Much of the narrative on China’s Belt and Road Initiative (BRI) has been polarised…Neither of these polarised narratives seems to fully account for the complex and heterogeneous variety of activities in the BRI.
For the past seven years, Japan has competed against the Chinese initiative, not only by reforming its lending practices and increasing funding for development assistance, but also by articulating a vision for what Japanese Prime Minister Shinzo Abe has called “quality” infrastructure investment and seeking international partners to advance these principles.
China is reshaping the approach of its flagship “Belt and Road Initiative” in Southeast Asia, as Chinese projects in the region plunged last year amid growing global scrutiny of Beijing’s development strategy. The value of newly announced big-ticket deals in the region – investment commitments and construction contracts worth more than US$100 million – dropped 49.7 per cent in 2018 to US$19.2 billion, its lowest in four years, according to analysis by Citi Economics, using data amassed by the US think tank American Enterprise Institute.
The Pentagon has said China is using its expanding military, trading and infrastructure network to pursue global leadership in a report that warned that its global ambitions could undermine the security of the United States and its allies and threatened international economic corridors. Monday’s report assessed China’s military and non-military expansion efforts, such as the “Belt and Road Initiative” and the “Made in China 2025” industrial strategy, and their implications for America around the world.
Read Here – South China Morning Post
Democrats and Republicans in the United States may be deeply divided on almost every aspect of President Donald Trump’s inconsistent foreign policy, but on one issue they are in unison: China’s US$1.1 trillion “Belt and Road Initiative” must be contained.
The fact is that China has grown strong and rich by flouting international trade rules. But now its chickens are coming home to roost, with a growing number of countries imposing antidumping or punitive duties on Chinese goods. And as countries worry about China bending them to its will by luring them into debt traps, it is no longer smooth sailing for the BRI.
China’s role in Sri Lanka, which has grown remarkably in recent years, is poised to expand geographically as well. Hitherto, Beijing’s projects were confined to the southern parts of the island. It is now making inroads into the Northern Province and the rubber, tea, and coconut plantations of the central highlands.
More than 75 nations participate in China’s Belt and Road Initiative, launched in 2013 to develop trade and connect Asia, Africa, the Middle East and Europe with ports, roads and railways. But some countries worry about adding to already heavy debt burdens, and some projects have become an issue in local politics. Among the most vocal critics is Malaysia’s Prime Minister Mahathir Mohamad who has warned about a new colonialism.
Chinese tourists in South Africa. Pix/LBB
The continent is an important part of Xi’s Belt and Road initiative – a plan to bolster a network of infrastructure connecting China by land and sea to Southeast Asia, Central Asia, the Middle East, Europe, and Africa. China has pledged $126bn for the plan, which has been praised by its supporters as a source of vital financing for the developing world. Critics say Africa is loading itself up on Chinese debt that countries may struggle to repay, with estimates ranging in the tens of billions of dollars.
China has increasingly been involved in mediation efforts for international conflicts, particularly along the route of its signature “Belt and Road Initiative”, but its high-profile approach has failed to produce sustainable peace results, a new report from a leading European think tank has found.
