What is 'One Belt, One Road' or 'Belt and Road Initiative'?

Question

I have heard a lot about this ambitious scheme from the Chinese government. However, I don't think I can find too much information about this online.

Can anyone provide some brief information about this scheme?

Answer 1

It's a global trade project.

It is basically a collection of trade deals and various infrastructure projects throughout Eurasia and the Pacific, involving 68 countries. According to Chinese state media, some $1 trillion has "already committed and work to link China's coast all the way to Western Europe and Africa".

It also allows China to forge closer partnerships with involved nations and underlines China's push to take a larger role in global affairs.

The initiative is still a idea at the moment and even some diplomats are confused.

‘Belt and Road’ (or ‘B&R’) as communicated by the Chinese government is a concept which aims to increase connectivity between the Asian, European and African continents. The intention is for this increased connectivity to enhance trade flows and spur long-term regional economic growth and development, benefiting all those involved.

(emphasis mine)

^{Source: https://www.pwc.com/gx/en/growth-markets-center/assets/pdf/china-new-silk-route.pdf}

As with the name, Quartz explains it:

It’s a mouthful. The “One Belt” part of it refers to the Silk Road Economic Belt while the “One Road” refers to the 21st-century Maritime Silk Road. Jointly, they’re meant to be a revival of the ancient Silk Road trading routes.

(emphasis mine)

As CNN explains:

Launched nearly four years ago, the plan aims to pump hundreds of billions of dollars into railways, roads, ports and other projects across Asia, Africa and Europe. However, some critics say it's a murky program that could end up being a massive waste of resources.

The exact details are quite fuzzy at the moment as mentioned in another article from CNN.

No one is totally sure. At the most basic level, One Belt, One Road (OBOR) is a collection of interlinking trade deals and infrastructure projects throughout Eurasia and the Pacific, but the definition of what exactly qualifies as an OBOR project or which countries are even involved in the initiative is incredibly fuzzy.

As BBC explains:

Part of the massive funding boost, which is aimed at strengthening China's links with its trading partners, includes 60bn yuan ($9bn; £7bn) in aid to developing countries and international institutions that form part of the Belt and Road project.

Here's a video by BBC that explains it.