The Belt and Road Initiative as a New China’s Foreign Economic Policy towards the ASEAN Countries

Abstract

Purpose: The article deals with an ambitious transport and economic project "the Belt and Road Initiative" (BRI), also known as "One Belt One Road" or "New Silk Road". It entails achievement of economic prosperity by the countries along the Silk Road, their sustainable economic development and strengthening the cooperation between the regions. Design/Methodology/Approach: The subject of this research allows for using a combination of various methods and approaches, such as comparative method, statistical, systematic approach, structural and dynamic analysis, which form the methodological basis of the research. Content analysis and synthesis methods were applied to identify the ideological content and essence of the Chinese BRI towards the ASEAN countries. Findings: The authors have identified that the ASEAN countries are involved in the BRI due to development of China Indochina Peninsula Economic Corridor (CICPEC) and the 21st Century Maritime Silk Road. Strategic areas, such as sustainable infrastructure, digital innovation, seamless logistics, and people mobility have been investigated to build up a regional network of people and infrastructure. The authors have come to the conclusion, that CICPEC has a great impulse to launch a new era of China-ASEAN cooperation. Practical implications: On the basis of the analysis of the China-ASEAN cooperation, the authors have pointed out the most prospective spheres for further strengthening their links. Besides, the authors have evaluated the potential risks for both sides. Originality/Value: The analysis of evolution of the China-ASEAN relations provides the understanding of China's interests in the ASEAN partnership.