It has been ten years since the ‘One Belt – One Belt’ (New Silk Road) initiative launched by China. This is the largest infrastructure and other socio-economic development project undertaken by a single country covering the entire world in the history. So far, 155 countries have joined the project, representing all the continents of the world. There is an opportunity for nearly five billion people in those countries to benefit from this project.
Since the establishment of the People’s Republic in 1949, China became a strong and stable state and has adopted a policy of friendship with all states around the world. In the background of strengthening the market system in the world economy, China also started economic reforms. Accordingly, China was able to increase production by attracting foreign direct investment, adapt and strengthen all state-owned enterprises to the market system, and eliminate poverty by increasing rural production. It took only a very short time for China to become the ‘factory of the world’. China became the country with the largest foreign exchange reserves in the world.
The ‘One Belt One Road (New Silk Road) Initiative’ was launched with the aim of sharing the benefits of the economic gains with the world. Through that, a win-win approach has been presented to the world. China’s foreign exchange reserves through economic achievements belong to the people of that country. Therefore, the benefits of those resources should belong to the people of that country. Those resources are invested in countries like Sri Lanka that lack the financial resources required for socio-economic development. That way, the people of countries like Sri Lanka have been benefitted.
‘One Belt One Road (New Silk Road) Initiative’ can be identified as a programme that has mainly helped our country to achieve development goals at a significant level during the last ten years. Though we cannot distinguish the timing of initiation of certain projects, we have knowledge of them. Port City (Colombo International Financial City), Colombo International Container Terminal, Hambantota International Port, Mattala Rajapaksa International Airport, Matara – Beliaatta New Railway Line, Expressways (68 percent of total), Polonnaruwa National Nephrology Hospital, big projects like Moragaha – Kalugangamulti-purpose scheme and regional projects like the Katana water supply scheme are some of them.
However, compared to some countries, we in Sri Lanka have received less benefits from the ‘One Belt one Road (New Silk Road) Initiative’. That is about 14 percent of the gross domestic product. Investments made in Laos and Cambodia under this initiative are 140 percent and 60 percent of the gross domestic product of those countries respectively. Thus, it is clear that the amount of benefits received by our country, which has historically maintained relations with China for more than two thousand years, is low. Besides, what we have got is being carried forward very slowly and subject to change. The activities of Colombo Port City can be cited as an example for this.
As mentioned, Sri Lanka has received less investment due to the country’s policy instability and the anti-Chinese public opinion created in the country based on the interests of the West. False fictions like ‘Chinese Colony’ and ‘Chinese Debt Trap’ are highly promoted in our country. A myth has also been spread in our country that dictatorial states are strengthened through the ‘One Belt One Road (New Silk Road) Initiative’. What is the dictatorial situation that has been created in our country through this initiative? Aren’t the Western countries led by the United States of America still interfering in the politics of this country? Chinese debt is about 10 percent of Sri Lanka’s foreign debt. But the amount of ‘international sovereign bond’ loans obtained from Western countries, led by the United States, has exceeded 42 percent. The amount of loans obtained from multilateral institutions including the Western-based World Bank is about 16 percent. Accordingly, the amount of credit obtained from Western sources is about 58 percent. With the loan taken from the Paris Club, this figure exceeds 70 percent. This does not include loans from India. However, a myth of a ‘China debt trap’ has spread the country.
The benefits we can get from the ‘One Belt One Road (New Silk Road) Initiative’ are immense if not for the misinformation, the misconceptions and policy instability. The Chinese President, Xi Jinping, has given the eight ways in which this initiative will be implemented. Through that, we can have an idea of the benefits that Sri Lanka can receive. In future, this initiative will be multi-dimensional linking land, ocean and sky. China will support the openness of the world economy through trade with a contribution of US$ 37 trillion over the next five years. As well as the large-scale projects implemented so far, ‘small but sweet’ livelihood programmes will also be promoted. Through this initiative, green development and scientific and technological innovation will be further advanced. China will also support the development of people-to-people relations and the dialogue between civilizations in a more active manner. China will carry out comprehensive new Silk Road cooperation and the construction of necessary institutions for international cooperation.
We need to attempt to gain the benefits that Sri Lanka can derive from the ‘One Belt One Road (New Silk Road) Initiative’ based on the above policy framework. Establishment of ocean university, establishment of vocational and technical educational institutes, rural development, access to Chinese market, health, sports and entertainment, media and communication, literature and art, development of religious ties, elderly care, and a wide range of activities such as people-to-people relations are some of the areas Sri Lanka should be able to develop cooperation with China within above framework.
The world order, which was bi-polar after the Second World War and Uni-polar after the collapse of the Soviet Union, is being transformed into a multi-polar one due to the ‘Belt and Road (New Silk Road) Initiative’. In this new international alignment based on different regions of the world, the imperialist power of the West is weakening. The Western camp posts false fictions and relentless criticism of the ‘Belt and Road (New Silk Road) Initiative’ because they can’t tolerate the change that is taking place. We, who have been battered by Western imperialism for over 500 years, should no longer fall prey to these deceptions. We stand on our independence and take full advantage of the ‘Belt and Road (New Silk Road) Initiative’. – Asia Progress Forum (APF)
