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Image: Lowy Institute. The aim of the $900 billion scheme, as China explained recently, is to kindle a “new era of globalization”, a golden age of commerce that will benefit all. Beijing says it will ultimately lend as much as $8 trillion for infrastructure in 68 countries. That adds up to as much as 65% of the global population and a third ...
Anna Bruce-Lockhart. China is reviving the historic Silk Road trade route that runs between its own borders and Europe. Announced in 2013 by President Xi Jinping, the idea is that two new trade corridors – one overland, the other by sea – will connect the country with its neighbours in the west: Central Asia, the Middle East and Europe.
The initiative is rooted in China’s long history of facilitating trade and commerce across the ancient Silk Road routes that connected Asia, the Middle East and Europe. The BRI was established with two primary components: the Silk Road Economic Belt and the 21st Century Maritime Silk Road. The Economic Belt part of the strategy aims to build ...
Simply put, the story of the silk road, ancient or modern, is as much the story of the sea as the dunes. Trade in ideas. The overland routes carried spices and gems and other non-bulky items as well as bolts of silk and packages of unwoven silk thread. They also helped to bring the ideas and art of both Islam and Buddhism to East Asia.
As part of the Digital Silk Road, China aims to extend coverage of its home-grown satellite-navigation system to the 60-plus countries along the belt and road. By 2020, China hopes to achieve global coverage with a constellation of 35 satellites – allowing China to end its reliance on US GPS; increase its diplomatic clout in regional and ...
With such systems in place, a few key areas of opportunity will emerge along the New Silk Road. First, a digital revolution will level the playing field for SMEs. For example, they’ll be able to adapt production plans to product supply and demand dynamics or identify new markets. The sharing economy will also blossom.
But global trade links were established, and for those involved, it was a goldmine. From purchase price to final sales price, the multiple went in the dozens.The Silk Road could prosper in part because two great empires dominated much of the route. If trade was interrupted, it was most often because of blockades by local enemies of Rome or China.
The new Silk Road is sure to expand it further, and in the long term, all parties stand to gain, as postulated by basic economic theory. In the short term, however, some industries will be affected more than others, and it would be safe to assume that the long-term gains as well as short-term pains will be uneven among the EU’s 28 countries.
The Belt and Road is like holy writ—never revealed completely and all at once, but only bit by bit and over many decades. Rapid change, old-fashioned morality, and secret communication. This will be a world of soothsayers, saints, and spooks. The Belt and Road may well never realize its goals.
The original Silk Road, established more than 2,000 years ago, was a critical network of trade routes that promoted economic, political, and cultural exchange among Asia, Africa, and Europe. China’s new “Silk Road Economic Belt” and “Twenty-First Century Maritime Silk Road” will do the same, with newly built or upgraded infrastructure ...