The New Silk Road, comprised of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, is a development strategy proposed by the Chinese Government. Also known as the Belt and Road Initiative (BRI) or One Belt One Route (OBOR), the strategy is based on a high level of coordination and cooperation between East and West and among numerous nations and other organizations.
The aim of OBOR is to encourage and support the flow of economic factors, trade, and finance among its members. In addition to the business and finance aspects, OBOR is concerned with the cultural heritage of nations and its protection.
In order to advance the aims of OBOR, legal and regulatory structures need to be established to enable business and trade to be conducted across borders, across different historical and cultural traditions, while respecting the character of each. The international, cross-border, high technology features make OBOR an ambitious programme, but one posing many risks and challenges. Since its success will bring innumerable benefits to its members, including not only the obvious and immediate economic advances, but also better understanding of different cultures and traditions. Indeed, the theme of this opening summit could well be to identify the risks involved and to consider how they can be overcome.