One Belt One Road (OBOR)

What Is One Belt One Road (OBOR)?

One Belt One Road (OBOR), the brainchild of Chinese President Xi Jinping, is an aggressive economic development and commercial project that spotlights on further developing availability and cooperation among numerous countries spread across the mainlands of Asia, Africa, and Europe. Named as the "Project of the Century" by the Chinese specialists, OBOR traverses around 78 countries.

How One Belt One Road Works

Initially announced in the year 2013 determined to reestablish the old Silk Route that associated Asia and Europe, the project's scope has been expanded over the course of the years to incorporate new domains and development initiatives. Likewise called the Belt and Road Initiative (BRI), the project includes building a big network of roadways, railroads, maritime ports, power matrices, oil and gas pipelines, and associated infrastructure projects.

The project covers two parts. The first is called the "Silk Road Economic Belt," which is principally land-based and is expected to associate China with Central Asia, Eastern Europe, and Western Europe. The second is called the "21st Century Maritime Silk Road," which is sea-based and is expected to will China's southern coast to the Mediterranean, Africa, South-East Asia, and Central Asia. The names are befuddling as the 'Belt' is actually a network of roads, and the 'Road' is a sea route.

They contain the following six economic corridors:

The New Eurasian Land Bridge, which associates Western China to Western Russia
The China-Mongolia-Russia Corridor, which interfaces North China to Eastern Russia by means of Mongolia
The China-Central Asia-West Asia Corridor, which interfaces Western China to Turkey through Central and West Asia
The China-Indochina Peninsula Corridor, which associates Southern China to Singapore through Indo-China
The China-Pakistan Corridor, which interfaces South Western China through Pakistan to Arabia sea routes
The Bangladesh-China-India-Myanmar Corridor, which associates Southern China to India through Bangladesh and Myanmar

Additionally, the maritime Silk Road interfaces waterfront China to the Mediterranean by means of Singapore-Malaysia, the Indian Ocean, the Arabian Sea, and the Strait of Hormuz.

78

OBOR traverses more than 78 countries.

Special Considerations: OBOR's Importance to China

OBOR is of prime significance to China as it plans to support its domestic growth and is likewise a part of the country's strategy for economic tact. By associating the less-created border regions like Xinjiang with adjoining nations, China hopes to bump up economic activity. OBOR is expected to open up and make new markets for Chinese products. It would likewise empower the manufacturing powerhouse to gain control of cost-viable routes to effectively export materials.

Any excess capacity in terms of production can be channelized actually to regions along OBOR routes. China has announced investments of more than $1 trillion in the different infrastructure projects and is funding them by offering low-cost loans to the participating countries.

Many participating countries, similar to Kyrgyzstan and Tajikistan, support the OBOR due to huge investments by China in neighborhood transmission projects in these nations. Landlocked Nepal has as of late joined OBOR by signing a deal that will assist it further develop cross-border network with China, and Pakistan is set to benefit from the $46 billion China Pakistan Economic Corridor (CPEC) that will interface southwestern China to and through Pakistan, allowing access to Arabian Sea routes.

While China keeps on pitching OBOR as an all-inclusive project for regional development, different nations see it as a strategic move by the Asian powerhouse to achieve significance and control at a regional level and to play a bigger job at the global level by building and controlling a China-centered trading network.

China considers this venture to be an opportunity to arise as a regional leader. Later on, we might see a lift in the Chinese yuan, with increased utilization in the OBOR region.

Features

OBOR is a project that spotlights on further developing network and cooperation among various countries in Asia, Africa, and Europe.
Kyrgyzstan and Tajikistan support OBOR on account of the huge investments by China in nearby transmission projects in these nations.
OBOR's scope has expanded over the course of the years to incorporate new regions and development initiatives.