The Belt and Road Initiative in Chinese Foreign Policy
The incorporation of the Belt and Road Initiative in the Chinese Communist Party constitution demonstrated that the idea holds a key and important role in Chinese foreign policy (Fallon, 2015). Many concerned with the difficulties confronting China's overseas infrastructure see the initiative as a risk, if not an exaggerated venture. Any economists believe that China will be unable to sustain its current lending pace for long. However, to provide a clear description of this program, the Belt and Road initiative should be considered as not only an infrastructure program but as a roadmap for transforming China to a different elevated level of economic development, and as a project that provides a better view of the future globalization.
The Comprehensive Vision and Mission of the Belt and Road Initiative
Regarding the official white paper that contained the Vision and mission of the initiative, it is evident that BRI that the main purpose was to be a comprehensive vision of the policy China from the outset and not just as a program developed for infrastructure connectivity (Swaine, 2015). The document provided a plan by China of linking its evolving economic development with that of its neighboring Eurasian countries. Its main purpose was to enhance peoples and cultural ties, for developing new standards of energy technologies and communications, increasing the ease of multi-currency transaction, cross-border and globalize the use of renminbi (Weidong, 2015). As the rest of the world is focusing on infrastructure development, China has been channeling most of its efforts on the five pillars of BRI. It is trying to make sure that there is improved policy coordination between China and its aspired trading partners, improving facility connectivity; facilitating the development of unimpeded trade; ensuring proper and efficient financial integration and enhancing people to people bond (Weidong, 2015). China efforts of making its dreams a reality can be seen in its efforts of whereby it is partnering with the European Union to create new standards for 5G mobile connectivity and has started the groundwork of creating an international financial transaction that is dominated by renminbi. The main purpose of trying to integrate the use of renminbi is to try and create networks in the space that has for long been dominated by the U.S. dollar and American Institutes.
The Initiative on People-to-People and Cultural Ties
One of the most noticeable but least discussed aspects of BRI is its initiative on people-to-people and cultural ties and the development of new standards of communication. The vision and mission of the Belt and Road Initiative have several related themes with the concepts of the Silk Road Spirit (Fallon, 2015). The main themes of the Silk Road Spirit were to establish, openness and inclusiveness, peace and cooperation, mutual benefits and mutual learning.it also symbolized corporation and communication between the West and the East (Li, 2015). It was also a cultural heritage that was envisioned by all countries in the world. The opening speech given by President Xi Jinping at the May BRI Forum addressed these points, in a manner that was almost similar to that of the Silk Road. State media and government website also portrayed BRI as a positive, intercultural exchange and taking China back to the time when great civilization and religions shared their wisdom through the Silk Road.
BRI's Role in Shaping Globalization
Studies have linked the context of Belt and Road initiative with observable trends towards a world that is globalized, multipolar and that has cultural diversification, and that is headed to a world that has a more equitable future. These are the same phrases that are used to indicate Chinese foundational principles of its foreign policy in a more general manner. They also constitute critiques of what is viewed to be a unipolar or hegemonic order that has been set by America, where there is no respect of diversity and where principles of sovereign equity such as mutual benefit, win-win are not genuinely embraced. In other words, critiques about BRI reliably indicates all the notes that indicate Chinas pluralist rather than a liberal vision for the future of globalization. As viewed from other different angles, BRI cannot be viewed as a strategy or a marshal plan (Yini, 2015). BRI is to be viewed as an open platform.
The Role of History in BRI
With a closer look at the strategy and working plans of the BRI, it is clear that the history of the Silk Road plays a great role in the formulation the strategies and principles of BRI. By looking back at the history of East-West exchange, it is clear that the main interest of China is to create a narrative of a certain kind of globalization where it will be recalled to as the country to take the initiative role of the project (Ferdinand, 2016). In the Silk Road that is now to be revived by Xi Jinping, value-indifferent and not politics led to interconnectedness and the advancement of civilization.
China's Interest in BRI and its External Implications
The basic interest of China in Belt and Road Initiative is to create a comprehensive plan for advancing its economy to the next level of development, and the external interest is to create a global rebranding platform for China as the starting point for the starting point of the next stage of globalization (Huang, 2016). China has presented BRI as a multicultural plural order who authority will not be centralized but will certainly have a center of reference.
