The Sunday Mail
China’s vision of the future was presented in a new policy framework announced by President Xi Jinping in March 2015, titled “Visions and Actions on Jointly Building Silk Road Economic Belt and 21st Century Maritime Silk Road”.
Collectively known as “Belt and Road”, this is a development policy with a holistic vision of economic, political and security development to reach out and initiate action to jointly build a new world order that is development-oriented, with mutual prosperity as its goal, and human security at its heart.
The initiative will establish new routes linking Asia, Africa and Europe.
It has two parts – a new “Silk Road Economic Belt” linking China to Europe through Central Asia; and the “maritime Silk Road” that links China’s ports with the African coast and through Suez to Europe.
China’s vision for the overland Silk Road Economic Belt, and the Maritime Silk Road by sea is expected to change the world political and economic landscape through rapid development of infrastructure and transport corridors of countries along the routes, and the emphasis is on “joint”.
African aspirations for the future are expressed in Agenda 2063: The Africa We Want, a development agenda approved by African leaders in 2013, with a 50-year horizon, founded on the African Union vision of “an integrated, prosperous and peaceful Africa, driven by its own citizens and representing a dynamic force in the international arena”.
Agenda 2063 also reaches out to meet the Maritime Silk Road, saying that, “Africa’s Blue/Ocean Economy, which is three times the size of its landmass, shall be a major contributor to continental transformation and growth, through knowledge on marine and aquatic biotechnology, the growth of an Africa-wide shipping industry, the development of sea, river and lake transport and fishing; and exploitation and beneficiation of deep sea mineral and other resources.”
While China is establishing global mechanisms for financing such as the Asian Infrastructure Development Bank, which attracted large-scale investments from Europe, the Silk Road Infrastructure Fund, and the New Development Bank propelled by Brazil, Russia, India, China and South Africa, recipient countries are expected to grasp the vision and contribute to development in their own country and region.
Together, these financial institutions are expected to amass US$240 billion in capital, offering substantial international financing that provides alternatives to the Washington-based World Bank and IMF.
