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Economics Assignment: Journal Articles Comparison Associated With Belt & Road Initiative

Question

Task:
Prepare the economics assignment comparing the two journal articles associated with Belt & Road initiative to illustrate the China’s role in global economy.

Answer

Introduction
The present economics assignment revolves around the One Belt One Road which is regarded as a prominent step that links people all over the globe and amplifies an array of opportunity for global economic development. In 2013, the initiative was proposed by President Xi Jinping. It entails 65 nations and about 900 projects along with an investment amounting 850 billion dollars. The cruciality of OBOR cannot be overemphasised owing to its remarkable contribution to economic development and peace. In the journal article entitled “OneBelt One Road initiative of China: Implication for future of global development”, Sarker et al. (2018) have tried to investigate the contribution of China in the world economy through its OBOR initiatives. They have also assessed various opportunities and challenges associated with the initiatives. In their scholarly article entitled “Harmony in diversity: can the one belt one road initiative promote China’s outward foreign direct investment?” Kang et al. (2018) have examined the implications of OBOR initiative in the light of China’s OFDI utilising a dataset of all the host nations. The purpose of the current economics assignment is to make a comparison between two journal articles that emphasise on Belt & Road initiative in order to illustrate the increasing role of China in the global economy.

Theoretical approach
OBOR megaproject: Its role in global economic development
In their study, Sarker et al. (2018) have exercised secondary data in order to examine the implication of OBOR initiative along with a range of challenges and opportunities associated with it. In order to provide a comprehensive discussion on the topic, the author has evaluated a range of work that is associated with the contribution of China’s OBOR initiative to global economic development. Sarker et al. (2018) have also offered an elaborated discussion about the context, scope, vision and geographical coverage concerning the OBOR initiative. They have also offered an elaborated discussion about the economic support provided by China through its mega project, namely OBOR. The predominant philosophy behind the development of the OBOR initiative is to ascertain economic growth by conjoining some main development activities. OBOR can exert an exponential influence on the policy, foreign relations and investment strategy of China. Furthermore, the initiative has made a remarkable contribution to the evolution of the global economy by fostering greater financial, physical, psychological and political interactions. Furthermore, Sarker et al. (2018) have also pointed out that China’s OBOR initiative has paved the way for global economic development by fostering infrastructure development starting from Asia to Europe and Africa and encouraging economic flows among all the nations that are connected with this initiative. The six economic corridors associated with the OBOR megaproject connect the geopolitically significant portions from Southeast Asia, South Asia, Central Asia and Europe.

While no clear theoretical approach has been utilised to evaluate the key findings, it can be assumed that the article has emphasised on the liberalism theory concerning international relations. The theory of liberalism mainly emphasises on the assumption that the contemporary global framework is exponentially able to set up a peaceful world order. Instead of thinking about the application of military power, liberalism emplaces much emphasis on magnifying international cooperation as an effective way of advancing each country’s respective ambitions and interests (Viotti and Kauppi 2019). The OBOR initiative is intended to strengthen economic cooperation between the participant nations by enhancing the connectivity and infrastructure. In their article Sarker et al. (2018) have demonstrated how China intends to encourage closer associations with a number of countries, seeking an ideal atmosphere in order to advance trade relations. The OBOR megaproject mentioned in the economics assignment can have a remarkable implication on the global economy and the geostrategic circumstances of the region. Through this mega project, China has been seeking modernisation and economic prosperity through peaceful coexistence and developments. The mega project has been aiming to evolve a multilateral infrastructure model that facilitates economic integration, win-win atmosphere and mutual cooperation. Furthermore, the liberal view also observes China’s OBOR project as a crucial tool to magnify economic integration by fostering infrastructure development.

