The Abacus

One Belt One Road - NT businesses welcome Chinese investment despite reluctance over new Silk Road

By: ABC News
11-08-2017

Northern Territory businesses looking to grow in a slowing economy are turning to one of the biggest economic and geopolitical expansions the world has seen in modern times.

China's One Belt One Road is a bold, trillion-dollar plan to rework the global economic order on Beijing's terms, building huge infrastructure projects along a path based on the ancient trade route that spanned Europe, Asia and Africa.

So far 68 countries have signed up to the signature project of Chinese President Xi Jinping, which marks China's clear plans to expand its power in the region and beyond.

Despite Australia's reluctance thus far to sign up, China has northern Australia firmly in its sights.

Beijing is keen for Australia's Developing the North agenda to be linked with its One Belt One Road (OBOR) strategy, with Mr Xi specifically linking the two in an official news report.

Having China as its biggest trading partner, Australia — particularly the north — is going to be impacted whether it likes it or not, said Hugh White, ANU professor of strategic studies.

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