Concept: New Silk Road
Topic: International Relations
Category: Effect of policies
Related News:Hindu Apr 5
CNA mentions: 2 (Apr 5)
New Silk Road
The New Silk Road is a development strategy and framework, proposed by Chinese paramount leader Xi Jinping that focuses on connectivity and cooperation among countries primarily between the People’s Republic of China and the rest of Eurasia, which consists of two main components, the land-based “Silk Road Economic Belt” (SREB) and oceangoing “Maritime Silk Road” (MSR). The strategy underlines China’s push to take a bigger role in global affairs, and its need to export China’s production capacity in areas of overproduction such as steel manufacturing.
The coverage area of the initiative is primarily Asia and Europe. However, Oceania is also included as well as East Africa. According to the financial experts at theState Council, the entire scheme would cost around US$8 trillion if it was implemented entirely as Xi promoted.
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