A large number of companies and institutions in southeast Asia are worried about participating in China’s One Belt One Road (OBOR) stated a research conducted by Singapore based ISEAS-Yusof Ishak Institute.
The Belt and Road Initiative is a development strategy adopted by the Chinese government involving infrastructure development and investments in countries in Europe, Asia and Africa.
The survey published in Singapore’s primary Chinese language newspaper Lianhe Zaobao revealed that 70 per cent of companies and institutions surveyed in Southeast Asia believe that the local government should be cautious when discussing the ‘One Belt, One Road’ plan for participating in China, fearing that it will bear huge debts.
The research center visits 1,008 business, private institutions, academic institutions and government agencies in ASEAN countries. The organisations in Malaysia, the Philippines, and Thailand are especially concerned about this risk.
One-third of those surveyed complained about the lack of transparency of the One Belt One Road plan, and 16 per cent predicted that the plan will eventually fail.
Around half of the people surveyed, recognised that China has a more superior regional influence than the United States.
60 percent of the sample expressed the concerned that the US’ global power has declined in the past year. One third believes that the US has completely lost its influence in the region.