In 2013, Chinese President Xi Jinping set out the strategy of rebuilding the Silk Road Economic Belt and the 21 st Century Maritime Silk Road known as '' One Belt, One Road. '' The '' One Belt '' pertains to the Silk Road Economic Belt and '' One Road '' which refers to the Maritime Silk Road.
The political goals to create the world's largest platform for economic cooperation, policy coordination, trade & finance collaboration, and social and cultural friendship has caught the interests of the global community. The proposal as well quickly gained support from 65 countries along the route, together with China and regional organizations, they begin to build innovative methods to renew the Silk Road spirit and strengthen bilateral ties.
In 2014, China established the $40 billion Silk Road fund to finance the economy intended to improve trade transport links in Asia. Seeing the impressive progress which includes practical achievements and a number of projects, the Chinese President pledged an extra 780 billion yuan ($ 113 billion ) to the existing Silk Road fund in his keynote speech during the Belt and Road forum on May 2017.
The Belt and Road will spread projects across Eurasia using interconnected links such as ports, railway tracks, roads, pipelines and airports. According to Oxford Economics, these 65 countries are for one third of the global GDP or 60% of the world's population means the development of this project is directly benefiting 4.5 billion people.
According to the Chinese President on the 2017 Belt and Road forum, total trade between China and other Belt and Road countries in 2014-2016 has exceeded $3 trillion and China's imvestment in these countries has surpassed $ 50 billion.