In the late 20th century China adopted a service of economic reforms that brought technological and economic growth in the 21st century, China has become leading economic power of the world that’s why China’s objective is not limited. People’s Republic of China proposed the such as a revolutionary project known as the Betl & Road Initiative, dedicating to maintain a global free trade system and an open economic system as well as promoting cooperation among all countries along the route to overcome difficulties and achieve major economic development. OBOR initiative is a China foreign policy. BRI dream a US& 1.3 trillion Chinese investment economic policies.
Chinese investment is creating a network of infrastructure, including roads, railways, energy pipelines, telecommunication and ports. Basically BRI is portrayed as an economic initiative that will benefit the region. The BRI is a bunch of multiple Chinese securities, diplomatic, financial, geo-political and ideational benefit.
That seeks to push Chinese economy to more than 12 trillion. Five years in, the BRI has been a mixed bag of success and setbacks. In Pakistani perspective CPEC has brought massive investment in electricity supply network, which will power the country economy.
The Chinese policy is not specifically only for this region, because China’s objective is very large for the development of globalization that’s why the BRI promise of connectivity, new jobs and raised living standards has been welcomed by many countries from all over the world. Leaders and peoples from other countries considered BRI is Xi- Jinping most important initiative.
BRI brought positive revolution in economic sector for all countries. This outstanding economic project covers 65 Countries (all most 60 percent of the world population and 30 percent of global gross demotic product GDP. According to some economic expert say its closer 78 countries, including China’s neighbors as well as South Asian countries, Africa and Central and Eastern Europe, through BRI.
China focused on connectivity and communications development between China and rest of the world, BRI economic corridors will not only bring prosperity to PRC but will also beneficial for the development of other countries.
The BRI major aim is connect Asia, Europe and Africa. Focusing on the five main routes, the Belt and Road will take advantage of international transport routes as well as ports and major cities to further strengthen cooperation. Under the umbrella of BRI build six international economic corridors. The Belt and Road project six main economic corridors cover a wide area, Asia, Europe and Africa.
n The New Eurasia Land Bridge Economic Corridor
n The China-Mongolia-Russia-Economic Corridor.
n China-Central Asia-West Asia Economic Corridor.
n China-Indochina peninsula Economic Corridor.
n China -Pak Economic Corridor.
n Bangladesh-China-India-Myanmar Economic Corridor.
In terms of people-to people bonds, efforts will be made to promote exchange and dialogue between different cultures, strengthen friendly interactions between the people of various countries, China is leading power. This project connects world, and every country and every person can achieve financial benefits from the revolutionary plan BRI.
No doubt BRI is important project to replace the poverty and improve this backward region, but unfortunality on other side United State of America and India has begun to view China BRI initiative as a means to advance its strategic ambitions.
China engagement in South Asian region through these corridors actually matter of concern for Indian strategic interest in region. A primary concern for New Delhi is that Beijing will use its economic presence in the immediate neighbors to advance its strategic goal. But now perception in Indian side is little bit different some scholar and researcher want to promote India-Pakistan-China cooperation because cooperation between these three neighbors bring peace and prosperity to South Asia. It’s need of time for India-China-Pakistan cooperation under Belt and Road project.
Such kind of initiative is very important for economic development but also very beneficial for international peace and prosperity among rest of the world. This long term and beneficial project change the balance of power from the West to the East. Because the attitude and policies of China is very clear and different as compare with Super Power United State of America. USA policies based on aggressiveness, but PRC promote peace through economic objective.
The writer is a lecturer at Hazara University, Mansehra.