Belt and Road initiative is an ambitious project of China that by to review and renew the overland and maintain trade lines through Europe, West Asia and East Africa through the construction of modern paths and high-speed road-rail corridors.
After the collapse of the Soviet Union in the 1990s. The USA emerged as the superpower in the world. The US had goodwill to build more inclusive and domestic global governance but it involved more in its military operation abroad.
- The US spent around $5.9 trillion on the ’war on terror’ between 2001 and 2019.
- The US imposes the Marxist terminology like debt trap, imperial, predatory to describe China investments.
- China is spending around $ 1 trillion to develop its ports and road-rail links to other countries to boost its international trade.
- The US focused on the seas line of communications (SLOCs) while China is focusing on land lines of communication (LLCs).
- Till now it was believed that many times transportation was the best as compare to road-rail transportations.
- But the possible goods industry and computer hardware films are been to use road-rail transportation as it delivers faster in today’s online market age.
- Some economists view belt and road initiative as a positive addition to commencing and transportations infrastructure.
- China development bank and export-import bank of China now provides as much financing to developing countries as the world bank.
- China has created the New Development Bank with Brazil, India, Russia and South Africa and Asia infrastructure Investment Bank with more than 80 plus countries in Asia and beyond.
Given these pieces of evidence and progress made by China over the last few years, China has engaged as a new power in Asia that has posed a threat to unipolarity enjoyed by USA past 1990s.