One belt, one road: China’s grand enterprise
Dubbed by some as a modern-day Marshall Plan, China’s One Belt, One Road (OBOR) initiative will build roads, ports and railway tracks along ancient trading routes to Asia, Europe, the Middle East and Africa. Launched in 2013 by President Xi Jinping, OBOR is a China-backed global connectivity initiative, aimed at creating a better infrastructure network across 65 countries that cover 60 percent of the global population and about one-third of global GDP. While the OBOR will boost China’s global influence and benefit Chinese construction firms, we do not expect the initiative to have a major impact on mopping up excess capacity in China’s heavy industry.
