The One Belt and One Road (OBOR) Initiative: Reconceptualisation of State Capitalism vis-à-vis Remapping of Global Governance

Globalisation has led to asymmetric engagement and opportunities. While the new power is seeking to integrate institution building into the global policy architecture, the resulting inequity under the existing institutions trigger increased nationalist pushback. With its ample surplus financial capacity, China has been building up its soft power through the “One Belt and One Road” Initiative, which differs from existing treaty-based integration concepts. It is worth examining whether it signifies a “global public good” concept and further achieves win-win objectives. At a macro-level, this paper addresses whether the OBOR Initiative strikes a balance between achieving China’s national ambitious goals and its international obligations. Given the UN Sustainable Development Goals encapsulate, in principle, an integrated vision for sustainable development, at a micro-level, the paper explores rigorously how China deals with cross-border disputes in accordance with international law.