The Current Situation of the One Belt and One Road Initiative and Its Development Trend

Abstract

Since its being initially put forward in 2013, the One Belt and One Road strategic initiative has gone through 3 phases, namely: put forwarding of concepts, development of framework, and establishment of cooperation partners. The One Belt and One Road initiative displays the following three main characteristics: quick development of the initiative, quick acceptance of it by the international community, and quick pushing forward of relevant projects. Quick pushing forward of the initiative is a result of the joint pushing forward of it by governments at different levels in China, and a result of the development of the current international situation. The following trends are happening across the world: reverse globalization trend is becoming more and more clear in the US and European countries; the liberalization process of international trade is faced with increasingly bigger challenges; economic nationalism sentiment is rising, and the economic interests of medium and small sized countries tend to be harmed, and the drive for development in these countries is weakened. In such a context, the new type of globalization and regional economic integration actions represented by the One Belt and One Road initiative not only constitute a means for China to alleviate its internal and external pressure of economic development, but also represent a combination of China’s views on international development, security and order; in addition, it is also a voluntary choice by the international community, especially the countries along the Belt or the Road, to deal with the reverse globalization trend, and to protect their own development interests. In May this year, China is going to hold a summit of the countries along the One Belt and the One Road. By that time, the One Belt and One Road initiative shall have completed its launch phase. Well begun is half done, but the following specific implementation phase will be more difficult, and more critical. China needs to streamline its internal and external relations, innovate some economic, financial and administrative mechanisms, and maintain openness and flexibility of the One Belt and One Road initiative, so as to sustainably push forward the initiative, and benefit the whole world’s economic development and peace cause.