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'One Belt,One Road' China's plan to reposition global economy

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By Christopher Cummins  with Agencies
'One Belt,One Road' China's plan to reposition global economy

China is hosting a major international conference the “One Belt, One Road” initiative.

The move announced by President Xi Jinping in 2013 mimics the historic Silk Road Trade route that will link China with Central Asia, the Middle East and Europe.

There are two planned routes by seas and overland.

Beijing intends to raise cross-border trade to $2.5 trillion over the next decade.

Jinping has already pumped $1 trillion
of government money into the project.

“This is a time of interdependence where global threats are breaking out all the time, no country has the ability to remain unaffected nor can they solve problems alone,’‘ said president Xi.

The geo-political project is seen by some as a repositioning of the global economy with China as the dominant player in world affairs.

For the EU a beneficial trade deal at both ends of the new Silk Road is a key consideration.

Jyrki Katainen is the EU Commission vice-president:
“So in order to materialize what President Xi (Jinping) has said, let’s speed up investment negotiations and let’s have a good result as soon as possible.”

The Asian Infrastructure Investment Bank says it will support the plan if it promotes growth, is socially acceptable and environmentally friendly.