The Meaning of Mutually Exclusive in Statistics

In probability two events are said to be mutually exclusive if and only if the events have no shared outcomes. If we consider the events as sets, then we would say that two events are mutually exclusive when their intersection is the empty set. We could denote that events A and B are mutually exclusive by the formula A ∠© B Ø. As with many concepts from probability, some examples will help to make sense of this definition. Rolling Dice Suppose that we roll two six-sided dice and add the number of dots showing on top of the dice. The event consisting of the sum is even is mutually exclusive from the event the sum is odd.  The reason for this is because there is no way possible for a number to be even and odd. Now we will conduct the same probability experiment of rolling two dice and adding the numbers shown together. This time we will consider the event consisting of having an odd sum and the event consisting of having a sum greater than nine. These two events are not mutually exclusive. The reason why is evident when we examine the outcomes of the events. The first event has outcomes of 3, 5, 7, 9 and 11. The second event has outcomes of 10, 11 and 12. Since 11 is in both of these, the events are not mutually exclusive. Drawing Cards We illustrate further with another example. Suppose we draw a card from a standard deck of 52 cards. Drawing a heart is not mutually exclusive to the event of drawing a king. This is because there is a card (the king of hearts) that shows up in both of these events. Why Does It Matter There are times when it is very important to determine if two events are mutually exclusive or not. Knowing whether two events are mutually exclusive influences the calculation of the probability that one or the other occurs. Go back to the card example. If we draw one card from a standard 52 card deck, what is the probability that we have drawn a heart or a king? First, break this into individual events. To find the probability that we have drawn a heart, we first count the number of hearts in the deck as 13 and then divide by the total number of cards. This means that the probability of a heart is 13/52. To find the probability that we have drawn a king we start by counting the total number of kings, resulting in four, and next divide by the total number of cards, which is 52. The probability that we have drawn a king is 4/52. The problem is now to find the probability of drawing either a king or a heart. Here’s where we must be careful. It is very tempting to simply add the probabilities of 13/52 and 4/52 together. This would not be correct because the two events are not mutually exclusive. The king of hearts has been counted twice in these probabilities. To counteract the double counting, we must subtract the probability of drawing a king and a heart, which is 1/52. Therefore the probability that we have drawn either a king or a heart is 16/52. Other Uses of Mutually Exclusive A formula known as the addition rule gives an alternate way to solve a problem such as the one above. The addition rule actually refers to a couple of formulas that are closely related to one another. We must know if our events are mutually exclusive in order to know which addition formula is appropriate to use.

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Reason for Regulating Natural Monopolies and the Effective Strategies

Question: Discuss about the Reason for Regulating Natural Monopolies and the Effective Strategies. Answer: Introduction A natural monopoly is a single firm that supplies a certain line of product for the whole market. It originates from the definition of monopoly where a single seller suppliers the entire market (Bennett Coleman, 2017). This firm has the ability to produce high level of output at a lower cost (Molinuevo Sez, 2014). This ability is created by the presence on entry barriers and the fact that the single firm has increased economies of scale. The government has a role of ensuring that businesses are operated efficiently and that the output is sold at a fair price. The government has two options to ensure fair pricing is observed; one is that it can own the natural monopoly or it can regulate those that are privately owned (McEachern, 2013). The notion that the natural monopoly needs to be regulated is self-explanatory that there is a possibility of unfair practices if the single firm is left to operate with no regulation (Int'L Business Publications, 2015). The major reason why the gove rnment should regulate this firm is because it is the only firm that the whole economy depends on and that the product is on high demand and thus a high possibility of high pricing. Economic regulation has two view; one is that it is interested in the consumers or public welfare by controlling the natural monopoly where a single firms production is more efficient than in a competitive industry. The other view is that producers are interested in the regulation because they depend on it when fixing prices, raising profits and creating entrance barriers. This paper will try to determine whether there is more benefit in regulating a natural monopoly rather than encouraging competition. It will also identify the group that benefit much from the regulation. The theories put forward to explain the strategies the government should implement to regulate the natural monopolies are many. Some of the theories to be covered are the marginal cost pricing, average cost pricing, price caps, etc. All these theories try to establish the way in which the goods offered by the natural monopoly is affordable to the citizens and thus an improvement in social welfare. Other theories such as