China’s ‘One Belt, One Road’ initiative has the potential to be a win-win for China and for the developing countries in Africa and Eurasia that are involved, but only if it can overcome some major obstacles. Find out more – when you subscribe to World Politics Review.
China is using its influence to build a global economic network for trade and development, with itself as the driver. China’s ‘One Belt, One Road’ initiative—known as OBOR as well as the Belt and Road Initiative, and unveiled by President Xi Jinping in 2013—has been touted as the blueprint for this new global vision. Beijing’s aspirations are clear in its claims to want to reshape world commerce through new trade routes and transportation links.
Yet even as China gears up to rain hundreds of billions of dollars on projects spanning Asia, Europe and Africa in the years ahead, it is far from clear what its vision is, or how it will make this plan a success. As a business-led initiative, OBOR looks like an obvious win-win for all involved. Most of the countries expected to receive Chinese investment badly need new infrastructure, but lack the financing and know-how to build it alone. And with growth slowing at home, China needs other markets for its homemade steel and cement, as well as construction contracts for its companies and workers.
But in making investments abroad, China’s record is far from perfect. China stands to reap handsome rewards, helping many "One Belt, One Road" countries develop in the process. But unless Beijing reconsiders its approach in light of past missteps, it could set itself up for more failed investments and future diplomatic troubles.
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The Bugs in the Architecture of China’s ‘Belt and Road’Five years after Chinese President Xi Jinping introduced the Belt and Road Initiative to the world, the ambitious multitrillion-dollar infrastructure scheme is experiencing major growing pains. Months of harsh media scrutiny, criticism from the United States and Europe, some surprising grumbling domestically, and backtracking from key partner countries have put a dent in what had been promoted as a seamless chain of China-funded transportation and development projects spreading out across the Asian continent. Xi’s signature foreign policy initiative now faces skepticism in the country that has been its most enthusiastic cheerleader and most willing testing ground: Pakistan.
How the ‘Belt and Road’ Could Pit the U.S. vs. China at the IMFNo stranger to political controversy, the International Monetary Fund may soon find itself embroiled in one that pits China’s interests against those of the United States. Beijing’s hugely ambitious international development project, known as the Belt and Road Initiative, is raising fears of debt crises in the developing world, and the IMF may be called in to clean up the mess.The U.S. is poised to oppose any IMF deal providing funds that would ultimately go to pay off Belt and Road-related tabs. How the IMF handles this situation could give clues about how the institution will deal with competing American and Chinese interests in an increasingly multipolar world.
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The Backlash Against China’s ‘One Belt, One Road’ Debt TrapsAt the opening of a huge new trade show in Shanghai in November, the inaugural China International Import Expo, Chinese President Xi Jinping sought to convince increasingly skeptical observers that China wants to “help friends from around the world to seize opportunities.” Xi is aiming to boost China’s trade involvement across the globe, even as the United States under President Donald Trump retreats into protectionism. Yet the notion that Beijing is a force for global prosperity is running into a wall of doubt as Xi’s signature Belt and Road Initiative—a trillion-dollar global infrastructure behemoth that launched in 2013 as “One Belt, One Road”—ignites controversies and political crises in country after country.
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You can learn all about China's "One Belt, One Road" initiative, and a wide variety of other world political issues, in the vast, searchable library of World Politics Review (WPR):
The history of Chinese investments, and how this time might be different, in China’s ‘One Belt, One Road’ Scheme Falls Into Familiar Investment Traps
What the "Belt and Road" initiative gets wrong, in Pakistan Confirms the Bugs in the Architecture of China’s ‘Belt and Road’
How the "Belt and Road" initiative could lead to a U.S.-China showdown at the IMF, in How Debt Traps From China’s Belt and Road Initiative Could Upend the IMF
The precedent for failure in China’s trade deals, in Why China’s ‘One Belt, One Road’ Project Will Fail– and How It’s Already Succeeded
The backlash against "Belt and Road" debt traps, in Grumbling Grows From Guyana to Australia Over China’s ‘Debt-Trap Diplomacy’
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