Daily Current Affairs : 30-October-2023
The Belt and Road Initiative (BRI), launched by Chinese President Xi Jinping a decade ago, has become a focal point of global attention. This ambitious project aims to create new trade routes connecting China with the rest of the world, fostering economic growth, political influence, and technological advancement.
Understanding the BRI
- The Belt: Reviving Ancient Overland Routes
- The Silk Road Economic ‘Belt’ focuses on ancient overland trading routes connecting Europe and Asia, constructed with Chinese expertise.
- The Road: Expanding Maritime Silk Routes
- Plans include establishing sea trade infrastructure along the old Marco Polo route, connecting China, Southeast Asia, Africa, and Europe via the Indian Ocean, bypassing the Malacca Strait.
Strategic Significance
- Resolving Concerns:
- Addressing capital surplus and industrial overcapacity issues.
- Increasing Chinese political influence globally.
- Global Acceptance:
- Over 150 countries and 30 international organizations have embraced the BRI.
- 3,000 BRI projects, valued at $1 trillion, are underway worldwide.
Principles and Forums
- Founding Principles:
- Policy coordination, infrastructure connectivity, trade, financial integration, people-to-people connections, and later, industrial cooperation.
- BRI Forums:
- China hosted significant gatherings in 2017, 2019, and 2023, resulting in numerous agreements and collaborations.
Funding and Infrastructure
- Funding Sources:
- Chinese state and state-owned banks provide funding, raising concerns about limited private sector participation.
- Estimates suggest BRI projects received substantial investments between 2013 and 2018.
- Prestige Projects:
- China-Pakistan Economic Corridor (CPEC): Bridges, railways, energy installations, highways, and port expansions.
- China-Europe Express Railway: A cargo railway reducing delivery time from China to Europe to 15 days.
India’s Stance and Concerns
- Indian Reservations:
- India opposes the BRI due to sovereignty issues, particularly the CPEC passing through Pakistan-occupied Kashmir.
- India raises concerns about China’s expanding economic and military presence in its neighboring countries.
- AIIB Participation:
- India refrains from endorsing the BRI but actively participates in the Asian Infrastructure Investment Bank (AIIB), where it has become a significant borrower.
Important Points:
- BRI Components:
- The Belt:
- Focus on ancient overland trading routes connecting Europe and Asia.
- The Road:
- Establishment of sea trade infrastructure along the old Marco Polo route, connecting China, Southeast Asia, Africa, and Europe via the Indian Ocean.
- The Belt:
- Strategic Significance:
- Resolve concerns: Address capital surplus and industrial overcapacity issues.
- Increase Chinese political influence globally.
- Over 150 countries and 30 international organizations have embraced the BRI.
- 3,000 BRI projects valued at $1 trillion are underway globally.
- Principles and Forums:
- Founding Principles:
- Policy coordination, infrastructure connectivity, trade, financial integration, people-to-people connections, and later, industrial cooperation.
- BRI Forums:
- Significant gatherings in 2017, 2019, and 2023, leading to numerous agreements and collaborations.
- Founding Principles:
- Funding and Infrastructure:
- Chinese state and state-owned banks provide funding.
- Concerns about limited private sector participation.
- Prestige Projects:
- China-Pakistan Economic Corridor (CPEC):
- Includes bridges, railways, energy installations, highways, and port expansions.
- China-Europe Express Railway:
- Cargo railway reducing delivery time from China to Europe to 15 days.
- China-Pakistan Economic Corridor (CPEC):
- India’s Stance and Concerns:
- India opposes BRI due to sovereignty issues, especially CPEC passing through Pakistan-occupied Kashmir.
- Concerns about China’s expanding economic and military presence in neighboring countries.
- Active participation in the Asian Infrastructure Investment Bank (AIIB) but refrains from endorsing the BRI.
Why In News
This year, we commemorate a decade since China’s visionary infrastructure funding project, the Belt and Road Initiative (BRI), was first outlined by President Xi Jinping, showcasing the transformative impact it has had on global connectivity and economic cooperation.
MCQs about China’s Belt and Road Initiative
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What is the main objective of China’s Belt and Road Initiative (BRI)?
A. Strengthening Chinese military power
B. Developing new trade routes connecting China with the rest of the world
C. Expanding China’s cultural influence
D. Promoting Chinese cuisine globally
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Which of the following is a key principle of the Belt and Road Initiative (BRI)?
A. Space exploration
B. Financial integration
C. Agricultural development
D. Wildlife conservation
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Which region is considered the leading part of the Belt and Road Initiative’s “Belt” element?
A. North America
B. Europe and Asia
C. South America
D. Australia
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Why does India oppose the Belt and Road Initiative (BRI)?
A. Due to concerns about Chinese cuisine
B. Sovereignty issues, especially the China-Pakistan Economic Corridor (CPEC) passing through Pakistan-occupied Kashmir
C. Opposition to Chinese language education
D. Environmental concerns about BRI projects
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