One belt, one road : China's strategy for a new global financial order

Tsui SIT, Erebus WONG, Kin Chi LAU, Tiejun WEN

Research output: Journal PublicationsJournal Article (refereed)

14 Citations (Scopus)

Abstract

In late 2013, Chinese premier Xi Jinping announced a pair of new development and trade initiatives for China and the surrounding region: the "Silk Road Economic Belt" and the "Twenty-First-Century Maritime Silk Road," together known as One Belt, One Road (OBOR). Along with the Asian Infrastructure Investment Bank (AIIB), the OBOR policies represent an ambitious spatial expansion of Chinese state capitalism, driven by an excess of industrial production capacity, as well as by emerging financial capital interests. The Chinese government has publicly stressed the lessons of the 1930s overcapacity crisis in the West that precipitated the Second World War, and promoted these new initiatives in the name of "peaceful development." Nevertheless, the turn to OBOR suggests a regional scenario broadly similar to that in Europe between the end of the nineteenth century and the years before the First World War, when strong nations jostled one another for industrial and military dominance.
Original languageEnglish
Pages (from-to)36-45
Number of pages10
JournalMonthly Review
Volume68
Issue number8
Early online date1 Jan 2017
DOIs
Publication statusPublished - 4 Jan 2017

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Keywords

  • Economic Theory
  • Imperialism
  • Political Economy

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