Belt and Road Initiative (BRI)

The One Belt, One Road (OBOR) project, officially known as the Belt and Road Initiative (BRI), is an ambitious global development strategy launched by the People’s Republic of China in 2013 under President Xi Jinping. The initiative aims to enhance regional connectivity and economic cooperation across Asia, Europe, and Africa by developing a vast network of trade routes, infrastructure, and investment partnerships. It seeks to revive the spirit of the ancient Silk Road, linking China to the rest of the world through land and maritime corridors.
OBOR represents the cornerstone of China’s foreign economic policy in the twenty-first century and is widely regarded as the largest international development initiative ever undertaken, encompassing over 150 countries and international organisations.

Historical Background and Concept

The concept of OBOR draws inspiration from the Silk Road trade routes that historically connected China with Central Asia, the Middle East, and Europe during the Han Dynasty (206 BCE–220 CE). These routes facilitated cultural exchange and the trade of silk, spices, and other commodities.
In September 2013, President Xi Jinping announced the creation of the Silk Road Economic Belt during a visit to Kazakhstan. A month later, in Indonesia, he proposed the 21st-Century Maritime Silk Road. Together, these two components formed the comprehensive OBOR framework. The initiative reflects China’s ambition to strengthen international trade, secure energy supplies, and project economic influence through infrastructure-led development.

Components of OBOR

The OBOR initiative consists of two principal segments:

• Silk Road Economic Belt (SREB):This land-based corridor seeks to connect China to Europe through Central Asia, Russia, and the Middle East. It emphasises the development of railways, highways, pipelines, and industrial corridors. The overland routes pass through key economic corridors such as the China–Pakistan Economic Corridor (CPEC), the China–Central Asia–West Asia Corridor, and the New Eurasian Land Bridge.
• 21st-Century Maritime Silk Road (MSR):This sea-based network aims to link Chinese coastal ports with Southeast Asia, South Asia, Africa, and Europe via the South China Sea, the Indian Ocean, and the Mediterranean Sea. The maritime route focuses on the development of port infrastructure, logistics hubs, and shipping lanes.

Together, these corridors form a comprehensive framework to promote trade connectivity and regional integration across multiple continents.

Objectives and Strategic Goals

The OBOR project pursues multiple economic, political, and strategic objectives, often summarised as the “five pillars” of cooperation:

1. Policy Coordination: Promoting diplomatic dialogue and intergovernmental cooperation on trade and development policies.
2. Infrastructure Connectivity: Building transport, energy, and communication networks to link participating regions.
3. Unimpeded Trade: Reducing barriers to cross-border commerce and encouraging free flow of goods and services.
4. Financial Integration: Strengthening cooperation between financial institutions, promoting currency exchange mechanisms, and establishing funding platforms such as the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund.
5. People-to-People Bonds: Enhancing cultural exchange, educational collaboration, and tourism to foster mutual understanding.

Underlying these aims is China’s broader ambition to reshape global trade patterns and establish itself as a central hub of international commerce and governance.

Economic and Developmental Significance

OBOR provides a framework for large-scale investment in infrastructure such as roads, railways, pipelines, ports, power plants, and fibre optic cables. By improving connectivity, the project seeks to promote industrialisation and economic growth in partner countries, especially in Asia, Africa, and Eastern Europe.
For developing nations, OBOR offers opportunities to access Chinese capital and technology for projects that otherwise might be financially unviable. For China, it serves multiple domestic purposes: it provides an outlet for excess industrial capacity, creates markets for Chinese products, and stimulates economic activity in inland provinces such as Xinjiang and Yunnan.
It also helps internationalise the Chinese yuan (RMB) and expand China’s role in global trade governance. By promoting outward investment and trade, the initiative seeks to balance China’s economic transition from manufacturing-led growth to high-value global engagement.

Major Corridors and Projects

OBOR encompasses six primary economic corridors, each connecting China to different regions:

1. China Pakistan Economic Corridor (CPEC) – linking Xinjiang to Gwadar Port on the Arabian Sea.
2. China–Indochina Peninsula Corridor – connecting southern China to Southeast Asia.
3. Bangladesh–China–India–Myanmar Corridor (BCIM) – linking South and Southeast Asia.
4. China–Central Asia–West Asia Corridor – reaching the Middle East and Europe via Central Asia.
5. China–Mongolia–Russia Corridor – connecting northern China with the Trans-Siberian Railway.
6. New Eurasian Land Bridge – linking eastern China to Europe through rail connections across Kazakhstan and Russia.

Prominent projects under the OBOR umbrella include Gwadar Port (Pakistan), Kyaukpyu Port (Myanmar), Hambantota Port (Sri Lanka), Piraeus Port (Greece), and high-speed rail projects in Indonesia and East Africa.

Financing Mechanisms

Funding for OBOR projects comes from a combination of Chinese state institutions and international financial partnerships. Key contributors include:

• Asian Infrastructure Investment Bank (AIIB)
• Silk Road Fund
• China Development Bank
• Export–Import Bank of China
• State-owned enterprises and private investors

The financial model often involves concessional loans and public–private partnerships, with Chinese contractors leading construction activities.

Geopolitical Implications and Criticisms

While OBOR has been welcomed for its potential to promote connectivity and growth, it has also generated significant geopolitical debate.
Critics argue that the initiative represents a form of “debt-trap diplomacy”, in which developing countries incur heavy debts to Chinese lenders, compromising their financial sovereignty. The example of Sri Lanka’s Hambantota Port, leased to China for 99 years after debt repayment difficulties, is frequently cited in this context.
There are also concerns about strategic militarisation, as several OBOR ports and facilities could potentially support China’s naval operations, leading to fears of expanding military influence under the guise of commercial cooperation. This has prompted rival responses, including the U.S.-backed Indo-Pacific Economic Framework (IPEF) and India’s Spice Route and Project Mausam initiatives.
Environmental and social criticisms have also been raised regarding unsustainable construction practices, inadequate local consultation, and ecological damage in several regions.

Global Participation and Current Status

As of 2025, more than 150 countries and 30 international organisations have signed agreements related to the OBOR initiative. The project now spans multiple continents, covering around 65 % of the global population and accounting for nearly 40 % of world GDP.
While implementation has faced delays due to financial, political, and pandemic-related challenges, China continues to prioritise BRI as a central instrument of its foreign policy. The focus in recent years has shifted toward “high-quality development”, emphasising sustainability, digital infrastructure, and green energy projects.

Strategic and Long-Term Outlook

The OBOR project symbolises China’s emergence as a global economic and strategic power. By reshaping international trade networks and promoting connectivity across Eurasia and beyond, the initiative strengthens China’s role in setting global norms and standards for development.