One Belt One Road Strategy in China and Economic Development in the Concerning Countries

Kanenga Haggai^1,

¹School of Economics and Management, Southeast University, Nanjing, China

Cite this paper:
Kanenga Haggai. One Belt One Road Strategy in China and Economic Development in the Concerning Countries. World Journal of Social Sciences and Humanities. 2016; 2(1):10-14. doi: 10.12691/wjssh-2-1-2

Abstract

This paper discusses the vision, scope and the goals of the One Belt One Road Strategy in China and the associated impacts on economic development in the concerning countries as well as the risks and challenges likely to result during the implementation of the initiative. Secondary sources of data are used relying on various government documents, papers and other articles on the internet. The paper argues that the initiative has huge potential in promoting economic development in the participating regions. The initiative is posed to promote policy coordination, facilities, connectivity, unimpeded trade, financial integration, increased economic performance and productivity and people-to-people bonds. The paper also stresses on the risks and challenges that are likely to occur during the implementation of the One Belt One Road Strategy. To ensure the success of this strategy, the paper recommends that the governance and strategic planning of the One Belt One Road strategy be strengthened to ensure that it becomes as inclusive as possible as it involves many actors with different interests. Lastly, supportive regulation, strong project management, transparent procurement procedures and careful consideration of environmental and social impacts should be taken seriously.

Keywords:
One Belt One Road Infrastructure Economic Development

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