Belt And Road-China's Grand Idea For The 21st Century

Belt and Road-China's Grand Idea For The 21st Century Dec 17, 2021

(To Build a Rapid Transport Road between Asia – Africa – Europe)

The New Silk Road: Its very name harkens the distant past, conjuring whatever the imagination might bequeath, of empires and riches of a mythic past. China’s grand idea for the 21st century would connect Africa, Asia, and Europe through cyberspace and physical space, promising prosperity and innovation. One Belt, One Road, or Belt and Road, pledges a massive $1 trillion infrastructure investment in roads, ports, energy, and telecommunications, a bold vision for economic development. Will the benefits of One Belt, One Road be widely shared or flow mostly to China? Will this unprecedented influx of development financing improve health for all who travel along the New Silk Road?

European Commission President Ursula von der Leyen said the plan offered a "'true alternative" to China's global infrastructure program, which has been accused of saddling some countries with huge debts since its inception in 2013.
Von der Leyen said that countries "need better and different offers" of finance and that the EU plan — which will make investments over the next six years — will not build up "unsustainable debt levels" in partner countries.
"They know we are transparent, they know it is accompanied by good governance," von der Leyen said.

Over the past few years, China has poured billions into building roads, railways and ports worldwide to forge new trade links and diplomatic ties. As of March 2021, 139 countries had signed up to Beijing's initiative, accounting for 40% of global GDP, according to the Council on Foreign Relations, a US think tank.
The European alternative to China's Belt and Road will be financed by a mix of €18 billion ($20 billion) in grants and €280 billion ($317 billion) in investments from member states, their development banks, the private sector and EU financing bodies, including the European Investment Bank, the European Commission said in a statement.
The Commission also said that it was considering the creation of a new credit facility for European companies selling into markets outside the EU, which would help them compete with businesses receiving hefty government subsidies.

Here's how the plan breaks down.

Digitalization

The European Union will invest in fiber optic cables between countries, satellite communications and cloud infrastructure to better facilitate global cooperation, data sharing and AI development. It will provide an additional €15 million ($17 million) to a program that aims to extend work on a 35,000 km (22,000 mile) high-speed fiber optic network to the rest of Latin America.

Clean energy

The bloc plans to integrate its energy systems, transition to renewables and partner with other countries to boost renewable hydrogen production. It will also work to eliminate barriers to the international trade of hydrogen. It has committed €2.4 billion ($2.7 billion) in grants to Sub-Saharan Africa and €1 billion ($1.2 billion) to North Africa to boost renewable energy production and energy efficiency.

Transport

In perhaps the most direct challenge to China's initiative, the European Union will also invest in transport infrastructure — railways, roads, ports, airports and border crossings — to help develop countries and diversify their supply chains. It said it would provide an additional €4.6 billion ($5.2 billion) toward sustainable transport links, including establishing a trans-Mediterranean network connecting North African countries to the bloc.

Health

In response to the pandemic, the new EU plan aims to help countries develop local vaccine manufacturing capacity and diversify their pharmaceutical supply chains. It did not offer specific funding targets, but earmarked Africa as a priority, and said it would collaborate with the Africa Centres for Disease Control and Prevention.

Education and research
The European Union wants to further invest in education globally, including the expansion of online learning. Through talent partnerships, it will offer a pathway for young professionals to move to Europe for work or training, and inject an additional €400 million ($453 million) into its signature Erasmus+ study exchange program.

This project aims to make one world one family. To be a professional apparel manufacturer, Fast transportation, healthy market, high-reputation companies, all of those will be helpful to make us doing best service for all clothing brands from Africa and Europe.

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