China's “One Belt, One Road” initiative - the perspective of the European Union

Justyna Misiągiewicz,Marcin Misiągiewicz

doi:10.17951/k.2016.23.1.33

Abstract

The idea of the “One Belt, One Road” will promote the China as a soft power and attractive player in the global market. It is related to China’s perception of global changes brought about by financial crisis, and growing world-wide interdependence. Beijing’s initiative aims on the potential for increased economic exchanges between China and Europe. In fact, the One Belt, One Road (OBOR) can be called a comprehensive domestic and foreign policy concept. Historically, the concept of the “Silk Road” was not only about trade, but also had significant cultural meaning. The OBOR initiative could serve as a cultural bridge between Europe and China, which should not only be understood as “two markets” and “two forces,” but also as “two civilizations”. This concept might be especially profitable for Central and Eastern European countries which focus on strengthening relations with the PRC after years of mutual insignificance and strive for balancing huge trade deficit and attracting Chinese investments.

Highlights

In mid 2013, Xi Jinping initiated the “Silk Road (SR) Economic Belt” idea, and a month later he announced the “21-st Century Maritime Silk Road” concept [Szczudlik-Tatar 2015: 1–2]
Beijing’s “Silk Road Economic Belt” initiative aims at the potential for increased economic exchanges between China and Europe
As China invites more European countries to participate in the project, the EU will be under pressure to coordinate a common European response

Summary

INTRODUCTION

In mid 2013, Xi Jinping initiated the “Silk Road (SR) Economic Belt” idea, and a month later he announced the “21-st Century Maritime Silk Road” concept [Szczudlik-Tatar 2015: 1–2]. China’s extraordinary economic growth and active diplomacy are already transforming East Asia, and future decades will see even greater increases in Chinese power and influence. Ian Bremmer who runs Eurasia Group, a leading global political risk think tank, draws a conclusion that China’s global influence is rather limited: “ China’s economic influence is growing, its power to influence other nations is slight. It has achieved little of what policymakers call “capture,” a condition in which economic or security dependence of one country on another allows the more powerful to drive the other’s policy making” [Bremmer 2013]. The current recession might have its repercussions in this process, as both the EU and China see economic contraction in the short term and potentially into the medium term as well, but these economic giants will remain “poaching on each other’s territory” [Rising China 2009]

CONCLUSIONS