The Belt-and-Road Initiative (BRI), a pet project of China’s leader Xi Jinping, aims to build trillions of dollars of infrastructure from Asia to Africa to Europe, and along sea routes too. Involving roughly 70 countries so far, it entails massive spending (and lending) by China on railroads, ports and energy projects, highways—and, increasingly, satellite launches.
China and India’s new Great Game has reached the playing field of the original imperial power rivalry in the 19th century: Iran and Central Asia. Each of the rising giants wants to be the one to shape a new regional order. Their competition for influence continues to unfold in Indian Ocean countries like the Maldives and Sri Lanka. But they are also pressing farther west, up into the Arabian Sea, Iran and the Central Asian states.
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China’s ambitious plan to recreate the old Silk Road trading routes across Eurasia and Africa is facing a serious financing challenge, according to the country’s senior bankers and government researchers.
The prospect that President Xi Jinping could remain in power indefinitely has caused much consternation outside China. But within China, and among many serious observers, the elimination of the constitutional term limit on presidential incumbents has attracted a more positive, or at least nuanced, response.
Chinese Premier Li Keqiang rejected suggestions that China was leveraging its economic strength to gain political influence on the world stage…The United States, Germany, India and Australia have all raised concerns about China’s growing influence, which has expanded significantly through its trade and infrastructure development plan known as the “Belt and Road Initiative”.
China is laying the groundwork for a new aid agency to oversee its massive – and opaque – foreign aid programmes as Beijing closes in on Washington as the world’s biggest donor. The new agency, the International Development Cooperation Agency, will answer to China’s highest executive body, the State Council, and consolidate roles that had been between divided between the ministries of commerce and foreign affairs.
China makes no secret of its interest in the Indian Ocean, which contains vital sea lanes along which a large share of its imports and exports pass. It has not been shy about trying to curry favour with littoral and island states through its Belt and Road Initiative, a massive project to invest in infrastructure along ancient and modern trading routes.
When Beijing announced its One Belt, One Road initiative five years ago, the global reaction was immediate and pronounced. OBOR, as it became known, was hailed as a transformative effort to deploy China’s economic might in service of its strategic goals. By going out of their way to reject analogies to the United States’ Marshall Plan in Europe, Chinese leaders in fact invited the comparison.
Washington is considering boosting infrastructure projects in the Indo-Pacific to counter Beijing’s growing global clout through its “Belt and Road Initiative”, observers say, after last month’s Congress hearing on a policy response to the plan.
China’s trillion-dollar signature foreign-policy project, the Belt and Road Initiative, is often lampooned as just a fuzzy concept with little to show for it on the ground. But in bustling ports from Singapore to the North Sea, state-owned Chinese firms are turning the idea into a reality with a series of aggressive acquisitions that are physically redrawing the map of global trade and political influence.
