China steps up The Silk Route advantage to expand its geo-political economic interests
Co-incidently, after the No News Is Bad News blog posting titled “Americans squeezed, sidelined by Chinese-Russian might!”, the EU Reporter Correspondent also published the latest developmental effort by China to promote bilateral socio-economic activities in The China Silk Route.
For the benefit of No News Is Bad News readers who have whatever interest in the route, the report is reproduced below for your convenient feedback:
#China: Time to forge a Eurasian Digital Silk Road
EU Reporter Correspondent | August 5, 2016 | 0 Comments
Co-incidently, after the No News Is Bad News blog posting titled “Americans squeezed, sidelined by Chinese-Russian might!”, the EU Reporter Correspondent also published the latest developmental effort by China to promote bilateral socio-economic activities in The China Silk Route.
For the benefit of No News Is Bad News readers who have whatever interest in the route, the report is reproduced below for your convenient feedback:
#China: Time to forge a Eurasian Digital Silk Road
EU Reporter Correspondent | August 5, 2016 | 0 Comments
2016 is only half way through and China continues to dominate the headlines. First, the bold initiative of establishing an eWTP proposed by giant e-commerce advocator Jack Ma, next, China’s presidency for this year G20, Chinese deals in European brands, from Syngenta to Kuka to Italian football leagues, more recently, the newly raised South China Sea dispute. There is yet another hot issue on the table, which has received much attention since it came into being in 2013, and that is China’s ‘One Belt, One Road’, or ‘OBOR’, sometimes referred to as the ‘New Silk Road’.
International co-operation is facing several difficult challenges, of which the following global trends are a representation: anti-globalization, anti-integration and anti-trade. Take the example of Brexit, which was a clear manifestation against one of the EU’s basic principles: the free movement of people; look at the uncertain future of CETA (the Comprehensive Economic and Trade Agreement between EU and Canada), admittedly “the best and most progressive trade agreement” ever negotiated by the EU and now under threat in national Parliaments that need to ratify the agreement; look at the increasing terrorist threats and the general fear over immigration.
China’s OBOR initiative, aimed at deploying USD trillions of investments along the network of trade routes of the ancient Silk Road, looks like a refreshing and timely proposal in a time where each nation is looking to restore protectionist measures. OBOR promises to open a new economic relationship between Asia and Europe, where each side can gain from exploring new investment opportunities with the world’s second largest economy.
Although proposed by China as a counterweight to mega-regional trade agreements excluding China, such as TPP and TTIP, the new Silk Road is not an attempt to control the Eurasian continent. On the contrary, it is a flexible and inclusive project which welcomes everyone that would like to contribute to Asian infrastructure investments.
This was the general consensus from a two-day forum organized by the Foundation for World Wide Cooperation, led by former Italian Prime Minister and former European Commission President Romano Prodi in Venice on 10th-11th July.
Entitled “Along the Silk Roads”, the event gathered some high level representatives from the Italian government, the European Commission, the port authorities of Venice and Tianjin, as well as the some of the most reputable Chinese and European academics to discuss the challenges and the opportunities along the Silk Road.
Romano Prodi pointed out the open nature of China’s “One Belt One Road”, saying that, unlike TTP or TTIP, challenged by the changing economic and political interests involved, OBOR is more flexible and open to the contributions of all countries willing to take part in the construction of the project.
He referred “One Belt One Road Initiative” as the answer to the 21st century, “The US wants to dictate the rules of the 21st century trade. This is impossible. We are going into a society where fragmentation is increasing,” said Prodi, “The Chinese proposal to deepen its influence in Asia gives much more flexibility.”
“Benefits will be split along the road. This is not something imposed by China, it is not an imposed ideology”, added Prodi (to view his full speech, please click here).
Compared to the most significant investment project in history, the “Marshall Plan”, which amounted to 130 billion in current USD, “One Belt One Road” is a much vaster project. According to The Economist, there are 900 deals under way along the route, worth 890 billion USD, and China alone will invest a cumulative 4 trillion USD in countries along the road. 。
According to Alain Baron, Head of Unit for International Transport and Enlargement, at the European Commission’s Directorate-General for Mobility and Transport (DG MOVE), it is important that the Silk Road Initiative coordinates with the EU Trans-European Transport Network (TEN-T).
He said that last year China and the EU signed an MoU on connectivity platform to guarantee that the transport market relies on sustainable development and a level playing field.
International co-operation is facing several difficult challenges, of which the following global trends are a representation: anti-globalization, anti-integration and anti-trade. Take the example of Brexit, which was a clear manifestation against one of the EU’s basic principles: the free movement of people; look at the uncertain future of CETA (the Comprehensive Economic and Trade Agreement between EU and Canada), admittedly “the best and most progressive trade agreement” ever negotiated by the EU and now under threat in national Parliaments that need to ratify the agreement; look at the increasing terrorist threats and the general fear over immigration.
China’s OBOR initiative, aimed at deploying USD trillions of investments along the network of trade routes of the ancient Silk Road, looks like a refreshing and timely proposal in a time where each nation is looking to restore protectionist measures. OBOR promises to open a new economic relationship between Asia and Europe, where each side can gain from exploring new investment opportunities with the world’s second largest economy.
Although proposed by China as a counterweight to mega-regional trade agreements excluding China, such as TPP and TTIP, the new Silk Road is not an attempt to control the Eurasian continent. On the contrary, it is a flexible and inclusive project which welcomes everyone that would like to contribute to Asian infrastructure investments.
This was the general consensus from a two-day forum organized by the Foundation for World Wide Cooperation, led by former Italian Prime Minister and former European Commission President Romano Prodi in Venice on 10th-11th July.
Entitled “Along the Silk Roads”, the event gathered some high level representatives from the Italian government, the European Commission, the port authorities of Venice and Tianjin, as well as the some of the most reputable Chinese and European academics to discuss the challenges and the opportunities along the Silk Road.
Romano Prodi pointed out the open nature of China’s “One Belt One Road”, saying that, unlike TTP or TTIP, challenged by the changing economic and political interests involved, OBOR is more flexible and open to the contributions of all countries willing to take part in the construction of the project.
He referred “One Belt One Road Initiative” as the answer to the 21st century, “The US wants to dictate the rules of the 21st century trade. This is impossible. We are going into a society where fragmentation is increasing,” said Prodi, “The Chinese proposal to deepen its influence in Asia gives much more flexibility.”
“Benefits will be split along the road. This is not something imposed by China, it is not an imposed ideology”, added Prodi (to view his full speech, please click here).
Compared to the most significant investment project in history, the “Marshall Plan”, which amounted to 130 billion in current USD, “One Belt One Road” is a much vaster project. According to The Economist, there are 900 deals under way along the route, worth 890 billion USD, and China alone will invest a cumulative 4 trillion USD in countries along the road. 。
According to Alain Baron, Head of Unit for International Transport and Enlargement, at the European Commission’s Directorate-General for Mobility and Transport (DG MOVE), it is important that the Silk Road Initiative coordinates with the EU Trans-European Transport Network (TEN-T).
He said that last year China and the EU signed an MoU on connectivity platform to guarantee that the transport market relies on sustainable development and a level playing field.
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