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A Decade of China’s Belt and Road Initiative
The Belt and Road Initiative (BRI) is a global development strategy launched by China in 2013, aiming to connect Asia, Europe, Africa and beyond through a network of infrastructure projects, trade agreements and cultural exchanges.
As the Belt and Road Initiative (BRI) celebrates its 10th anniversary, concerns are rising about the true benefits of China’s infrastructure program.
The BRI has left many participating countries burdened with extreme public debt, leading to bankruptcy and default. China’s lending practises, which often involve commercial rates and hidden debts, have contributed to this situation.
Key Takeaways
- The BRI has been described as the largest and most ambitious international cooperation initiative in history, with an estimated investment of over $1 trillion and involving more than 140 countries.
- Thailand’s approach was, from the start, very different from that of other countries directly associated with the BRI, relying essentially on internal financing through fundraising.
- The Belt and Road Initiative (BRI) has led to unsustainable levels of debt for participating countries, resulting in bankruptcies and defaults.
- The BRI has allowed China to exert global pressure, undermine democracy, and distort multilateral institutions, raising concerns about the true intentions and impacts of the initiative.
Furthermore, reports of failing and wasteful infrastructure funded by the BRI have emerged, exposing corruption and bribery. The BRI has also been used as a tool for China to exert pressure, undermine democracy, and spread propaganda. As the celebrations continue, attending countries should question whether their citizens truly benefit from the so-called “win-win” cooperation with China.
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