One Belt, One Road
The coverage area of the initiative is primarily Asia and Europe, encompassing around 60 countries. Oceania and East Africa are also included. Anticipated cumulative investment over an indefinite timescale is variously put at US$4 trillion or US$8 trillion.One Belt, One Road has been contrasted with the two US-centric trading arrangements, the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership.
Silk Road Economic Belt
When Chinese leader Xi Jinping visited Central Asia and Southeast Asia in September and October 2013, he raised the initiative of jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road. Essentially, the 'belt' includes countries situated on the original Silk Roadthrough Central Asia, West Asia, the Middle East, and Europe. The initiative calls for the integration of the region into a cohesive economic area through building infrastructure, increasing cultural exchanges, and broadening trade. Apart from this zone, which is largely analogous to the historical Silk Road, another area that is said to be included in the extension of this 'belt' is South Asia and Southeast Asia. Many of the countries that are part of this belt are also members of the China-led Asian Infrastructure Investment Bank (AIIB). North, central and south belts are proposed. North belt goes through Central Asia, Russia to Europe. Central belt goes through Central Asia, West Asia to the Persian Gulf and the Mediterranean. South belt starts from China to Southeast Asia, South Asia, the Indian Ocean. Central belt is spoken down due to complex religion problems and separation movement along the belt.
Maritime Silk Road
The Maritime Silk Road, also known as the "21st Century Maritime Silk Road" (21世纪海上丝绸之路) is a complementary initiative aimed at investing and fostering collaboration in Southeast Asia, Oceania, and North Africa, through several contiguous bodies of water – the South China Sea, theSouth Pacific Ocean, and the wider Indian Ocean area.
The Maritime Silk Road initiative was first proposed by Xi Jinping during a speech to the Indonesian Parliament in October 2013. Like its sister initiative the Silk Road Economic Belt, most countries in this area have joined the China-led Asian Infrastructure Investment Bank.
This region of Africa (In particular Zanzibar) will form part of the MSR after improvement of local ports and construction of a modern standard-gauge rail link between Nairobi and Kampala.
University Alliance of the Silk Road
Main article: University Alliance of the Silk Road
A university alliance centered at Xi'an Jiaotong University aims to support the One Belt, One Road initiative with research and engineering, and to foster understanding and academic exchange. The network extends beyond the economic zone, and includes law school alliance to "serve the Belt and Road development with legal spirit and legal culture."
Closely related networks
The China Pakistan Economic Corridor (CPEC) and the Bangladesh-China-India-Myanmar (BCIM) Economic Corridor are officially classified as "closely related to the Belt and Road Initiative".In coverage by the media, this distinction is disregarded and the networks are counted as components of the initiative. The CPEC in particular is often regarded as the link between China's maritime and overland silk road, with the port of Gwadar forming the crux of the CPEC project.
The Asian Infrastructure Investment Bank, first proposed by China in October 2013, is a development bank dedicated to lending for projects regarding infrastructure. As of 2015, China announced that over one trillion yuan ($160 billion US) of infrastructure projects were in planning or construction.
On 29 June 2015, the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB), the legal framework was signed in Beijing. The proposed multilateral bank has an authorized capital of $100 billion, 75% of which will come from Asian and Oceanian countries. China will be the single largest stakeholder, holding 26% of voting rights. The bank plans to start operation by year end.
Silk Road Fund
In November 2014, Xi Jinping announced plans to create a 40 billion USD development fund, which will be distinguished from the banks created for the initiative. As a fund its role will be to invest in businesses rather than lend money for projects. The Karot Hydropower Station in Pakistan is the first investment project of the Silk Road Fund, and is not part of the much larger CPEC investment.