![]() ![]() ![]() This situation has brought about a seeming rivalry between the two biggest economies in the world, whereby the United States seems to be on a spree of mobilizing her allies to oppose China’s rising influence in global affairs. Given the pace of China’s economic growth, it is projected that its economy will topple that of the United States within the next ten years and of course, enjoy the benefits that go with it. However, it is important to emphasize that the infrastructural development receives better attention than all the other components of the belt and road initiative.Ĭhina’s rapid economic growth, increasing influence in global affairs and recognition has made her fall into a Thucydides trap (a situation of conflict which arises between an emerging power and an existing power as a result of the former threatening to displace the latter from its enviable position) with the United States as the world’s hegemon. (iii) financial and economic integration which includes the creation of industrial parks, exemption of import duties along the Silk Road etc. (ii) social and cultural exchange which involves the promotion of people – to – people bond through granting of belt and road scholarships and other forms of engagement that makes exchange possible etc. The belt and road initiative consists of different components, such as: (i) infrastructural development which includes the construction of hydro dams, thermal plants, roads, railways, ports etc. The belt and road initiative serves as a nerve centre of Chinese foreign policy strategy, hence was integrated into their constitution in 2017 and it is theoretically anticipated to be fully completed in 2049 which coincides with the hundred years anniversary of the founding of People’s Republic of China, whereby it is expected that China will become a fully fledged developed country by then, which is well placed to project its power and influence across the whole world. ![]() in the participating countries of the belt and road initiative. Under the initiative, China seeks to promote economic interconnectivity through two major means – by sea and by land and this has led to the construction of roads, bridges, ports, railroads etc. For this reason, the belt and road initiative has been nicknamed as “the new silk road”. The belt and road initiative was designed based on the historic silk road approach that was introduced under the Han dynasty in China thousands of years ago and which was a network of trade routes connecting China to the Mediterranean regions. The belt and road initiative is a Chinese foreign policy initiative that was conceived under the aegis of president Xi Jinping in 2013 to promote global economic integration with China as well as promoting global infrastructural development. The dominant vehicle of Chinese global influence has been through belt and road initiatives. Since then, it has started recording a quantum leap in GDP growth rate annually and was able to lift a whopping eight hundred million of its population from poverty.īy dint of hard work and grim determination, the country has now moved to a higher middle income status, now more assertive on the global stage than before and is on the verge of becoming a world superpower. China has made very significant strides in economic development since it began to open up and implement economic reforms in 1978. ![]()
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