Ninad D Sheth
China's strategy hinged on a flawed belief that massive upfront investments in infrastructure would stimulate economic activity in the host countries, leading to increased demand, and prosperity.
In the Chinese epic 'Romance of the Three Kingdoms', the tale of Zhuge Liang stands as a poignant reminder of the perils of hubris. Zhuge, a brilliant strategist, orchestrated massive multi-front wars on the Wei with grand ambitions of reunifying China. Yet, in his overreach he achieved only hollow victories, and stretched resources resulted in defeat.
China’s One Belt One Road (OBOR) initiative, is a modern-day saga of imperial ambition, and mirrors the tale — a colossal effort beset by overconfidence and faltering outcomes.
Carrying Xi Jinping’s signature with a $1 trillion price tag, the OBOR vision was audacious: to resurrect ancient trade routes linking China to Europe, Africa, and beyond.
It promised to export Chinese capital, technology, and projects ensuring that Beijing sat at the heart of a new world order. In practice, however, the OBOR is a failed project. It leaves in its wake burdened host countries with unsustainable debt, and white elephant projects; and, in the face of China’s economic slowdown, it looks increasingly like a strategic miscalculation.
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