Abstract
This chapter compares the BRI with parallel infrastructure development and financing initiatives championed by other major world powers partly in response to China’s launch of the BRI. These include Japan’s Expanded Partnership for Quality Infrastructure (EPQI), various India-led initiatives in South Asia and beyond, the United States’ infrastructure vision for the Indo-Pacific region, and the European Union’s Strategy on Connecting Europe and Asia. It finds that in terms of ambition, scale, and scope, the BRI is in a class of its own. Japan’s EPQI is a credible alternative source of high-quality infrastructure financing. India occupies a central position in relation to regional connectivity and economic cooperation in South Asia. In contrast, the initiatives of the United States and the European Union are less concrete so far.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
ITAN has established a dedicated Transaction Advisory Fund for this purpose.
- 2.
For instance, the JBIC has partnered with Toyota Tsusho in a public-private partnership to develop port and supply chain infrastructure worth approximately $643 million in Angola.
- 3.
Separately, Japan pledged in November 2018 to train 80,000 manufacturing and digital industry specialists in five years for ASEAN countries.
References
Akhtar, Shayerah Ilias, and Curt Tarnoff. 2018. OPIC, USAID, and Proposed Development Finance Reorganization. In CRS Report. Washington, DC: Congressional Research Service.
Amatya, Kripendra. 2020. The MCC and Nepal’s Strategic Ties with the US. The Diplomat. https://thediplomat.com/2020/02/the-mcc-and-nepals-strategic-ties-with-the-us/. Accessed 5 March 2020.
Barshefsky, Charlene, and Stephen J. Hadley. 2019. The Higher Road: Forging a U.S. Strategy for the Global Infrastructure Challenge. Washington, DC: Center for Strategic and International Studies.
Bonnet, Philippe, and Antoine Martin. 2018. An EU Strategy on Connecting Europe to Asia… the European Way?. https://asiapacificcircle.org/asia-pacific-insights-trends/an-eu-strategy-on-connecting-europe-to-asia-the-european-way/. Accessed 19 April 2019.
Broer, Bart. 2018. The EU’s Connectivity Strategy: An Answer to China’s Belt and Road Initiative? Brussels: EU-Asia Centre.
Brown, Nick M. 2019. Millennium Challenge Corporation: Overview and Issues. Washington, DC: Congressional Research Service.
Dollar, David. 2018. Is China’s Development Finance a Challenge to the International Order? Asian Economic Policy Review 13: 283–298.
Ellis, Grace. 2019. Top 10 Construction Companies in the World. Construction Productivity Blog. https://blog.plangrid.com/2019/05/top-10-construction-companies-in-the-world-slideshare/. Accessed 14 February 2020.
Gaens, Bart. 2019. The EU-Asia Connectivity Strategy and Its Impact on Asia-Europe Relations. In Trade and Economic Connectivity in the Age of Uncertainty. Singapore: Konrad Adenauer Stiftung.
Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. 2019. China’s Overseas Lending. In NBER Working Paper No. 26050. Cambridge, MA: National Bureau of Economic Research.
Huang, Yukon. 2015. China Has a Role to Play in Setting the ‘Right’ Standards. Financial Times. https://www.ft.com/content/b1a49850-23bb-3f1d-9400-9c96d09cbc60. Accessed 1 March 2020.
Humphrey, Chris. 2016. Time for a New Approach to Environmental and Social Protection at Multilateral Development Banks. London: Overseas Development Institute.
Jain, Purnendra. 2019. Japan’s Foreign Aid and ‘Quality’ Infrastructure Projects: The Case of the Bullet Train in India. In JICA-RI Working Paper. Tokyo: JICA Research Institute.
Karim, Tariq A. 2017. South Asia’s Efforts at Regional Reintegration: Fantasy or Feasible? In Asia Pacific Bulletin. Washington, DC: East-West Center.
Katti, Vijaya, Tatjana Chahoud, and Atul Kaushik. 2009. India’s Development Cooperation – Opportunities and Challenges for International Development Cooperation. In Briefing Paper. Bonn: German Development Institute.
