Emerging Countries Strategy for China: Focusing on BRI

Abstract

Recently, important of advance into emerging markets has increased to Korea as the change in U.S. trade policy and the proliferation of divine protectionism around the world. In order to diversify the export market and diplomacy, we are pursuing New Northern Policy(NNP) and New Southern Policy(NSP). China's Belt and Road Initiative (BRI) is a new regional development strategy internally as well as a cooperative initiative externally. BRI is a depiction of the new Silk Road Economic Zone covering the land and the sea, is to be carried out comprehensively in cooperation with China's domestic and overseas development projects as a long-term ultra-large project, and the economic ripple effect is expected to be substantial. China is working on the BRI that establishes cooperative systems and plans, including infrastructure connections, and promotes collaborative projects with five emerging regions; Central and Eastern Europe, the Middle East and Africa, CIS and central Asia, South Asia and ASEAN. There is a need to link Korea and China’ national strategy and as the countries subject to Korea's NNP and NSP closely aligned with countries along the China’s BRI route and the possibility is very high. This study was conducted with the aim of overview an emerging regional strategy based on China's BRI, in-depth analysis of emerging countries economic cooperation policy toward China and driving implications for Korea.