrieved from https://bdigital.uexternado.edu.co/handle/001/2784

Debin D. & Yahua, M. (2015). One Belt and One Road: The Grand Geo-strategy of China’s Rise. Geographical Research, 34(6), pp. 1005-1014. https://doi.org/10.11821/dlyj201506001

Dong, K., Sun, R., Hochman, G., & Li, H. (2018). Energy intensity and energy conservation potential in China: A regional comparison perspective. Energy (155), pp. 782-795. https://doi.org/10.1016/j.energy.2018.05.053

Eichengreen, B. & Kawai, M. (2014, January). Issues for Renmimbi Internationalization: An Overview. Asian Development Bank Institute (454). https://doi.org/10.2139/ssrn.2382420

Gabusi, G. (2017). Crossing the River by Feeling the Gold: The Asian Infrastructure Investment Bank and the Financial Support to the Belt and Road Initiative. China & World Economy, 25(5), pp. 23-45. https://doi.org/10.1111/cwe.12212

Haiyun, W. (2015). Geostrategic Thinking of Belt and Road Initiative. International Strategic Studies (3), pp. 13-22.

Hansen, V. (2015). Silk Road. A New History. New York City: Oxford University Press. https://doi.org/10.1111/hisn.12054_34

Hielscher, L. & Ibold, S. (2019, June 17). Belt and Road Initiative. Belt and Road Initiative: Retrieved March 2020, from https://www.beltroad-initiative.com/info/

Hilton, I. (2019, January 3). How China’s Big Overseas Initiative Threatens Global Climate Progress. Yale Envrionment 360. Retrieved February 2020, from https://e360.yale.edu/features/how-chinas-big-overseas-initiative-threatens-climate-progress

Liao, F. H. & Wei, Y. D. (2016, September). Sixty Years of Regional Inequality in China: Trends, Scales and Mechanisms. RIMISP Working Paper Series (202), pp. 1-20.

Liu, C. (2015, November 2). Chinese OBOR - linked investments to boost RMB internationalization. China Daily. Retrieved February 2020, from http://www.chinadaily.com.cn/world/2015-11/02/content_22350361.htm

McKinsey Global Institute. (2019). China and the World: Inside the Dynamics of a Changing Relationship. McKinsey & Company, McKinsey Global Institute. San Francisco: McKinsey & Company. Retrieved February 2020, from https://www.mckinsey.com/featured-insights/china/china-and-the-world-inside-the-dynamics-of-a-changing-relationship#

National Development and Reform Commission. (2015). Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road. Beijing: Chinese Government.

Pu, X. (2016, December). One Belt, One Road: Visions and Challenges of China’s Geoeconomic Strategy. 中國大陸研究, pp. 111-132.

State Council Information Office of the People’s Republic of China. (2018). China’s Arctic Policy. Pekin: Xinhua.

State Information Center. (2019, April 19). Belt and Road Portal. Retrieved November 2019, from https://eng.yidaiyilu.gov.cn/qwyw/rdxw/86301.htm

Subramanian, A. (2011, September). Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition. Peterson Institute for International Economics (11-14), pp. 1-33. https://doi.org/10.2139/ssrn.1928138

Swaine, M. D. (2014). Chinese Views and Commentary on Periphery Diplomacy. China Leadership Monitor, 44.

U.S. Energy Information Administration. (2015, May 14). China Overview. U.S. Energy Information Administration, Independent Statistics & Analysis. Washington, DC: U.S. Energy Information Administration. Retrieved February 2020, from https://www.eia.gov/beta/international/analysis_includes/countries_long/China/china.pdf

US Department of State. (2017, January 20). U.S. Support for the New Silk Road. Diplomacy in Action. Retrieved November 2019, from https://2009-2017.state.gov/p/sca/ci/af/newsilkroad/index.htm

Wuthnow, J. (2017). Chinese Perspectives on the Belt and Road Initiative: Strategic Rationales, Risks, and Implications. Center for Study of Chinese Military Affairs, Institute for National Strategic Studies. Washington D.C.: China Strategic Perspectives.

Yu, H. (2017). Motivation Behind China’s ‘One Belt, One Road’ Initiatives and Establishment of the Asian Infrastructure Investment Bank. Journal of Contemporary China, 26(105), pp. 353-368. https://doi.org/10.1080/10670564.2016.1245894

Zhang, Y., Zhang, M., Liu, Y. & Nie, R. (2017, February). Enterprise investment, local government intervention and coal overcapacity: The case of China. Energy Policy, 101, pp. 162-169. https://doi.org/10.1016/j.enpol.2016.11.036




DOI: http://dx.doi.org/10.17951/al.2020.10.39-54
Date of publication: 2020-12-28 22:01:19
Date of submission: 2020-03-24 18:43:45


Statistics


Total abstract view - 1749
Downloads (from 2020-06-17) - PDF - 757

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2020

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.