Political risks of Chinese investments and the impact of the Belt and Road Initiative

Chinese Outward Foreign Direct Investment (OFDI) has traditionally been attracted to countries with high political risks – a worrying trend as this exposes the investments to additional risks such as economic default on loans and ensuing socioeconomic instability (Drezner 2019). In the context of the Belt and Road Initiative (BRI), this is of significant concern because of the large amounts of Chinese FDI that flow through the BRI. Yet what do we actually know about political risk considerations in Chinese Outward Foreign Direct Investment (OFDI) with respect to the Belt and Road Initiative (BRI)? Over the years, academic research has tried to understand the determinants of Chinese Outward Investments - a key instrument in the economic rise of China (Du & Zhang, 2018). Early data on Chinese foreign investment behavior prior to the initiation of the BRI suggests that Chinese firms were highly acceptant of political risks compared to non-Chinese firms (Buckley 2007; Kolstad and Wiig 2012). Chinese firms invested heavily in countries at significant risk of political and economic instability, largely due to the moral hazards stemming from soft budget constraints affecting the state-owned enterprises (SOEs) in China’s command economy (Kornai 1980; Li and Liang 1998). Does this trend hold today in regard to Chinese firms’ investment behavior in the context of the major expansion in Chinese OFDI under the Belt and Road Initiative? What is the empirical evidence to support or challenge the assertions that the Belt and Road Initiative will incentivize Chinese ODFI to behave more like non-Chinese standard firms? In this report, I examine the empirical claims regarding Chinese OFDI political risk behavior. Using the ICRG Political Risk Index and the Chinese Global Investment Tracker for the period 2005 - 2017, I run a panel data regression to investigate how host country political risk affects the flows of Chinese OFDI. The results of the statistical analysis, when analyzed through existing theoretical frameworks, indicate that Chinese OFDI is far less political risk acceptance than previously thought. This suggests that prevailing concerns about Chinese OFDI under the Belt and Road Initiative are not as well-founded as previously thoughtGlobal Policy Studie

Pharmacognostical studies of leaves of Combretum albidum G. Don

Background: Combretum albidum Don belonging to family Combretaceae is an unexplored medicinal plant in the Indian medicinal system. According to ethnobotanical information, the leaves are used in the treatment of peptic ulcer and its fruits are used in diarrhoea and dysentery. Stem bark is used in the treatment of jaundice and skin diseases. The problem encountered in standardisation of this medicinal plant is its identification by source. Materials and Methods: The pharmacognostical studies were carried out in terms of organoleptic, macroscopic, microscopic, physicochemical, florescence and phytochemical analysis. Physicochemical parameters such as total ash, moisture content and extractive values are determined by World Health Organization guidelines. The microscopic features of leaf components are observed with Nikon lab photo device with microscopic units. Results: Macroscopically, the leaves are simple, obovate in shape, acuminate apex, entire margin and smooth surface. Microscopically, the leaves showed a large vascular strand that consists of thick walled xylem elements mixed with xylem fibres and phloem which is present in a thin layer along inner and outer portions of xylem. External to the xylem occur a thin line of sclerenchyma. Powder microscopy revealed glandular trichomes in the adaxial epidermal peelings also shows the non-glandular trichomes fairly common in powder and epidermis with anisocytic stomata. Vessels elements are narrow, long, cylindrical and dense multi-seriate bordered pits. Xylem fibres are thin and long, with thick walls, which are lignified. Preliminary phytochemical screening showed the presence of carbohydrate, glycoside, saponin, flavonoid, phytosterols and phenolic compounds. Conclusions: The results of the study can serve as a valuable source of pharmacognostic information as suitable standards for identification of this plant material in future investigations and applications

Pharmacognostical evaluation of Cardiospermum halicacabum Linn. leaf and stem

Background: Cardiospermum halicacabum Linn (Sapindaceae) is an important medicinal plant in the traditional system of medicine, known as karṇasphoṭa. The root of it is officially included in Ayurvedic Pharmacopoeia for its therapeutic uses such as jvara , kuṣṭha, pāṇḍu, kṣaya and sandhivāta etc. As no detailed analysis of macroscopy, microscopy characters of the plant, except root, have been carried out till date, it was thought worth to carry out the detailed macroscopic and microscopic study of leaves and stem, following standard pharmacognostical procedures. Materials and Methods: Pharmacognostic studies of C. halicacabum were carried out, and in this, the macroscopic, microscopic, physicochemical, fluorescence and phytochemical analyses were done. Physicochemical parameters such as total ash, moisture content, extractive values were determined by World Health Organization guidelines. The microscopic features of leaf and stem components were observed. Results: Macroscopically the leaves are bi-ternate, ovate-lanceolate in shape with dentate margin. Microscopically, leaf shows prominent midrib and thin dorsiventral lamina. The midrib shows the presence of epidermal layers, angular collenchyma, palisade cells and vascular strands comprised of thin walled xylem and thick walled phloem elements. The lamina shows prominent, narrow and cylindrical upper epidermis. The upper epidermal cells are large and contain mucilage, whereas lower epidermis possesses thin, small and elliptical epidermal cells. The mesophyll was differentiated into two zones upper and lower. The upper zones show narrow cylindrical palisade cells and lower zone shows 2-3 layers of loosely arranged spongy parenchyma cells. In the Paradermal section of the lamina we observe anomocytic stomata. The transverse section of stem shows a pentagonal appearance with five short blunt ridges and prominent cuticle. Parenchymatous cells, cortical sclerenchyma, lignified xylem fibers, phloem and pit were also found. In the powder microscopy of whole plant, glandular trichomes, non-glandular trichomes, fragments of lamina, xylem elements, parenchyma cells and fibers are observed. Phytochemical screening reveals that the C. halicacabum extract contains glycosides, carbohydrates, flavonoids, phytosterols, phenolic compounds and saponin. Conclusion: Various pharmacognostic characters observed in this study help in identification, quality, purity and standardization of C. halicacabum

Pharmacognostical and phytochemical evaluation of the leaves of Ziziphus xylopyrus (Retz) Willd

Background: The fruit decoction of Ziziphus xylopyrus (Retz) Willd. is used toward increase sterility in woman intended birth control in some parts of Rajasthan, India. This plant is widely used in Turkish medicines as a potent sedative. One to two inches of the fresh stem bark of this species are chewed with 1-2 peppers, and the sap swallowed once a day for 5 days in the treatment of cough. Standardization is one of the challenges in herbal medicine. It is essential to evaluate the herbal plants scientifically and proper documentation should be made to know their medicinal properties. Materials and Methods: Leaf samples of Z. xylopyrus were studied as recommended by World Health Organization for morphological, microscopic, physicochemical, phytochemical, powder characteristics and other methods for standardization. Results: Morphologically the leaves are obovate or orbicular in shape, pinnate venation having aromatic odour and pungent taste. Microscopically leaves showed the presence of ground tissue, vascular strand, xylem and phloem. The crystals are mostly rosette type. Microscopic examination of powder showed the presence of stomata, covering trichomes, sclerenchyma, collenchyma, epidermal cells and vascular strands. Phytochemical screening of the plant part with various solvents revealed the presence of alkaloids, carbohydrates, steroids and sterol, glycosides, saponins, flavonoids, phenolic compounds, triterpenoids in it. Physicochemical parameters such as ash value extractive values were also determined and results showed that water soluble extractive value to be higher than alcohol soluble extractive value. Conclusion: Results may be helpful for further confirmation of selected species and in future these characters may be compared with the new batch of the same plant materials