LEGAL ASPECTS OF THE IMPLEMENTATION OF THE “ONE BELT, ONE ROAD” INITIATIVE IN UZBEKISTAN: OPPORTUNITIES AND RISKS FOR CHINESE INVESTORS

Abstract

This article analyzes the impact of the “One Belt, One Road” initiative on the legal environment in Uzbekistan in terms of prospects and challenges for Chinese investors. It examines key changes in Uzbekistan’s legislation and regulatory framework, including new laws on investment, on special economic zones, on public-private partnerships, and amendments to the Tax Code. Special attention is paid to the analysis of legal guarantees of investment protection, specifics of corporate law, regulation of certain sectors of the economy, issues of business localization, and compliance with local legislation. Positive developments are noted in terms of expanding guarantees for investors and reducing their fiscal burden. The article also assesses the dynamics of harmonization of Uzbek law with Chinese and international norms in the context of implementation of the “One Belt, One Road” initiative. It emphasizes the need for further modernization of Uzbekistan’s legal framework in accordance with the best international practices. The article concludes that the “One Belt, One Road” initiative can serve as an effective external catalyst for reforming the national legislation of the participating countries. However, this process should be gradual, balanced, and take into account the interests of all parties.