15/08/2023 (Seri Kembangan, Malaysia) - Prominent international financial expert and renowned Chinese lawyer, Wang Xiangbing, provided an insightful understanding into the ambitions, challenges, and implications of the "One Belt One Road" (OBOR) initiative in a recent interview. Wang, the Chairman of the Board for the Belt and Road International Joint Group, has been pivotal in advocating and explaining the nuances of the OBOR initiative. His extensive roles in global organizations have equipped him with firsthand experiences, thereby offering a profound perspective on China's international economic vision.
Wang began by simplifying the essence of the OBOR initiative: "The simple concept of 'One Belt, One Road' is summarized in three words: joint consultation, shared prosperity, and mutual construction."
When queried about how OBOR could catalyze China's own economic growth, Wang illustrated, "The 'One Belt, One Road' initiative is essentially part of China's external economic circulation. It aims at crafting a larger market outside of China for its private enterprises, facilitating a better upgrading, transformation, and rejuvenation of these enterprises."
One of the poignant aspects discussed was the economic risks and challenges. Wang opined, "The primary economic risk emerges from the magnitude of the investment in OBOR, largely shouldered by China. Additionally, the varied political and economic structures across participating nations could pose challenges in seamless plan execution."
He also acknowledged the role of technological advancements in the projects, primarily the internet sector. On the economic side, newer paradigms like modernized agriculture, smart cities, and the new rural economy are being integrated and practiced worldwide.
Addressing the economic, political, and environmental risks, Wang's standpoint rested on four pillars: "peaceful cooperation; openness and inclusivity; mutual learning and exchange; and mutual benefit and shared prosperity."
Navigating through the maze of legal and regulatory diversities in transnational projects, Wang emphasized, "Understanding the legal requirements of different countries, establishing unified business contracts, choosing appropriate third-party intermediaries, and ensuring lawful operations are paramount."
Highlighting the economic benefits of OBOR, Wang shared a World Bank statistic, "Since its inception, the initiative has cut global trade costs by 1% to 2.2%. 2019 data indicates a minimum 0.1 percentage point surge in economic growth due to OBOR."
Lastly, on the long-term global impact of OBOR, Wang envisaged, "The initiative will promote trade and investment, bolster economic integration, and spur the development of foundational economic infrastructure."
With such profound insights from a figure like Wang Xiangbing, it becomes clear that the "One Belt One Road" initiative isn't merely a trade and infrastructure project; it's a strategic tool that aims to reposition China and other involved countries in the global economic matrix.