The One Belt, One Road (Obor) project excites economists and analysts interested in fresh prospects for international trade and cooperation. Since the idea was unveiled in 2013, the project has become synonymous with the potential of certain emerging market economies and the rise of China’s economy. So what exactly is Obor?
In 2013, Chinese president Xi Jinping proposed a new economic framework that would connect China’s Silk Road Economic Belt project in Central Asia with its Maritime Silk Road through connected bodies of water from the South China Sea to the Indian Ocean. In essence, these trade strategies focus on increasing China’s connection with countries along the historical Silk Road in Eurasia, while creating a new Silk Road through Asia to South Asia and Africa.
One part of the project is centred on the creation of road connections between China and Eurasia, including infrastructure projects such as highways and rail lines. The other part of the project concerns maritime routes that will connect China with South East Asia, South Asia and ports up and down the east coast of Africa.
The scale of this vision, if completed, is the project’s greatest selling point and potential challenge. The trade links outlined would cover 65 per cent of the world’s population, one-third of global GDP and a quarter of all the goods and services in the international economy.
Such a concentration of goods and services would upend how traditional commodities such as energy are traded. Some observers have compared the project to the Marshall Plan in Europe after the Second World War.
The project has its share of critics. Some analysts, including those at Fitch who wrote a report this year on the Obor, have argued that China is pushing forward with the project to extend its political influence.
They suggest that there is no concrete demand for the Obor’s infrastructure projects in under-developed central Asian countries. Rather, China is building these projects as a way of extending and entrenching its political influence.
Indeed, some American observers also view the project as a way for the Chinese to expand their influence in new parts of Africa, South Asia and even Europe. China’s construction industry is already booming across Africa.
New maritime routes connecting China to the rest of littoral Asia would expand Beijing’s economic (and political) power to a remarkable degree.
A challenge for the programme, however, is funding. Conservative estimates note that Obor will require at least $2 to $3 trillion each year. Several investment vehicles have been created such as the Asian Infrastructure Investment Bank and the Silk Road Fund, but the debate about the use of public funds for these projects show a measure of concern.
The One Belt, One Road idea is an international community project with China taking the lead. If the Chinese are able to convince countries that Obor will be a force for good, the project could revolutionise global trade.
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The specs
Price: From Dh180,000 (estimate)
Engine: 2.0-litre turbocharged and supercharged in-line four-cylinder
Transmission: Eight-speed automatic
Power: 320hp @ 5,700rpm
Torque: 400Nm @ 2,200rpm
Fuel economy, combined: 9.7L / 100km
SPECS
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Killing of Qassem Suleimani
On the menu
First course
▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water
▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle
Second course
▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo
▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa
Third course
▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro
▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis
Dessert
▶ Lumi Black lemon ice cream, pistachio, pomegranate
▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
RESULTS
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
Winner Meshakel, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
Winner Gervais, Connor Beasley, Ali Rashid Al Raihe.
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
Winner Global Heat, Pat Cosgrave, Saeed bin Suroor.
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
Winner Firnas, Royston Ffrench, Salem bin Ghadayer.
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
Winner Rebel’s Romance, William Buick, Charlie Appleby
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
Winner Topper Bill, Richard Mullen, Satish Seemar
10pm Handicap (TB) Dh102,500 (T) 1,400m
Winner Wasim, Mickael Barzalona, Ismail Mohammed.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The%20specs
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Manchester City transfers:
OUTS
Pablo Zabaleta, Bacary Sagna, Gael Clichy, Willy Caballero and Jesus Navas (all released)
INS
Ederson (Benfica) £34.7m, Bernardo Silva (Monaco) £43m
ON THEIR WAY OUT?
Joe Hart, Eliaquim Mangala, Samir Nasri, Wilfried Bony, Fabian Delph, Nolito and Kelechi Iheanacho
ON THEIR WAY IN?
Dani Alves (Juventus), Alexis Sanchez (Arsenal)
Champions League Last 16
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Zayed Sustainability Prize
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1