capture theory and public interest theory shows the interests the government have under regulation. The capture theory tell us that the regulator are interested with the operations of the producer. The public interest theory poses that the interest of the government is on maximizing social welfare by preventing an abuse of market power. Analysis Pettinger (2012) gave several types of natural monopolies and argued that it is more efficient for a single firm to supply the whole economy than a multiple of firms. The reason he posed out is that the fixed costs for the single firm is high and that there is a huge capital requirement to initiate the distribution of the resources supplied by a natural monopoly. He argued that the average cost for the multiple firms would be higher compared to the single firm because this firm already has significant economies of scale. Some of the examples given include tap water; laying of pipes to supply to the entire economy is capital intensive, electricity; its distribution networks are very expensive to initiate, railway transportation; the cost of laying the rails is very high and thus not practically available for competition, the gas distribution and postal services, etc. Economies of scale is the advantage of reduced costs of production enjoyed when a natural monopoly firm produced high l evel of output as shown in the image below. The economies of scale creates a rationale for the government to allow the operation of a natural monopoly rather than allowing competition in this industry. The Average cost of producing Qa units by a multiple of producers is Aca, whereas the cost for producing the higher level quantity Qb by the same natural monopoly is ACb. If a single firm is able to produce quantity Qb at a cost ACB, lets assume that there was entrant of another firm in this industry; if Qb is the maximum level of demand, then it means that the two firms will produce the same level of output; say that each firm produces a half of Qb. This would be at a higher cost as indicated by quantity Qc and cost ACc. This firm has market power for being able to produce at the lowest cost; and this is where the public interest theory comes in. Terry (2012) noted at if there is much benefit for the single firm to supply to the entire economy, the abuse of market power can only be eliminated by the government regulation of pri ce and quantity. Unregulated Natural Monopoly Pricing If the firm was to make its own pricing decision, it would aim at maximizing its profit by producing 10 units of output and selling at $8. This is where its marginal revenue equates its marginal cost (MR = MC) (Welker, 2017). If production took place at this point, the natural monopoly makes an economic profit equal to the shaded area ighj. At this point the consumer surplus is area kij; the consumer surplus is so small and the rest is the producer surplus. This is achievable through causing a deadweight loss equal to jbc. The reason for making an economic profit is that the AC curve at this production point is below the demand curve. The average total cost of producing 10 units is $5 and any price charged above this is the economic profit. Marginal Cost Pricing This is the first option the regulators can consider implementing; this is by ensuring that the optimal social output of 25 units are produced and sold at a social optimal price of $2. This is at the intersection of marginal cost and the industrys demand curve. The government regulation may be such that it forces the natural monopoly to produce at this competitive level and sell at the lower price. If this happens, the natural monopoly will make economic losses since producing 25 units of output requires a cost of $4 which is above the price at which the final output is sold. The economic loss is equivalent to area acdf and may affect the sustainability of the monopolys production in the future. However, its possible for this output to be produced and sold at $2 if only the government subsidized the firm for the economic losses (Economicsonline.co.uk, 2017). This is where the capture theory comes in; the government have to ensure that no losses results on the producers side from prod ucing at the regulated price level. At this point, the consumer surplus is very high and is equivalent to area ack and thus maximizes the social welfare which is the governments goal. There is much benefit for the consumers, while the government subsidies allow the natural monopoly to break even. Average Cost Pricing This is the second option and is considered to be the most appropriate level although the social welfare is not maximized. This is where 20 units of output are produced and sold at the fair-return price shown above. This is at the intersection of the firms ATC and the industrys demand curve (Mankiw, 2011). This is the point at which the firm breaks even and makes no economic profit or loss. Since normal profits are made at this level, regulation would help in sustaining the future production process for this firm. The output produced is higher than the 10 units produced without regulation and the price is lower than $8 the unregulated price. The consumer surplus is also higher than for unregulated monopoly and is equivalent to area kfe. Regulators RPI-X Price Capping This is where the government employs various bodies to limit price increases for utilities such as electricity, water and gas (Tejvan, 2016). The formula used by the regulators is known as the RPI-X where X is the real amount of price increase. An increase is allowable during inflation period. For instance if X is set at 2% and inflation rises by 5%, the natural monopoly may raise price by 5 2 = 3%. The advantage of this is