Europe stands to benefit from new Silk Roads

The European Union is following China's initiatives to develop a Silk Road Economic Belt and a 21st Century Maritime Silk Road with considerable interest. The two projects have major geostrategic, political and economic implications that the EU (and the United States) cannot ignore.

During his visit to the EU in spring 2014 Chinese President Xi Jinping informed EU leaders about Beijing's initiatives to deepen connectivity between East Asia and Europe via the New Silk Road (or the Silk Road Economic Belt) and the 21st Century Maritime Silk Road. EU leaders expressed interest in the initiatives. The final communiqu�� stated: "In view of the great potential to improve their transport relations, both sides decided to develop synergies between EU policies and China's 'Silk Road Economic Belt' initiative and jointly explore common initiatives along these lines."

In the intervening nine months Xi's initiatives have developed rapidly with China announcing a number of major infrastructure projects to support the maritime road initiative. Beijing has said it plans to create a $16-billion fund to build and expand railways, roads and pipelines in Chinese provinces and autonomous regions that are part of the planned Silk Road Economic Belt.