China’s Belt and Road Initiative

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What is the Belt and Road Initiative?

The Belt and Road initiative was first introduced by Chinese President Xi Jinping in 2013.The vision is to create and improve the physical (infrastructure), financial (lending, capital-raising) and policy (e.g. customs, trade alliances) conditions that will facilitate greater trade and investment.

It consists of the Silk Road Economic Belt (the ‘Belt’) and the 21st Century Maritime Silk Road (the ‘Road’). The ‘Belt’ is a land-based route leading from China through Central Asia to Europe, and the ‘Road’ is sea-based, passing through Southeast Asia, Africa, Middle East and reaching Europe. It connects more than 65 countries with a continually growing geographical reach; the countries involved account for approximately 4.4 billion people, around 63 per cent of the world’s population, and 29 per cent of global GDP1.

WELCOME TO THE BELT AND ROAD

New and improved trade routes and infrastructure will make it quicker and easier for businesses to trade globally, with access to new markets and helping to streamline existing supply chains. It is becoming increasingly evident that the benefits are not limited to China alone; it will have a huge impact on the global economy and local businesses on and off the Belt and Road.



AN UPDATE ON CHINA AND BELT AND ROAD INITIATIVE

By Terence Chiu, Head of Commercial Banking, The Hongkong and Shanghai Banking Corporation Limited, Hong Kong, at the HSBC Breakfast Forum: Singapore and China – Tapping into enhanced connectivity, held in Singapore on 28 April 2017.



1 Week in China: Belt and Road, China’s Grand Gambit. Winter 2016

 

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