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A New Grand Strategy

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Posted: January 25th, 2016

By Li Mingjiang

Li Mingjiang is an associate professor at the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University, Singapore.

In 2012, China’s President Xi Jinping announced the “One Belt, One Road” Initiative (OBOR) when visiting Indonesia and Kazakhstan. OBOR has since dominated discourse among China’s media and foreign policy analysts. However, the rest of the world is overlooking the initiative’s groundbreaking significance, which essentially amounts to a new Chinese grand strategy.

The OBOR initiative is the newest phase in China’s efforts towards “reform and opening up.” Throughout the 1990s and 2000s, China adopted a dual policy of “attracting in” foreign investment and “going out” and investing overseas. Overall, though, China stressed the former over the latter. This is now changing, as China believes that its economy and companies are mature enough to venture overseas.

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