Wednesday, May 24, 2017

What the Gulf States Think of 'One Belt, One Road'

Saudi Arabia, UAE, Qatar, and Oman have mixed feelings about China’s ambitious project.

By Giorgio Cafiero and Daniel Wagner

THE DIPLOMAT - May 24, 2017

The “One Belt, One Road” (OBOR) initiative is China’s ambitious vision for restructuring the global economy on Beijing’s terms. As the world’s largest planned economic corridor, OBOR encompasses 60 countries and links China to Europe through ports, highways, bridges, tunnels, communications grids, and rail links along two pathways that traverse several regions. The “Belt” (the “Silk Road Economic Belt”) stretches from Western China to Europe via Central Asia. The “Road” (the “21st century Maritime Silk Road”) links China to Europe via the South China Sea, Indian Ocean, and Red Sea.
Earlier this month, President Xi Jinping addressed the Silk Road Summit for International Cooperation in Beijing in pursuit of more international support for OBOR. Xi pledged an additional $124 billion in funding for OBOR, which will include assistance, grants, and loans to countries within the initiative. According to Chinese state media, OBOR has already received $1 trillion in investment and several more trillion will follow in the coming decade.