In second article undertaken in the economics assignment, Kang et al. (2018) have emphasised China’s role in terms of fostering a more open global economy. Since the inception of the OBOR, it has become one of the exponential strategies of China to integrate its economy with multiple regions and countries in Asia, Europe and Africa. In their article, Kang et al. (2018) have further emphasised that OBOR has become a crucial tool for China in terms of magnifying its global influence. In contemporary times, China's government has inspired indigenous enterprises to look for more opportunities by taking part in cross-border investment. The OBOR nations encompass over 65 economies accounting for more than 4 billion people concerning the population (Yu 2017). The economic aggregate concerning the OBOR nations is worth $21 trillion which is approximately 65% of the land-oriented global production. As stated by Kang et al. (2018), through the OBOR initiative China has been aspiring to foster an exponentially open world economy that aims to become an inseparable part of globalization in the coming era. Since the mega-project predominantly includes the developing economies covering 64% of the global population, a wide underdeveloped region gets the opportunity of fostering economic development (Chan 2017). There are multiple well-argued discussions on the second article concerning China's role in the global economy through FDI. The increasing OFDI from China has pointed out China’s transformation from a global manufacturer to an investor.

Although in their article, Kang et al. (2018) have not mentioned any theory, the content of the article indicates that the author has observed China’s OBOR initiate from the point of view of liberalism theory. The second articles seek to establish China’s contribution in terms of fostering an open globalized economy. It has also mentioned the growth opportunities for the developing economies through the OBOR initiative.

Though in the first article, no research question has been developed by the author, the second article is comprised of four research hypotheses in order to carry out the analysis effectively. Both articles have considered China’s OBOR initiative from the liberalist perspective. However, it can be debated further. Irrespective of China’s peaceful doctrine to foster internal trade, realist scholars posit that the OBOR exhibits China’s veiled effort to bring a number of nations under its active influence, especially its Sino-centric agenda in South East Asia. As argued by Napang, Nurhasanah, and Rohman (2019), through Belt and Road initiative China has been aiming to orchestrate a grand geopolitical strategy. The realist scholars have opined that the OBOR initiative is intended to fulfil China's own national interest.

Research methodology
In the realm of research on economics assignment, the term ‘methodology’ indicates an effective approach to explore the solution of a research problem (Kumar 2019). In their article Sarker et al. (2018) have mentioned a detailed and explicit research methodology. The researchers have evolved a conceptual model in order to assess the implication of the OBOR in terms of fostering global economic development. The researchers have complied with a descriptive research design on the basis of some indicators concerning global economic development. The article predominantly emphasises on the strategy, opportunities and challenges and content of the Belt and Road megaproject on the yardstick of economy, business, social, political and environmental aspects. Descriptive studies can endow scholar with multiple advantages. The predominant aim of administering descriptive study is to offer elaborative and comprehensive discussion about a phenomenon in an accurate manner. Furthermore, a descriptive design of the research is also effective to examine multiple variables while accomplishing research. Sarker et al. (2018) have carried out an extensive search from popular databases like Google Scholar, science direct and Springer link website utilising pertinent keywords like OBOR project, maritime Silk Road, china's influence in global economy, policy and geopolitics and so on.

In their article, Kang et al. (2018) have complied with subsisting literature and incorporated DID setting in order to make a proper estimation of the implication of the OBOR initiative on China's OFDI. The authors have also set up country dummies and utilised the non-OBOR countries as a baseline group. In pursuit of dealing with selection biases, the researchers have exercised a combined DID approach along with PSM (propensity score matching) method. Implementing of the PSM method has also facilitated the observer to examine the casual implications of OBOR megaproject on China OFDI. In order to mitigate the dimensionality issue identified in the economics assignment, the authors have exercised Rosenbaum and Rubin’s approach. In accordance with their propensity score, each of the OBOR nations had been matched to a non-OBOR nation exercising one-to-one neighbour matching framework.

What are the data sources used to assess the contribution of OBOR mega project within this economics assignment?
In pursuit of assessing the impact of China's OBOR initiative for global development, Sarker et al. (2018) have extensively exercised secondary sources of information. Data gathered from the first-hand information sources is expounded as primary data (Clark and Vealé 2018). Data retrieved from the works of others is expounded as secondary data. Sarker et al. (2018) have retrieved information from secondary sources because they have opted in the descriptive design of research. Collection of secondary information has endowed the scholars to uncover various facets of China's OBOR megaproject, including its contribution to the world economy, challenges and opportunities and so on. In the first article, Sarker et al. (2018) have exercised pertinent and quality information by accumulating information from such secondary sources that are updated and latest. Secondary data has been accumulated by utilising a number of popular search engines such as science direct, a web of science and Springer link and so on. In this journal article, data has been examined and elucidated from differentiated perspectives of OBOR, funding sources, the pertinence of economic corridors, various opportunities and challenges in terms of implementation and so on. This journal article has incorporated a qualitative approach to elucidate data gathered from a range of sources like magazine articles, newspaper articles, books, conference proceedings, and journals and so on. Application of the qualitative approach has enabled the researches to assess the contribution of the OBOR project from multiple angles by offering a comprehensive picture.

