Abstract
Li Xing provides a theoretical framework for understanding the multiple facets behind China’s One Belt One Road (OBOR) initiative, such as the internal-external nexus of imperativeness and Chinese outward expansion and its strategic convergence with the infrastructural need of the OBOR countries, thus enlarging their “room for maneuver” and increasing their “upward mobility”. The chapter sees OBOR as Beijing’s hegemonic project that will bring China potential prospects as well as constraints and risks.
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Notes
- 1.
The conception of the “Silk Road”refers to the ancient Silk Road, a historical network of trade routes started during the Han Dynasty (206 BC–220 AD) between Europe, China, Africa and many other countries on the Afro-Eurasian landmass. It had both land and sea routes, where trade in goods and cultural exchanges between China and regions and countries along the routes was vibrant.
- 2.
China is the largest stakeholder of the BRICS Bank contributing 41% of the total 100 billion US dollars capital base, at the 6th BRICS summit in Fortaleza, Brazil. According to the official published Fortaleza Declaration, “the BRICS Development Bank is designed to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies” (BRICS – Fortaleza Declaration2014).
- 3.
It refers to the “Asian Infrastructure Investment Bank” (AIIB), an initiative led by the Chinese government in 2015. It is an international financial institution with a pivotal aim to support and finance infrastructural projects in the Asia-Pacific region.
- 4.
During the APEC Summit in Beijing in November 2014, China’s President Xi Jinping announced that China would contribute 40 billion US dollars to set up a Silk Road Fund at a dialog meeting on strengthening connectivity and improving cooperation in the country’s neighborhood. According to Xi’s explanation, “the new Silk Road Fund will be used to provide investment and financing support to carry out infrastructure, resources, industrial cooperation, financial cooperation and other projects related to connectivity for countries along the ‘One Belt and One Road’ initiative” (Xinhua, May 14, 2017).
- 5.
It is a Chinese idiomatic expression, which literally means “to hide brightness, and to nourish obscurity.” The notion reflects an implicit strategic way of thinking, namely “to be patient and to wait for a time when one is ready to assert a big role and to make a challenge.”
- 6.
The notion is often applied in connection with Note 3. It implies that one is ready to strive for achievement after a period of accumulating strength.
- 7.
The concept of “peaceful ascent” was formulated by Zheng Bijian in a series of speeches and articles from 2002 onwards when he functioned as a spokesman for Chinese government viewpoints. The notion aimed to counterbalance two worldwide perceptions on China—“the threat of China” and “the collapse of China”. However, the word “ascent” (崛起) can also imply “challenge” in a revisionist manner, causing the concern led by the US-led world order. Therefore, the term “peaceful development” is more often applied in Chinese media and academia as a replacement of “peaceful ascent”.
- 8.
The original concept is derived from Antonio Gramsci, who refers to the stage of class struggle aimed at gaining positions of influence and at developing counterhegemonic forces. It is a slow, hidden and protracted struggle in an attempt to seek to gain influence and power. The concept intends to be distinguished from another notion termed by Gramsci as “war of maneuver”, which refers to a direct, violent and immediate assault on the state in order to gain political power (Gramsci 1971).
- 9.
The economic success of Japan and East Asia attributes to the interplay of many mutually related external and internal factors. It is the synergy of external factors, such as the US security umbrella, the favorable postwar international environment, the US military aid and foreign direct investment, correlating with internal factors, such as the role of the state, cheap labor, export-led development policy, the role of education and cultural aspects.
- 10.
SDR refers to Special Drawing Rights. They are supplementary foreign exchange reserve assets defined and maintained by theInternational Monetary Fund (IMF). Currently, the existing SDR currencies are the US dollar, the euro, the British pound sterling and the Japanese yen. According to the IMF’s recent decision, the Chinese yuan became part of the SDR currencies as of October 2016. It is the third largest SDR currency after the dollar, the euro, and is followed by the British pound and Japanese yen.
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Xing, L. (2019). Understanding the Multiple Facets of China’s “One Belt One Road” Initiative. In: Xing, L. (eds) Mapping China’s ‘One Belt One Road’ Initiative. International Political Economy Series. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-92201-0_2
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