10 Years of China's Belt and Road Initiative
This FT clip celebrates the 10th anniversary of the Belt and Road Initiative being launched by China, and whether or not its been successful or not.
Certainly, it's been a remarkable policy initiative, looking at fostering economic development in developing economies as well as resolving some of China's own economic contradictions - notably in dealing with excess capacity in certain sectors, and in pushing exporters into searching for the most profitable opportunities.
This interview details how some of the $1 trillion that China has spent, notably on hard infrastructure such as railways and port facilities.
The Belt and Road Initiative (BRI), also known as "One Belt, One Road," is a massive infrastructure and trade project initiated by China in 2013. It aims to boost trade and connectivity between China and countries in Asia, Europe, Africa, and beyond. It includes projects such as:
- Road and rail networks
- Ports and airports
- Energy and telecommunications infrastructure
- Industrial parks and special economic zones
The initiative is expected to cost over $1 trillion and has been criticized for its potential to increase China's geopolitical influence and create debt traps in recipient countries. However, proponents argue that it will promote economic development, create jobs, and foster greater international cooperation.