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The One Belt One Road (OBOR) initiative: A global "great leap forward" or a "great leap outward"?

In: Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific

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Abstract

This chapter contains four parts. First, it examines the origin, implications, and evolution of the OBOR program. Next, “OBOR’s Opportunities,†discusses the spillover effects as a regional public good, the correlation between infrastructure, trade, and economic growth, as well as regional connectivity. Then, “OBOR’s Risks,†analyzes the major risks to investment, including (a) sovereign and credit risks, (b) political and corruption risks, (c) foreign exchange risks, (d) limited product offerings and liquidity constraints, and (e) deal implementation risks. Recent cases show that developing countries may suffer from financial risks and a heavy debt burden. Moreover, geopolitical factors matter, too. Finally, “OBOR’s Financial Risks and Case Study,†examine OBOR countries’ financial risks, Pakistan’s rising debt distress in the case of the China-Pakistan Economic Corridor (CPEC), and China’s financial risks as a BRI lender. In conclusion, developing quality, sustainable, and inclusive infrastructure is imperative for developing countries and emerging economies in Asia.

Suggested Citation

  • ., 2021. "The One Belt One Road (OBOR) initiative: A global "great leap forward" or a "great leap outward"?," Chapters, in: Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific, chapter 3, pages 47-82, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20550_3
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