In their scholarly study, Kang et al. (2018) have exercised quantitative method in order to examine whether and how the Belt and Road Initiative impacts China's OFDI by employing pertinent data. This journal article has exercised the explanatory research design to measure the implication of the OBOR project to the world economy. The explanatory research has bolstered the observers to offer a deeper knowledge of the research topic. The critical thinking of the subject has paved the way for further study associated with the implications of China OBOR initiatives. Explanatory factor evaluation for the six variables encompassing China and 216 host nations demonstrated that one predominant component having an eigenvalue of 2.9 which is 74% of the variance.

Evaluating the conclusion
The conclusion of both articles noted in the economics assignment has acknowledged the importance of China’s OBOR initiative to the evolvement of the world economy. There are striking similarities in the findings of both articles associated with the implication of the OBOR initiative in terms of facilitating infrastructure development, regional cooperation, and restoration of peace and so on. The first article has acknowledged the exponential potentiality of OBOR initiative in terms of ascertaining economic sustainability, cultural exchange and political sustainability (Sarker et al. 2018). It has been summed up in the first article that China has exerted a significant influence on the Belt and Road project and it bolsters China’s Go-West policy. Sarker et al. (2018) have also wrapped up their article by mentioning that the OBOR project has good implications on the economy of the partners. The second article has acknowledged the contribution of the OBOR project in terms of accelerating its OFDI. The findings of the second article indicate the fact that China's OFDI for the OBOR nations had been 40% higher compared to the non-OBOR nations, positing a strong foundation for mounting global investment. During the 2014-15 term, China's OFDI mounted by 46.2% (Kang et al. 2018). Citing this result, it has been claimed in the article that the OBOR project has played a crucial role in terms of stimulating China’s OFDI in the participating nations after 2013.

In the first article, it has been suggested by the author that having effective coordination among the OBOR countries is essential to obtain the complete advantage from the mega project. The article has also discussed about some of the main challenges concerning OBOR projects, such as geographical barriers, topography and geography, infrastructure development and security issues. The figures and tables incorporated in the article utilized to develop this economics assignment have been well-sourced and they exhibit the true facts about the implication of OBOR project to the regional and as well as global economic development. The scholars have utilised an effective search strategy in order to accumulate relevant materials from various eminent sources like Google Scholar, Springer Link and Science Direct. The secondary information utilised in the article has been effectively critiqued in order to extract finings. The authors have highlighted that though a large number of studies have been accomplished by the observers regarding the OBOR project, most of the papers have emphasised exponentially on the policy issues concerning the mega project.

In the second article, the findings suggest that the partnership of China with OBOR nations is not because of random selection. On the other hand, the OBOR nations have been assessed carefully relying on their country features like natural resources, institutional distance and market size and so on. The finding of the second article further suggests that OBOR has curtailed the resource-seeking encouragement and magnified the market-seeking encouragement(Kang et al. 2018). The authors have summed up their article positing that OBOR project can be regarded as a sustainable evolvement of the prolonged tradition of economic, cultural and institutional convergence with the partaking nations. All data and tables presented in the article are well tested and the authors have complied with a pertinent methodology.

In the first article, secondary data has been utilised. Although the authors have not provided any detailed discussion about the ethical considerations, it can be assumed that they have complied with ethical aspects. The first article examined in the economics assignment has not entailed human participants. The authors have never presented any information that may contain biases. In the second article, the authors have taken some measures to eradicate the prospect of biases. The authors have conjoined DID estimation along with matching tactics for finding out the casual association of the OBOR project.

