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The New Silk Road, part I: a stocktaking and economic assessment

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Abstract

China’s New Silk Road (NSR) initiative was officially launched in 2013. It aims at enhancing overall connectivity between China and Europe by both building new and modernizing existing – overland as well as maritime – infrastructures. The NSR runs through a number of Eurasian emerging markets with important growth potential. The Chinese authorities have entrusted the Silk Road Fund, the Asian Infrastructure Investment Bank and other institutions with financially supporting NSR activities. Most drivers of the initiative are of an economic or a geopolitical nature. Given the generous financial means at Beijing’s disposal and Chinese firms’ accumulated expertise in infrastructure projects, many undertakings are currently well under way and promise to (eventually) bring about considerable changes in connectivity, commerce and economic dynamism. While most Chinese NSR investments go to large countries (e.g. Pakistan, Malaysia, Indonesia, Russia, Kazakhstan and Kenya), the strategically situated smaller countries (e.g. Djibouti, Sri Lanka, Kyrgyzstan, Laos, Serbia and Montenegro) typically benefit the most (in relation to the size of their economies). Progress has been made in strengthening the maritime infrastructural trade links with the EU (e.g. through the modernization of deep-water ports) while the upgrading of the currently rather weak trans-Eurasian railroad and highway links (e.g. via Kazakhstan and Russia) is clearly improving overland transportation’s yet modest competitive position.

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  • Stephan Barisitz & Alice Radzyner, 2017. "The New Silk Road, part I: a stocktaking and economic assessment," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/17, pages 8-30.
    • Handle: RePEc:onb:oenbfi:y:2017:i:q3/17:b:1
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    1. Egorova, Yana, 2017. "Инвестирование Денежных Средств В Условиях Экономического Кризиса В 2017 Году," MPRA Paper 77648, University Library of Munich, Germany.
    2. Stephan Barisitz, 2017. "Central Asia and the Silk Road," Studies in Economic History, Springer, number 978-3-319-51213-6, June.
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    Cited by:

    1. Julia Gruebler, 2021. "China connecting Europe?," Asia Europe Journal, Springer, vol. 19(1), pages 77-101, December.
    2. Alexandra Bykova & Mahdi Ghodsi & Julia Grübler & Doris Hanzl-Weiss & Mario Holzner & Gabor Hunya & Robert Stehrer, 2018. "Economic Policy Implications of the Belt and Road Initiative for CESEE and Austria," wiiw Policy Notes 23, The Vienna Institute for International Economic Studies, wiiw.
    3. Richard Grieveson & Julia Grübler & Mario Holzner, 2018. "Western Balkans EU Accession: Is the 2025 Target Date Realistic?," wiiw Policy Notes 22, The Vienna Institute for International Economic Studies, wiiw.
    4. Mario Holzner & Monika Schwarzhappel, 2018. "Infrastructure Investment in the Western Balkans: A First Analysis," wiiw Research Reports 432, The Vienna Institute for International Economic Studies, wiiw.
    5. Sadam Hussain & Muhammad Shahid Akram & Abdul Ghaffar & Yasmeen Qamar & Waqar Ahmad, 2019. "Impact of Foreign Investment, Labor Force and Interest Rate on Economic Growth: A Case of Pakistan (Under CPEC Project Contribution Countries)," Asian Development Policy Review, Asian Economic and Social Society, vol. 7(4), pages 369-377, December.
    6. Damoah, Kaku Attah & Giovannetti, Giorgia & Marvasi, Enrico, 2022. "Do country centrality and similarity to China matter in the allocation of belt and road projects?," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 660-674.

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    More about this item

    Keywords

    New Silk Road; One Belt; One Road; connectivity; trade infrastructure; economic corridors; regional policy; China; Eurasia;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • N75 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Asia including Middle East
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning

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