that it is adjustable according to the additional cost requirement where the value of x is reduced. If a natural monopoly is said to be charging high prices, the value of X is raised. It creates an incentive for cost cutting since profit is increased if cost is lowered. The challenge is determining the value of X. Peak Load Pricing This is a two-period kind of price discrimination. There is a period when certain utilities demand is very high and lower in others. This may happen during a single day. An example of such is the electricity consumption; more demand for electricity is experienced during the night as compared to during the day. The peak period is at night and off-peak period during the day. Its advisable for the natural monopolist to charge hiked prices during the peak period and lower prices when demand is low (Schindler, 2012). This increases efficiency because demand is reduced when prices are high; this enables the supplier to meet the increased demand. The peak demand curve is d and the off-peak demand curve is d1. The peak demand quantity is x and the off-peak demand quantity is x1. The peak price is P1 and the off-peak price is P. point A is the peak equilibrium whereas point E is the off-peak equilibrium. There are net gains for increased demand in the off-peak period and reduced demand in the peak period. Peak load pricing is thus advantageous in promoting efficiency in distribution. However, it is a disadvantage to firms whose production operations are tied to peak period since it adds to their production costs. Recommendation A natural monopoly should be maintained as a sole provider of the specific good rather than making this industry a competitive one. It is more economical for the single firm to produce for the whole market demand rather than when more firms are involved. An investor should understand his/her market structure in order to determine the regulations governing the business. Competition is good for an economy, but some natural monopolies should be allowed some market powers with regulation. The various regulations by the government are applicable on different situations which the government should take into consideration. Conclusion It has been deducted from the above research that a natural monopoly is profit oriented if unregulated and thus will only produce the quantity that maximizes its profit (the economic profit level is at MC = MR). At this point, the price for the good charged is unaffordable since its very high. There is lack of competition in this market and this gives the supplying firm significant market power over its output and price; more often, this market power is abused and market price is hiked by limiting output. The government regulates the natural monopoly to ensure that there is sufficient output production that is sold at a lower price by preventing it from maximizing its profit; this is by ensuring that it fixes output and price. There is a challenge for regulators in regulating the price for the natural monopoly; the price that is said to maximize the social welfare is inefficient as it leads to the monopoly making economic losses, and the price charged by the monopoly in order to make some economic profit do reduce the social welfare. The reason for regulation by the government is therefore because it need some firms to retain their monopoly state without abusing their market power. But the outcome of regulation is considered better than without regulation. The research has therefore provided the insight on why natural monopolies should be regulated and also provided various ways in which this can be done. Bibliography Bennett Coleman. (2017). Definition of 'Monopoly'. The Economic Times. Retrieved 5 September 2017, from https://economictimes.indiatimes.com/definition/monopoly. Dharmaratna, D. (2011). Demand, Supply and Welfare Aspects of Pipe-borne Water in Sri Lanka. Cambridge Scholars Pub. Economicsonline.co.uk. (2017). Natural monopolies. Economicsonline.co.uk. Retrieved 5 September 2017, from https://www.economicsonline.co.uk/Business_economics/Natural_monopolies.html. Int'L Business Publications. (2015). Russia energy policy laws and regulations handbook. Intl Business Pubns USA. Kumar, M. (2016). Top 3 Methods of Controlling Monopoly (With Diagram). Economics Discussion. Retrieved 6 September 2017, from https://www.economicsdiscussion.net/monopoly/top-3-methods-of-controlling-monopoly-with-diagram/7294. Mankiw, G. (2011). Principles of economics. Mason, Ohio: Thomson South-Western. McEachern, W. A. (2013). Microeconomics: A contemporary introduction. Mason, Ohio: South-Western. Molinuevo, M. Sez, S. (2014). Regulatory Assessment Toolkit: A Practical Methodology for Assessing Regulation on Trade and Investment in Services. World Bank Publications. Opentextbc.ca. (2017). Monopoly and Antitrust Policy. Opentextbc.ca. Retrieved 6 September 2017, from https://opentextbc.ca/principlesofeconomics/chapter/11-3-regulating-natural-monopolies/. Pettinger, T. (2012). Natural Monopoly. Economicshelp.org. Retrieved 5 September 2017, from https://www.economicshelp.org/blog/glossary/natural-monopoly/. Schindler, R. (2012). Pricing strategies: A marketing approach. Thousand Oaks, Calif: Sage Publications, Inc. Tejvan. (2016). Regulation of monopoly. Economicshelp.org. Retrieved 5 September 2017, from https://www.economicshelp.org/microessays/markets/regulation-monopoly/. Terry, S. (2012). Antitrust Policy and Regulation. Slideplayer.com. Retrieved 5 September 2017, from https://slideplayer.com/slide/7005833/. Welker, J. (2017). Natural Monopoly and the need for Government Regulation. The Economics Classroom. Retrieved 5 September 2017, from https://econclassroom.com/?p=3115.

