Institutions of the ‘Belt & Road’ Initiative: A Systematic Literature Review

Abstract

China is the second largest economy in the world. It has experienced tremendous economic growth in the history of development. Recently China is going through a period of slow economic growth. In 2013, it launched a large-scale global project-the Belt and Road Initiative. It is termed as ‘project of the century’. Almost 65 countries are assembled under the Initiative. There have been pertinent questions and much confusions with regard to the aims and structure of the Initiative. This article reviews some high-quality peer-reviewed works to find out the nature and goals of the Belt and Road Initiative. In doing so, we have followed the research methodology of systematic literature review. The institutional dynamics and aspects of the Initiative; such as, the Silk Road Fund, Asian Infrastructure Investment Bank, and the economics corridors are explained in the paper. The data reveal that trade and economic activities in the countries along the ‘Belt and Road’ Initiative are on the increase. The evidence presented in this study would facilitate to advance further research in the newly emerging field of the ‘Belt and Road’ Initiative.

Keywords: China, The Belt and Road Initiative, Institutions, Asian Infrastructure Investment Bank, Maritime Silk Road, Silk Road Economic Belt.