The article is devoted to the study of the “One Belt – One Road” (OBOR) initiative with the aim to identify its unique role in the economic diplomacy of People’s Republic of China. In order to achieve this goal, the study clarified the essence of “economic diplomacy” concept and identified China’s foreign policy objectives. This made it possible to formulate China’s economic diplomacy objectives and demonstrate the role of the initiative in their execution.
The use of economic diplomacy concept as a theoretical framework for the “One Belt – One Road” initiative analysis is the scientific novelty of the study. This approach enabled, firstly, to formulate the political and economic objectives of China’s economic diplomacy. Secondly, to show the relationship between politics and economics in PCR’s foreign policy. Thirdly, systematically demonstrate the unique role of the initiative in delivering the identified objectives.
The main sources for the study were official documents and statements of the People’s Republic of China leaders, data and reports from the World Trade Organization and other online databases. The research papers of Russian and foreign scholars in the fields of economic diplomacy, international political economy, foreign policy and economy of the People’s Republic of China and OBOR initiative were investigated as a part of the study.
The study has demonstrated that OBOR initiative makes it possible to deliver the entire range of economic and political objectives of the China’s economic diplomacy. At the same time, its uniqueness lies in overcoming the geographical and content limitations of the standard mechanisms of interstate economic cooperation. OBOR helps to create China-centric international economic regime bypassing the existing global governance institutions dominated by the United States. As a result it is concluded that “One Belt, One Road” initiative is one of the key tools in achieving China’s leadership in international influence and promoting the concept of a “community of the common destiny of mankind.”
Key words: national economic interests, foreign policy objectives, international political economy, international institutions and regimes, China’s foreign policy, geo-economics, international competition and protectionism.