Conclusion
Both journal articles explored in the above context of economics assignment have examined China’s mounting role in the international economy in the light of its OBOR project. The first article has discussed manifold advantages of the OBOR initiatives for the participating countries. Using secondary data and qualitative approach, the researchers have wrapped up that the project might effectuate the good implications on the world economy. One of the key merits of the study is that it has offered elaborative discussions covering both positive and negative implications of the mega-project by exploring challenges, opportunities, strategy, and economic development and so on. The second article has revolved around the stimulating implication of the mega project on the OFDI of China. However, the article has encountered a number of drawbacks. The authors of the second article have mainly emphasised on the country features as antecedent components of choosing OBOR nation. Secondly, the data set was developed by country-level and archival data from a range of sources. It might encounter errors. Moreover, giant China-based companies like Tencent, JD.com and Alibaba has not been studied comprehensively that obtain foreign assets and technologies. Summing up, both articles have acknowledged China's amplifying role in the global economy through its OBOR project.

Reference List
Chan, S., 2017. The belt and road initiative: implications for China and East Asian economies. The Copenhagen Journal of Asian Studies, 35(2), pp.52-78. Economics assignment Available at: https://rauli.cbs.dk/index.php/cjas/article/view/5446

Cheng, Y., Song, L. and Huang, L. eds., 2017. The belt & road initiative in the global arena: Chinese and European perspectives. Springer. Available at: https://books.google.com/books?hl=en&lr=&id=rOs_DwAAQBAJ&oi=fnd&pg=PR8&dq=china+contribution+in+the+word+economy+obor+project &ots=I_eoh__ntK&sig=LgUenw3dAF4nC8qKEJATUSc_Szo

Clark, K.R. and Vealé, B.L., 2018. Strategies to enhance data collection and analysis in qualitative research. Radiologic Technology, 89(5), pp.482CT-485CT. Available at: http://www.radiologictechnology.org/content/89/5/482CT.short

Kang, L., Peng, F., Zhu, Y. and Pan, A., 2018. Harmony in diversity: can the one belt one road initiative promote China’s outward foreign direct investment?. Sustainability, 10(9), p.3264. Available at: https://www.mdpi.com/2071-1050/10/9/3264

Kumar, R., 2019. Research methodology: A step-by-step guide for beginners. Sage Publications Limited. Available at: https://books.google.com/books?hl=en&lr=&id=J2J7DwAAQBAJ&oi=fnd&pg=PP1&dq=research+methodology+kumar&ots=cuupDyKHkm&sig= mhehAZa4MT962uqVe1W5y2FAQ9c

Mkandawire, S.B., 2019. Selected Common Methods and Tools for Data Collection in Research. Selected Readings in Education, 2, pp.143-153. Available at: https://www.researchgate.net/profile/Sitwe_Mkandawire/publication/336617654_Selected_common_methods_ and_tools_for_data_collection_in_research_-_Chapter_Nine/links/5da8cfaf92851c577eb7fdb4/Selected-common-methods-and-tools-for-data-collection-in-research-Chapter-Nine.pdf

Napang, M., Nurhasanah, S. and Rohman, S., 2019. ONE BELT ONE ROAD (OBOR) AND THE INCREASE OF CHINA’S GLOBAL INFLUENCE. PEOPLE: International Journal of Social Sciences, 5(2). Available at: https://grdspublishing.org/index.php/people/article/view/2019

Sarker, M.N.I., Hossin, M.A., Yin, X. and Sarkar, M.K., 2018. One Belt One Road initiative of China: Implication for future of global development. Modern Economy, 9(4), pp.623-638. Available at: https://www.scirp.org/journal/paperinformation.aspx?paperid=83814

Viotti, P.R. and Kauppi, M.V., 2019. International relations theory. Rowman & Littlefield. Available at: https://books.google.com/books?hl=en&lr=&id=jNykDwAAQBAJ&oi=fnd&pg=PR11&dq=international+relations+theory&ots=nPuQdsb1ea&sig=fg-OyBRPJTkaaTNWA7kgYG9ZmXs

Yu, H., 2017. The motivation behind China’s ‘One Belt, One Road initiative and establishment of the Asian infrastructure investment bank. Economics assignment Journal of Contemporary China, 26(105), pp.353-368. Available at: https://www.tandfonline.com/doi/abs/10.1080/10670564.2016.1245894

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