ABSTRACT

After the financial crisis in 2008, Kazakhstan faced rigorous challenges and pronounced economic problems due to the following factors: slow, unclear recovery of the world economic; deterioration of the geopolitical environment; and change of global emerging markets. In December 2012, the “Kazakhstan Strategy 2050” was proposed by Nursultan Abishevich Nazarbayev (President of Kazakhstan): adhere to a slogan of “Strong commerce, strong country” and become one of the world’s 30 largest economies by 2050 through a series of reform in society, economy and politics. In September 2013, during a visit to Kazakhstan, Xi Jinping (Chairman of China) proposed to jointly construct the Silk Road Economic Belt, which was actively responded by Kazakhstan. In 2014, due to the slump of international oil price, Kazakhstan entered a period of economic downturn because its economic growth excessively depended on the petroleum. On November 11, 2014, the annual speech and union address was made by President Nazarbayev in advance of 2 months to formally propose the “Bright Road Plan” (hereinafter “this plan”). 1 By serving the “Kazakhstan Strategy 2050”, this plan has the following objectives: guarantee continuous economic development and social stability; realise an upgrade and transformation of the economic structure; reduce the Kazakhstans economy’s dependency on energy exports; and build Kazakhstan into a global transportation corridor connecting the major markets of China, Europe and the Middle East. Therefore, within the future 5 years, this plan will input US$9 billion of national foundation to various fields (e.g. infrastructure construction, industrialisation construction, construction of education and public service facilities and support of small and medium-sized enterprises).