Economic Policies and Global Environments - MyAssignmenthelp.com

Question: Discuss about the Economic Policies and Global Environments. Answer: Introduction The economic scenario in the global framework has undergone considerable dynamics over the years with some of the countries slowly emerging as the predominant and most influential economies of the world. These global economies have progressed impressively over the years in almost all the aspects and with huge commercial and industrial success are now capable of influencing the activities and prospects of other countries across the world. China is one such economy (Shambaugh 2013). China has shown immense economic growth over the years and is currently one of the countries with highest economic growth rate and industrial and commercial prospects. For expanding their domain of economic expansion and long term economic progress and commercial sustainability, China, in the recent years has proposed the implementation of a highly ambitious project of connecting the country to the other countries in Asia, Africa and Europe, with the objective of facilitating trade and commerce across the entire region (Lim 2015). Known as the One Belt One Road Project and with official announcement of implementation in 2013, the routes under the OBOR Project are expected to connect 65 countries across this region. This in turn is expected to have its influence on more than sixty percent of the population in the world, which contributes more than 30% of the world GDP (Minghao 2015). The OBOR Project, having its domain of operation over nearly all of the South East Asia, is expected to have immense implications on the economy of Singapore, one of the most eminent economically progressing countries in the South East Asian region. Being the third largest economically growing country (In terms of global GDP) and characterized by the presence of a highly industrial and least corrupt environment, the country has shown immensely impressive economic growth traits and is expected to emerge as one of the leading economies in the world in the not so far future. In this context, with the implementation of the OBOR Project, the economy of Singapore is expected to be considerably effected, the effects being both positive as well as negative (Li, Bolton and Westphal 2016). The report, keeping this in consideration, tries to analyze the potential opportunities as well as the challenges which the economy of Singapore is expected to face with the implementation and operation of t he ambitious OBOR Project by the government of China. OBOR: Overview The main objective of the Chinese government, behind the implementation of the One Belt One Road Project, is to connect the economy with all the growing economies across different parts of Asia as well as Africa, thereby facilitating trade and industrial growth not only in China but also the other 65 countries falling in this network. The proposed implementation of the same has been the source of extensive planning regarding the future projects that will be taken up by the concerned countries across the routes (Yunling 2015). The routes, being both through roads as well as Maritime ones create a complex and hugely expansive network, which can be shown as follows: As the above map suggests, in the newly proposed revamped Silk Route under the OBOR Project of China, there is a complex and hugely integrating network of Road as well as New Maritime Route which is spread across a huge arena. Several gas and oil pipelines are projected to operate within this network, which is expected to make this network even more viable and profitable commercially in a general framework. This is not just true hypothetically and has real positive implications as can be seem from the rapid increase in the Gross Domestic Product of China itself, which with respect to the global share, increased to as high as 16% in the recent periods from a significantly lower percentage (2.7%) only several decades back (Lo 2015). This OBOR Project, when in full operation, is also expected to influence the economic activities of Singapore massively, which is discussed in the following sections of the report. Expected Benefits and Opportunities from OBOR: Singapore Singapore, like the other South East Asian countries, has been gaining robust market and economic dominance in the global scenario with time, much of which can be attributed to the fast and efficient technological, industrial and commercial progress of the economy, catered by its pro-commerce environment and highly developing industrial sector. The country, like many other South East Economies fall in operational domain of the OBOR Project, which gives the country to accrue huge benefits and economic opportunities and ling term prospects from the project itself, designed by the government of China (Huang 2016). One of the advantages of the economy of Singapore is that it is one of the most developed economies in the entire South East region, not only in terms of economy but specifically in terms of infrastructure, industrial expansion, commercial gateway and economically enthusiast and able population, which together help the country to walk down the path of progress with ease and in an impressive pace (Cheong 2017). However, apart from this primary plus point of the economy, the country also has several other advantages and added inherent privileges which may be beneficial for the economy of