77 J.L. Pol'y & Globalization 1 (2018)

handle is hein.journals/jawpglob77 and id is 1 raw text is: 



ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online)
Vol.77, 2018                                                                                       HS


        Institutions of the 'Belt & Road' Initiative: A Systematic

                                      Literature Review

                 Salch Shahriar'  Lu Qian'*    Muhammad   Saqib Irshad2   Sokvibol Kea'
                             Nazir Muhammad Abdullahi    Apurbo Sarkar3
    1. College of Economics and Management, Northwest A&F University, Yangling 712100, Shaanxi, China
         2.School of Economics, Tianjin University of Finance and Economics, Tianjin 300222, China
              3.School of Management, Xian Jiaotong University, Xian 710049, Shaanxi, China
                               *Corresponding author: luIianknwafu.edu.cn

Abstract
China is the second largest economy in the world. It has experienced tremendous economic growth in the history
of development. Recently China is going through a period of slow economic growth. In 2013, it launched a large-
scale global project-the Belt and Road Initiative. It is termed as 'project of the century'. Almost 65 countries are
assembled under the Initiative. There have been pertinent questions and much confusions with regard to the aims
and structure of the Initiative. This article reviews some high-quality peer-reviewed works to find out the nature
and goals of the Belt and Road Initiative. In doing so, we have followed the research methodology of systematic
literature review. The institutional dynamics and aspects of the Initiative; such as, the Silk Road Fund, Asian
Infrastructure Investment Bank, and the economics corridors are explained in the paper. The data reveal that trade
and economic  activities in the countries along the 'Belt and Road' Initiative are on the increase. The evidence
presented in this study would facilitate to advance further research in the newly emerging field of the 'Belt and
Road' Initiative.
Keywords:  China, The Belt and Road Initiative, Institutions, Asian Infrastructure Investment Bank, Maritime Silk
Road, Silk Road Economic Belt.

1.  Introduction and Background
The rise of a China is a global phenomenon. There are different lines of interpretations in relations to the rise of
China(Jianwei, 2017; Z. Wang, 2017).Since the 1978, the economy of China is opening up to the world. China is
the only country that has achieved double digit economic growth for a sustained period of years. It is now going
through a relatively slow pace of growth, known as the 'new normal' economic growth. China launched the 'Belt
and Road' Initiative in 2013. The Initiative consists of two parts, namely, the Silk Road Economic Belt and the
21st Century Maritime  Silk Road. There are 65 countries from different continents along the Belt and Road
Initiative. According to the China Statistical Yearbook 2016, China's foreign direct investment in Asia, Africa,
Europe, Latin America and pacific Islands totaled about $12626555.China's stock of capital has grown by an
average rate of about 12% per year over the last 20 years, and its capital-output ratio has increased rapidly since
the 1990s. China initiated 'going global' policy in 2002 mainly to promote its overseas investment activity. After
2007 global economic crisis, the Chinese government launched a bailout plan of 4 trillion yuan in November 2008
and expressed its desire to move from export-led growth to promoting domestic demand and expand  internal
markets. Now  China is a 'global trade power'(Naughton, 2007). The Chinese economy has undergone a rapid
change in the past two decades or so, we need to have a systematic picture of the recent development and the
present situations. China has pledged to invest US$ 1.25 trillion worldwide by 2025, exceeding any previous
investment record made  either by the US  or the Soviet Union in their past geopolitical rivalry for global
domination(Tracy, Shvarts, Simonov, & Babenko, 2017). Since 2013, the 'Belt and Road' Initiative has emerged
as a key feature of China's international economic policy(Chaisse & Matsushita, 2018) . Therefore, we aim to
study the goals and institutional frameworks of the Belt and Road Initiative.
     The remainder of this paper is structured into several parts. Section 2 explains the data sources, database
search technique, and research methodology. The key findings and results are presented in section 3. This section
is also divided into several sub-sections. Finally, section 4 concludes the paper.

2. Research Methodology and Data Collection
Literature reviews establish the foundation of academic inquiries. For this systematic literature review, we have
followed the standard data collection steps; such as, identification, screening, eligibility, and inclusion of studies
(Y. Xiao &  Watson, 2017). A systematic review attempts to collect, appraise, and synthesize available empirical
evidence that meets pre-defined criteria in order to answer a research question. Figure 1 shows the flow diagram
of major steps in the data collection process. The research works under review have been published over a period
of 3 years, ranging from 2015 to 2018. The materials, used in this paper, are obtained from several data sources
including the Science Direct, China Knowledge Resource Integrated Database (CNKI) and the Web of Science.
With  regard to the Belt and Road Initiative (BRI), there are some studies published in different peer reviewed


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