The One Belt One Road explained

▷ONE BELT ONE ROAD, WHAT'S THE DEAL?

* Chinese President Xi Jinping in 2013 unveiled an ambitious economic and foreign policy - the "Silk Road Economic Belt" and "21st Century Maritime Silk Road".

* China wants to revive an ancient network of silk land and ocean trade routes of centuries past. It's instigating[1] an infrastructure building boom across Central Asia up to Europe to help boost trade and improve transport logistics. The land-based projects are the belt. Various economic corridors are on the cards too, including with Pakistan, Mongolia and Bangladesh.

[1]instigate ['ɪnstɪɡeɪt]

to cause an event or situation to happen by making a set of actions or a formal process begin 促使发生；发起

The government will instigate new measures to combat terrorism.

政府将采取新措施打击恐怖主义。

* The maritime road which will connect up China's southern provinces to south-east Asia and the east coast of Africa with ports and railways.

▷WHY?

* Beijing is seeking to exercise some regional leadership.

* China wants to make the Renminbi the main trade and investment currency in countries involved.

* It needs to channel "excess capacity" somewhere.

* It's about standard setting. China wants to shift from lower level manufacturing to higher end industrial goods. It believes emerging markets in its neighbourhood will be more willing to accept Chinese-made high speed rail, energy generators and telecommunications equipment compared to more developed countries.

* China is also trying to close the inequality gap between inland western provinces and its wealthy eastern seaboard.

* As the US seeks an "American First" agenda, many countries are rushing to be part of China's big plans.

▷IN NUMBERS...

* One Belt One Road has $US1.3 trillion worth of projects already initiated under the banner.

* It's more than seven times larger than America's Marshall Plan[马歇尔计划] to rebuild Europe after the Second World War.

* Countries involved: 65

* Total population reach 4.4 billion and share of global economy 30 per cent.

* China has earmarked[2] $US40 billion ($A54 billion) for a special fund, this is on top of the $US100 billion capitalisation of the Asia Infrastructure Investment Bank, which will have projects involved.

[2]earmark：to keep or intend something for a particular purpose 划拨（款项）；指定…作特定用途

Five billion dollars of this year's budget is already earmarked for hospital improvements.

已从今年的预算中划拨出50亿美元专门用于改善医院设施。

▷BENEFITS...

* It will fill gaps in infrastructure projects for developing countries ie. Afghanistan and Pakistan see it as a "path out of poverty".

* Economic growth.

* Increased trade and faster transit of goods.

* International cooperation.

▷CHALLENGES...

* Lack of trust between China and some countries involved.

* Two out of three countries involved have a sovereign credit rating[3] below investment grade.

[3]sovereign credit rating：主权信用评级是信用评级机构进行的对一国政府作为债务人履行偿债责任的信用意愿与信用能力的评判。

* Some countries are unstable, which poses security risks to Chinese companies and workers.

* Some Chinese bankers are worried about the risks of investing, such as feasibility of some projects and political instability.

* Critics fear China is seeking economic and strategic domination, and human rights and environmental standards could be undermined[4].

[4]undermine:to make someone less confident, less powerful, or less likely to succeed, or to make something weaker, often gradually （常指逐渐地）削弱信心、权威等，损害

The president has accused two cabinet members of working secretly to undermine his position/him.

总统指责有两位内阁部长在暗中算计他。

* There's concerns poor countries could be left laden[5] with massive debts.

[5]laden:carrying or holding a lot of something 负重的；装满的，载满的

He always comes back from France laden with presents for everyone.

他从法国回来总是给大家带很多礼物。

* It's unclear who is in charge of One Belt One Road.

* In Sri Lanka there have been protests against some of the projects.

* India is upset the $US57 billion China-Pakistan economic corridor runs through disputed Kashmir, saying it violates its sovereignty.

(Sources: Chinese government, Lowy Institute Peter Cai report, BHP briefing, PwC, APH Library, The Economist and Reuters )

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