Singapore itself, with respect of deriving the benefits from the OBOR Project and its operations, some of which are discussed in the following section: The first and foremost advantage of the country, apart from its already highly developing economy is the strategic geographical location. The country, being the heart of the South East Economic Region, is located very near to the major Maritime Routes and is already one of the busiest and highly commercially populated ports in the entire region. Keeping this into consideration, it can be asserted that with the OBOR Project coming in full operation, the country has robust chances to develop itself as one of the point or channel of a massive share of all the trade and commerce taking place in this network of the revamped Silk Route (Krishnan and Sriganesh 2017). For any economy to flourish and take advantage of any trade and commerce route, it is of utmost importance for the economy to have a robust infrastructural framework and an able technological system supporting the economic activities. This, especially in the contemporary periods, has been significantly achieved by the concerned country. Singapore, in the recent times, have not only developed its infrastructural and technological bases efficiently but is an inspiration to the other parts of the world in this aspect (TODAYonline, 2018). The country has the ability to take the pressure of highly increased transactions of the goods and services, which is expected to happen with the OBOR Project operating in its full capacity. The country thus has the chance of becoming not only the most important port but also a business hub in its own capacity. The country already enjoys significant commercial relations with the Chinese economy, which is actually implementing this ambitious project. There are already working Chinese bases of operations in the economy of Singapore, through which the goods and services are exchanged not only between this two highly active manufacturing countries but also with other neighboring countries. This is expected to give the country an added advantage, given the OBOR comes into existence with full power. The population of Singapore is also another important factor, which may contribute extensively to the capturing of the benefits from the concerned project. The country has been efficiently building a strong and productive educational framework, building up a highly skilled and productive population. With the implementation of the OBOR, many jobs are expected to get created which can be helpful for the economy for the purpose of increasing the overall level of employment as well as standard of living of the population in the general in the country (Jinchen 2016). Singapore, in the last few decades, due to its robust infrastructural base and economic resource mobility has been the centre of attraction of the investors across the world. The inflow of foreign direct investment in this country has been consistently increasing with the development of the industrial and commercial sectors of the economy. This shows the chance of a significant increase in the inflow of the investments with the operations of the One Belt One Road Project by the Chinese government as it will give even more exposure to the economy of the concerned country, thereby contributing to the long term sustainability and economy prosperity of the country (LIM 2016). The overall social, economic and political environment of Singapore is highly stable, which makes the country highly attractive for the investors, businessmen and entrepreneurs for expanding their domain of operation. This, with the implementation of the OBOR Project is expected to increase the economic activities in the country significantly, thereby positively contributing to the economys GDP in the coming years. As can be seen from the above discussion, there are considerable opportunities for the economy of Singapore to reap the benefits of the OBOR Project. There are especially several sectors in the country, which are expected to be highly benefited from the same: Tourism- Singapore has over the years, received huge global attention due to its beautiful as well as highly developed economy with infrastructural success. The country attracts huge number of travelers, both domestic as well as international, who come for the purpose of business as well as for pleasure seeking, thereby contributing to the growth of the tourism industry in the country (Arduino 2016). In this context, with the implementation of the OBOR Project and with the trade routes coming into operation fully, the tourism industry is expected to get a huge boost, attracting even more travelers with time. Logistics- The country, as discussed above, already enjoys the position of an eminent commercial hub in the South East Asian region, due to its extremely strategic location. The infrastructure and logistics in the country is already impressive with almost two hundred shipping lines operating all across the world. The logistics industry of the country, with the implementation of the concerned project is expected to reap huge benefits and economic prosperity and sustainability in the long run (Arduino 2016). Banking and the Financial Sector- With the investments flowing in from all corners of the world, the economic activities of the country is expected to increase manifold with OBOR coming into operation. This in turn gives the financial sector of the