Abstract
2023 is the tenth year since the One Belt One Road initiative was proposed, and it is also Chinas opening up after three years of the Covid-19 epidemic. Against the backdrop of the Russo-Ukraine War and global de-dollarization, ASEAN has begun to gradually reduce its dependence on the US dollar. This research focuses on the challenges and opportunities brought by this situation to the implementation of One Belt One Road in ASEAN. This paper first analyzes the macroeconomic advantages of Chinas strengthening of cooperation and investment with ASEAN, and then, based on the difference in difference model, it is proved that Chinas direct investment in ASEAN countries does not trigger a debt trap. Finally, China should increase cooperation with ASEAN in digital technology, green technology, artificial intelligence, and blockchain. At the same time, when China relies on the development of ASEAN to promote the globalization of the RMB, it needs to increase its convertibility and availability.
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