The impact of the OBOR project on the economy of China

Authors

  • Tahmina Sakibayeva Nordic International University

Keywords:

China, economy, economic growth, OBOR, education system, tourism policy

Abstract

The “One Belt One Road” (OBOR) initiative, launched by China in 2013, has significantly influenced the country’s economy, particularly in the years 2022 to 2024. In 2022, China’s GDP growth rate was approximately 3.0%, with OBOR-related investments contributing an estimated $60 billion to infrastructure projects across participating countries, enhancing trade routes and fostering economic partnerships. By 2023, the projected GDP growth rate is expected to rise to around 4.5%, driven by increased exports facilitated by improved logistics and connectivity from OBOR projects. Furthermore, Chinese companies’ overseas investments under this initiative are anticipated to reach $70 billion, reinforcing China’s position as a global economic leader. In 2024, the impact of OBOR is projected to further elevate China’s GDP growth to about 5.0%, as new trade agreements and enhanced supply chain efficiencies emerge from ongoing collaborations with partner nations. The cumulative effect of these developments underscores the strategic importance of the OBOR project in shaping China’s economic landscape during this period.

References

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Nordic Academic Materials Proceedings

Published

2024-10-06

Issue

Vol. 2 No. 0002 (2024): Nordic Academic Materials Proceedings

Section

Research articles

Categories

License

Copyright (c) 2024 Tahmina Sakibayeva

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