country the chance to play the role of mediator to the foreigners venturing in the local economy and reap the economic benefits in turn. From the above discussion, it can be highly asserted that there are immense scopes for the economy of Singapore to reap the benefits from the implementation of the OBOR Project. However, there are several feasible hurdles for the country and challenges the economy needs to overcome before it can enjoy the advantages of the OBOR Project, which are discussed as follows. Challenges to the economy: Singapore With the implementation of OBOR, there are chances of development of several other ports apart from that of Singapore itself, which now handles commercial traffic worth 5 trillion USD annually. These competing ports, primarily including those of the Klang port and the Malaccan port, are expected to give tough competitions to the country. If these ports come into action with their full capacities, then much of the commercial traffic is expected to get diverted from Singapore (Das 2017). The ports are also getting Chinese support to get developed to handle bulk cargo, which poses serious threats to the economic prospects of Singapore. With huge economic and financial transactions, expected to occur under the operations of the OBOR Project, exchange rate fluctuations can be a serious threat to the economy of Singapore, which can be a byproduct of the industrial and commercial transactions. (TODAYonline, 2018) Apart from the new ports, rail routes are expected to get revamped, which includes the East Coast Rail Link: This can also divert significant commercial traffic and economy prosperity of the economy of Singapore. With the operation of the OBOR Project, technological progress of other South East Asian countries is inevitable, which can be a threat to the market dominance of the economy of Singapore itself. Governments Role With the possible opportunities and threats from the OBOR Project, it is of utmost importance for the governing authorities of the country to keep on striving for even more technological and infrastructural progress, to strengthen its financial sector even more so as to facilitate proper channeling of the investments in the country. The government of Singapore also needs to emphasize on maintaining an overall pro-industrial, economic and progressive social structure, with minimized fluctuations both economically as well as politically. Conclusion The OBOR Project, as has been proposed to get implemented by the Chinese government, if implemented efficiently is expected to bring immense opportunities of prosperity and commercial benefits for the economy of Singapore, in terms of long term sustainability and industrial growth facilitated by the inflow of huge amount of investments from all the parts of the world. However, there remains several serious challenges, which includes the competition which Singapore is expected from its neighboring countries which are also expected to develop under the domain of operations of the OBOR Project, which has to be overcome by the government of Singapore. However, with the efficient planning and working of the government, as discussed above, the country is expected to be hugely benefitted with the implementation of the OBOR Project by the government of China (KONG 2016). References Arduino, A., 2016. Security in One Belt One Road: Singapores Role in Training Expertise. Asiantradecentre.org (2017).One Belt, One Road: Opportunities and Risks for Singapore (Part 1). [online] Asian Trade Centre. Available at: https://www.asiantradecentre.org/talkingtrade//one-belt-one-road-opportunities-and-risks-for-singapore-part-1 [Accessed 28 Dec. 2017]. Cheong, I., 2017. Assessment of the Economic Background of the OBOR.Journal of International Logistics and Trade,15(2), pp.72-82. Das, S.B., 2017. OBORs Digital Connectivity Offers Both Benefits and Risks. Huang, Y., 2016. Understanding China's Belt Road Initiative: Motivation, framework and assessment.China Economic Review,40, pp.314-321. Jinchen, T., 2016. One Belt and One Road: Connecting China and the world.Global Infrastructure Initiative website. KONG, T.Y., 2016. China's 21st Century Maritime Silk Road: Malaysian Perspectives. InChina's One Belt One Road Initiative(pp. 289-306). Krishnan, R. and Sriganesh, B., 2017. One Belt One RoadOpportunities and Risks for Singapore. Li, Y., Bolton, K. and Westphal, T., 2016.The effect of the New Silk Road railways on aggregate trade volumes between China and Europe(No. 109/2016). Duisburger Arbeitspapiere Ostasienwissenschaften. Lim, A.C.H., 2015. Chinas Belt and Road and Southeast Asia: Challenges and prospects.JATI-JOURNAL OF SOUTHEAST ASIAN STUDIES,20, pp.3-15. LIM, W.X., 2016. China's One Belt One Road Initiative: A Literature Review. InChina's One Belt One Road Initiative(pp. 113-131). Lo, C., 2015. China's Silk Road strategy.The International Economy,29(4), p.54. Minghao, Z., 2015. Chinas new Silk Road initiative.Istituto Affari Internazionali, Rome. Shambaugh, D.L., 2013.China goes global: The partial power(Vol. 111). Oxford: Oxford University Press. TODAYonline (2018).One Belt, One Road project will benefit Singapore, but challenges could arise: Analysts. [online] TODAYonline. Available at: https://www.todayonline.com/singapore/one-belt-one-road-project-will-benefit-singapore-challenges-could-arise-analysts [Accessed 3 Jan. 2018]. Yunling, Z., 2015. One Belt, One Road.Global Asia,10(3), pp.8-12.