ONE BELT ONE ROAD, WHAT’S THE DEAL?
* Chinese President Xi Jinping in 2013 unveiled an ambitious economic and foreign policy – the “Silk Road Economic Belt” and “21st Century Maritime Silk Road”.
* China wants to revive an ancient network of silk land and ocean trade routes of centuries past. It’s instigating an infrastructure building boom across Central Asia up to Europe to help boost trade and improve transport logistics. The land-based projects are the belt. Various economic corridors are on the cards too, including with Pakistan, Mongolia and Bangladesh.
* The maritime road which will connect up China’s southern provinces to south-east Asia and the east coast of Africa with ports and railways.
* Beijing is seeking to exercise some regional leadership.
* China wants to make the Renminbi the main trade and investment currency in countries involved.
* It needs to channel “excess capacity” somewhere.
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