Kawai, Masahiro, and Shinji Takagi. 2004. Japan’s Official Development Assistance: Recent Issues and Future Directions. Journal of International Development 16 (2): 255–280.
Kliman, Daniel. 2019. To Compete with China, Get the New U.S. Development Finance Corporation Right. Washington, DC: Center for a New American Security.
Kliman, Daniel, and Abigail Grace. 2018. Power Play: Addressing China’s Belt and Road Strategy. Washington, DC: Center for a New American Security.
Kliman, Daniel, Rush Doshi, Kristine Lee, and Zack Cooper. 2019. Grading China’s Belt and Road. Washington, DC: Center for a New American Security.
Leo, Benjamin, and Todd Moss. 2015. Bringing US Development Finance into the 21st Century: Proposal for a Self-Sustaining, Full-Service USDFC. In Rethinking US Development Policy. Washington, DC: Center For Global Development.
Lo, Kinling. 2020. US International Development Finance Corporation Targets Asia as Washington Seeks to Offer Alternative to Chinese Cash. South China Morning Post. https://www.scmp.com/news/china/diplomacy/article/3045686/us-international-development-finance-corporation-targets-asia. Accessed 10 February 2020.
METI. 2016. G7 Ise-Shima Summit “Expanded Partnership for Quality Infrastructure”. https://www.meti.go.jp/english/press/2016/pdf/0523_01b.pdf.
MOFA. Undated. Partnership for Quality Infrastructure. https://www.mofa.go.jp/files/000117998.pdf.
Okano-Heijmans, Maaike, Anita Prakash, and Wouter Zweers. 2018. ASEM Connectivity Inventory. Jakarta and The Hague: ERIA and Clingendael.
Parks, Bradley C., and Caroline Davis. 2019. When do Governments Trade Domestic Reforms for External Rewards? Explaining Policy Responses to the Millennium Challenge Corporation’s Eligibility Standards. Governance 32 (2): 349–367.
Samuel, John, and Abraham George. 2016. Future of Development Cooperation: Policy Priorities for an Emerging India. Kerala and New Delhi: Institute for Sustainable Development & Governance and Oxfam India.
Scott-Bell, Thomas. 2019. The Belt and Road Is Funding Global Infrastructure Investment. What About the Rest?. China Focus. http://www.cnfocus.com/the-belt-and-road-is-funding-global-infrastructure-investment-what-about-the-rest/. Accessed 11 February 2020.
Shinde, Shankar. 2018. International North South Transport Corridor (INSTC). FIATA World Congress 2018, New Delhi, 26 September.
Snedden, Christopher. 2016. Shifting Geo-politics in the Greater South Asia Region. Honolulu: Daniel K. Inouye Asia-Pacific Center for Security Studies.
Szczudlik, Justyna. 2016. Many Belts and Many Roads: The Proliferation of Infrastructure Initiatives in Asia. In PISM Policy Paper. Warsaw: Polish Institute of International Affairs.
The Economist. 2018. China Has a Vastly Ambitious Plan to Connect the World. The Economist. https://www.economist.com/briefing/2018/07/26/china-has-a-vastly-ambitious-plan-to-connect-the-world. Accessed 16 April 2019.
Yhome, K. 2017. India’s Evolving Subregional Strategy. In Asia Pacific Bulletin, No. 403. Washington, DC: East-West Center.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2020 The Author(s)
About this chapter
Cite this chapter
Rana, P.B., Ji, X. (2020). Proliferating Major Power Infrastructure Initiatives. In: China’s Belt and Road Initiative. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-15-5171-0_2
Download citation
DOI: https://doi.org/10.1007/978-981-15-5171-0_2
Published:
Publisher Name: Palgrave Macmillan, Singapore
Print ISBN: 978-981-15-5170-3
Online ISBN: 978-981-15-5171-0
eBook Packages: Economics and FinanceEconomics and Finance (R0)