Economic Belt of the Silk Way: opportunities and prospects for Kazakhstan

Abstract

«One Belt, One Road» – the proposal put forward by the People's Republic of China (PRC) for joint projects of the «Economic belt of the Silk Way» and the «Silk Road of the XXI century». The proposal was first put forward by the Chairman of the People's Republic of China Xi Jinping during his visits to the countries of Central Asia and to Indonesia in the autumn of 2013. The essence of this Chinese initiative is to find, formulate and promote a new model of international cooperation and development by strengthening existing regional bilateral and multilateral mechanisms and structures of interaction involving China. Based on the continuation and development of the spirit of the ancient Silk Road, «One Belt, One Road» calls for the development of new mechanisms for regional economic partnership, stimulation of economic prosperity of the countries involved, strengthening of cultural exchanges and links in all areas between different civilizations, as well as promoting peace and sustainable development. According to official data of China «One Belt, One Road» covers the greater part of Eurasia, connecting developing countries, including «new economies», and developed countries. The territory of the megaproject contains rich reserves of resources, 63% of the world's population live, and the estimated economic scale is 21 trillion US dollars. Against the backdrop of the slow recovery of the world economy from the cosequences of the global financial and economic crisis, the world community is to find a new model of interaction and create new mechanisms for economic development. During the integration of the Chinese economy into the world economy, China is ready to assume more international responsibilities and commitments in accordance with its capabilities, to make a great contribution to the maintenance of peace and human development. The initiative on joint construction of the "one belt and one road" is aimed at promoting free, orderly movement of economic factors, efficient allocation of resources and deepening market integration, encouraging coordination of economic policies of countries along the «one belt and one road» routes, expanding and deepening regional cooperation, on joint efforts the formation of an open, inclusive and balanced architecture of regional cooperation, within the framework of such an architecture partner all are benefiting and opportunities for sustainable development.
The article describes the economic content of the Economic Belt of the Silk Way and also discusses the problems and facts that this global project helps to stimulate the development of the Kazakh-Chinese economic relations.
Key words: Economic Belt of the Silk Way, Kazakh-Chinese economic relations, system, project, road, interest.