Members Chinas project is open to everyone but it has also identified 65

Members chinas project is open to everyone but it has

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Members China’s project is open to everyone, but it has also identified 65 countries along the Belt and Road that, since the early stages of the proposal, it has insisted will participate in the initiative whether they’ve c onfirmed it themselves or not. Together, the 64 nations plus China account for 62% of the world’s population and 30% of its economic output. Nevertheless, only 20 of those nations sent their heads of state to the OBOR summit, and most of them are smaller Asian countries that are economically dependent on Beijing. A total of 52 nations are confirmed to have had some level of participation in the forum. Those included the United States and North Korea. Matthew Pottinger, senior director for Asia at the National Security Council was the US representative at the forum, despite a previous plan to send a low-level Commerce Department official. Pottinger showed up in Beijing soon after the Trump administration announced a major agreement with China on trade, which entails an endorsement of the Belt and Road Initiative. The North Korean delegation at the forum, led by minister of external economic relations Kim Yong Jae, was overshadowed by his nation
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6 lobbing yet another ballistic missile May 14, in reaction to calls to rein in its weapons program. China had reportedly hoped for at least some top Western leaders to attend the OBOR forum, including British prime minister Theresa May, in order to burnish the plan’s credentials. Instead, the UK, Germany and France sent their lower-ranking officials to Beijing. India was absent. The country has boycotted the Belt and Road Initiative, mainly due to concerns over the China-Pakistan Economic Corridor, a key part of the initiative that runs through disputed Kashmir. Funding The $113 billion in extra funding will be disbursed through three different sources. These include the state-owned Silk Road Fund, which was officially launched in 2015 with $40 billion of initial capital, and two Chinese policy banks, the China Development Bank and the Export and Import Bank of China. Some analysts have warned (paywall) that some OBOR projects financed by these banks may lose money maybe a lot of it. Two multilateral institutions led by China, the Beijing-based Asian Infrastructure Investment Bank (AIIB) with its registered capital of $100 billion and the Shanghai-based New Development Bank with $50 billion starting capital are also major financiers of the initiative. In 2016, for example, the AIIB approved $1.7 billion in loans to nine development projects along the Belt and Road. Chinese lenders are also powering the new Silk Road plan. Louis Kuijs, head of Asia research at Oxford Economics, estimates that the annual Chinese lending to other OBOR countries stands at around $130 billion (paywall) in recent years and the bulk of that is from commercial banks.
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  • Fall '19
  • jane smith
  • People's Republic of China, OBOR

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