Socio-economic developments under ‘Belt and Road Initiative’ of China: Regional and global dimensions (Pakistan, a Case in Point)

Abstract

The fundamental theme of ‘economic growth driven concept’ introduced by China through ‘Belt and Road Initiative’ is to connect the business world in the contemporary environments of today and in times to come. Business and trade are fundamental to all economic pursuits of communities and societies. The people being more quality consciousness are looking for better, affordable and easily available products. This implies that in times to come, firms producing goods and services would require to be more competitive, innovative and agile to come up-to the standards of consumers. That is possible when they are better connected in people to people and state dimensions for sustaining growth of business and trade. The spirit behind Chinese Initiative of creating a network of roads and track appears to be idealized for mutual businesses where all stakeholders have win-win positions. The economic and social growth is the idea behind this initiative and countries especially those involved through corridors have very important roles to play for its ultimate success. ‘Belt and Road Initiative (BRI) has two main components; one is ‘Silk Road Economic Belt’ and second ‘Maritime Silk Road’ covering land and sea voyage respectively. It covers Europe, Africa, Eurasia, Middle east, South East Asia and East Asia. Pakistan becomes its part through China Pakistan Economic Corridor (CPEC). The paper aims at analyzing BRI with respect to its economic benefits to the states and social cohesion through business communications and interactions. It is based on secondary data about BRI and related economic corridors. Its analysis is based on mix methodology, corroborating quantitative and qualitative aspects. In its findings, the paper provides avenues of socio-economic developments of participating states and implications on cultural aspects as well as challenges. In its concluding parts, it also invites further studies to continue providing more academic insights to the readers. Corresponding author: Bashir Ahmad Email address for corresponding author: Bashirahmad.bukc@bahria.edu.pk First submission received: 7th May 2019 Revised submission received: 28th July 2019 Accepted: 9th September 2019