China signals readiness to lead connectivity push

SINCE the BRICS summit in July 2014 in Brazil, when five developing member countries - Brazil, Russia, India, China and South Africa - announced the establishment of the New Development Bank (NDB), there has been widespread media coverage on regional connectivity.

A major step forward came in October 2014, when 21 Asian countries signed a Memorandum of Understanding (MOU) on the establishment of the Chinese-led Asian Infrastructure Investment Bank (AIIB) to fund infrastructure projects. This issue gained momentum during the Asia Pacific Economic Cooperation (Apec) Summit in Beijing and at the G-20 Summit in Brisbane, both held in November 2014.

The year before, China had announced its "One Belt, One Road" initiative, comprising the New Silk Road Economic Belt to link China and Europe via Central and Western Asia, and the 21st Century Maritime Silk Road, which was to connect China wi…