Impacts on International Order and Globalization
Supporting the formation of BRI at the strategic and diplomatic level can contribute to the creation of particular views of international order and globalization. The order will provide how future trade policies, infrastructure-led development, financial connectivity and international governance issues will be addressed (Lim, 2015). The rhetoric and overall approach of BRI enhances China's vision of multipolar global governance, which takes vital role in the rejection of prioritization of democratic norms, or as a means of establishing an external foundation that will be used to challenge the sovereignty of a state. As an aspect to allow an economy that is more market-driven, BRI enables and represents a potential change in major international economic norms. It is also expected that the involvement of China in foreign policy initiatives that are all-encompassing will indicate its broader normative vision for the politics of the world (Fallon, 2015). However the countries that are to be involved, or that will be supporting BRI must evaluate the degree to which the initiative may be having to anything concerning or affecting them starting from development of internet governance, environmental and social safeguards. When conducting such evaluation, the strict evaluation must be made on the role that BRI is expected to take on China's long-term economic planning and awareness, which will lead to further studies on how the program defines China's vision for the future of globalization.
Policy Coordination and Facility Connectivity
Regarding policy coordination, countries that will be along the Belt and Road strategy will, through consultation on a footing that will be equal, develop a jointly formulated plan and strategies to enhance cross-national regional-corporation; resolve issues engaged in the corporation through consultation; and provided cordially coordinated policy support to technical operations and the implementation of large-scale projects. Another advantage of the project is that it will aid in the connectivity of facilities (Fallon, 2015). The collaborative coordination of activities between the different nations will be used to remove barriers in areas presenting any problem and missing sections of key international transportation passage, creating great advancement in the construction of infrastructure facilities in ports, and making sure that there is a clear land-water mode of transport. It will also see the interconnection of different infrastructure facilities that enhances all means of transportation. This will initiate the initiative of creating an infrastructure interconnection between different Africa, Europe, Asian sub-location and with other parts of Asia.
Facilitating Unconstrained Trade
To facilitate unconstrained trade, the project will make sure that they have resolved issues in trade facilitation and investment, reduce trade and investment barriers, enhance regional economic integration, and lower the cost involved in trade and investment V. The project will also make sure that the scopes of trade have been broadened, strengthen co-operation in industrialization and promote trade development via investments in all countries that are involved. The project will also lead to the coordination of policies associated with funds, increase the ability in the settlement of local currency and exchange of currency in investment and trade. The project will also aid in creating a multilateral and bilateral financial c-corporation, aid in setting up financial development institution in different regions, enhance integration in managing financial risks, and make sure that the ability to manage financial risks via regional strategies have been improved (Lim, 2015). The project will also be used to enhance dialogue and interaction between different cultures, enhance friendly interaction between people and in different regions, and to strengthen traditional friendship and mutual understanding.
Opportunities and Risks for Developing Nations
Many developing nations have a lot to gain from the initiative. They are however faced with a lot of risks when investing in such markets, including: risking recession, foreign exchange rate volatility; creating unfair competition which will negatively affect private institutions; creation of price instability; poor transparency due to inadequate or lack or well-established organization policy and strategies; bureaucratic issues. Among the developing countries found on the BRI such as India and Vietnam will not be easily controlled or dictated since they have a strong system of governance (Godement, 2015). These countries will not be engaged in high debts or importation of large numbers of Chinese workers. However, other countries such as Pakistan and Cambodia with a relatively weak system of governance might fall victims of China's dictatorship since risks involved in such areas are higher due to freighting of project management and hampering of financial returns.
Positive Impacts on Developing Nations
The Belt and Road Initiative is expected to create positive impacts on developing nations by providing an opportunity to improve their physical infrastructure stock. The project will also aid in strengthening the private sector in different countries, create opportunities for further investments and enhance positive spill-over effects beyond those expected from the project.
References
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Ferdinand, P. (2016). Westward ho—the China dream and ‘one belt, one road’: Chinese foreign policy under Xi Jinping. International Affairs, 92(4), 941-957.
Godement, F. (2015). Introduction. In F. Godement & Agatha K. (Eds.), “One Belt, One Road”: China’s Great Leap outward (p.1). London: European Council on Foreign relations.
Huang, Y. (2016). Understanding China’s Belt & Road Initiative: Motivation, framework and assessment. China Economic Review, 40, 314-321.
Len, C. (2015). China’s 21st Century Maritime Silk Road initiative, energy security and SLOC access. Maritime Affairs: Journal of the National Maritime Foundation of India, 11(1), 1-18.
Li, M. (2015). China’s “One Belt, One Road” Initiative: New Round of Opening Up. RSIS Commentary, 050. Retrieved from www.rsis.edu.sg/wp-content/uploads/2015/03/CO15050.pdf
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Swaine, M. D. (2015). Chinese views and commentary on the “One Belt, One Road” initiative. China Leadership Monitor, 47(2), 3.
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