How China’s Belt and Road Initiative is changing
BEIJING — China’s Belt and Road Initiative looks to become smaller and greener after a decade of big projects that boosted trade but left big debts and raised environmental concerns. The shift comes as leaders from across the developing world descend on Beijing this week for a government-organized forum on what is known as BRI for short. The initiative has built power plants, roads, railroads, and ports around the world and deepened China’s relations with Africa, Asia, Latin America, and the Middle East. It is a major part of Chinese President Xi Jinping’s push for China to play a larger role in global affairs. WHAT IS THE BRI? Called “One Belt, One Road” in Chinese, the Belt and Road Initiative (BRI) started as a program for Chinese companies to build transportation, energy, and other infrastructure overseas funded by Chinese development bank loans. The stated goal was to grow trade and the economy by improving China’s connections with the rest of the world in a 21st-century version of the Silk Road trading routes from China to the Middle East and onto Europe. READ: China’s Belt and Road plans losing momentum as opposition, debt mount – study Xi unveiled the concept in broad terms on visits to Kazakhstan and Indonesia in 2013 and it took shape in the ensuing years, driving the construction of major projects from railroads in Kenya and Laos to power plants in Pakistan and Indonesia. HOW BIG IS IT? A total of 152 countries have signed a BRI agreement with China, though Italy, the only western European country to do so, is expected to drop out when it comes time to renew in March of next year. “Italy suffered a net loss,” said Alessia Amighini, an analyst at the Italian think tank ISPI, as the trade deficit with China more than doubled since Italy joined in 2019. China became a major financer of development projects under BRI, on par with the World Bank. The Chinese government says that more than 3,000 projects totaling nearly $1 trillion have been launched in BRI countries. READ: Gov’t warned vs relying on Chinese ODA, urged to strengthen PPPs instead China filled a gap left as other lenders shifted to areas such as health and education and away from infrastructure after coming under criticism for the impact major building projects can have on the environment and local communities, said Kevin Gallagher, the director
Tags : china initiative changing
Disclaimer : We make no assurance about the completeness and accuracy of the content of this website. All news on this website is collected from various sources hence information may or may not be true. Money Nations does not verify the reliability of the content published. We do not accept any accountability for loss or damage occurred as a result of reliability on the content of this website.