China is looking at deepening its ties with South Asia by opening the gates of its New Silk Road initiatives to SAARC member states.
The state-run Xinhua news agency quoted visiting deputy foreign minister, Liu Zhenmin, who was at Kathmandu to represent China as an observer at the SAARC summit, as saying that China has set up a $40 billion fund for the development of infrastructure under its Silk Road initiative.
He also pointed out that China was the lead player in the development of the Asian Infrastructure Investment Bank (AIIB) — an institution that is likely to compete with the western-backed Asian Development Bank (ADB).
China has embarked on its Silk Road undertakings, which include the establishment of a 21st century Maritime Silk Road, in response to the “rebalancing” strategy or “Asia Pivot” of the United States, which Beijing has interpreted as an attempt to contain China’s rise.
Mr. Liu pointed out that China has concretised its plans for engaging SAARC countries, which include raising trade volumes to $150 billion in the next five years.
“We are offering South Asian countries with 30 billion U.S. dollars in construction of roads, offering 10,000 scholarships, 5,000 training opportunities and exchange programmes for 5,000 youths and sending off 5,000 Chinese language teachers to South Asian countries in the next five years,” he observed.
China has activated its Silk Road initiative, which includes an exponential expansion of connectivities through high speed rail, road and cyber links, along with the establishment of energy pipelines along the route, which has several nodes and junctions.
The Chinese visualise that one major Silk Road artery will start from the former imperial capital Xian to Urumqi in Xinjiang Province. It will then pass through Central Asia, Iran, Iraq, and Turkey’s Anatolia, and terminate at Venice.
Branch lines of the main Silk Road could pass through SAARC members, Afghanistan, Pakistan and India.