Looking at China’s Belt and Road Initiative from the Central Asian Perspective

Abstract

The Belt and Road Initiative (BRI) is a potentially transformational geopolitical development initiative, launched by China, which encompasses 65 countries, accounting for roughly 32 percent of global GDP, 39 percent of global merchandize trade, and 63 percent of the world’s population. The BRI, also referred to as the Silk Road Economic Belt (SREB) and the twenty-first century Maritime Silk Road (MSR), is a geopolitical initiative put forth by Chinese President Xi Jinping, which goes well beyond building infrastructure along the ancient “silk road.” The initiative seeks to develop a wide network of connectivity and cooperation spanning the entire Eurasian land mass and parts of Africa, including Central Asia, Southeast Asia, South Asia, the Middle East, Europe, and North and East Africa. The magnitude of investments anticipated under the BRI is massive. According to the Chinese government, US$890 billion worth of investments have already been disbursed under the BRI umbrella, with an expected total Chinese investment of US$4 trillion over the course of the initiative. Developments suggest that BRI could ultimately evolve beyond a mere Chinese-financed initiative. However, the bulk of BRI-related investments still appear to be conceived, driven, and primarily financed by China and financial institutions controlled by Beijing. This could change, however, as national governments that host BRI projects, multilateral institutions, and private sector gets more actively involved.