17.3 The Belt and Road Initiative and China's global strategy

China's Belt and Road Initiative, launched in 2013, aims to boost connectivity and cooperation across Eurasia and Africa. This ambitious plan involves building infrastructure, facilitating trade, and strengthening cultural ties between China and participating countries.

The BRI has significant geopolitical implications, potentially reshaping global power dynamics. While it offers economic benefits to partners, concerns exist about debt burdens, environmental impacts, and China's growing influence in participating regions.

China's Belt and Road Initiative (BRI)

Goals of Belt and Road Initiative

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• Introduced in 2013 by President Xi Jinping to improve connectivity and cooperation between China and countries in Eurasia, Africa, and beyond
• Two main components encompass overland routes (Silk Road Economic Belt) connecting China with Central Asia, the Middle East, and Europe, and sea routes (21st Century Maritime Silk Road) linking China's coastal regions with Southeast Asia, South Asia, the Middle East, and Africa
• Aims to promote economic development and regional integration by enhancing infrastructure connectivity (railways, highways, ports, energy pipelines), facilitating trade and investment, and strengthening people-to-people exchanges and cultural ties

Geopolitical implications of BRI

• Increases China's influence and soft power in participating countries, potentially reshaping regional and global power dynamics
• May challenge the influence of other major powers (United States, Russia)
• Boosts infrastructure development and economic growth in participating countries, enhancing trade and investment opportunities, improving access to markets and resources, and potentially creating jobs and reducing poverty
• Raises concerns about the risk of economic dependence on China, the possibility of unsustainable debt burdens for some countries, and the environmental and social impacts of large-scale infrastructure projects

Benefits vs risks of BRI

• Benefits for China: expands economic and political influence globally, secures access to new markets, resources, and investment opportunities, promotes internationalization of Chinese companies and currency (RMB), addresses domestic overcapacity issues in industries (steel, cement)
• Benefits for partners: attracts Chinese investment and financing for infrastructure development, enhances connectivity and trade opportunities, promotes economic growth and development
• Risks for China: financial risks associated with large-scale investments in politically and economically unstable regions, potential for project failures or delays due to political, social, or environmental challenges, reputational risks if projects are perceived as exploitative or neo-colonial
• Risks for partners: possibility of unsustainable debt burdens and loss of sovereignty, environmental and social costs of large-scale infrastructure projects, potential for economic dependence on China and vulnerability to political pressure

International responses to BRI

• Positive responses: many countries welcome Chinese investment and infrastructure development, viewing the BRI as an opportunity for economic growth and development
• Concerns: lack of transparency and accountability in BRI projects, potential for China to use the BRI to advance its geopolitical interests, environmental and social impacts of large-scale infrastructure projects, possibility of unsustainable debt burdens for participating countries
• Responses from major powers:
  1. United States: expresses concerns about China's growing influence and potential challenges to US interests
  2. European Union: has mixed reactions, with some countries embracing BRI investments and others expressing caution
  3. India: opposes the BRI due to concerns over the China-Pakistan Economic Corridor (CPEC) and potential encirclement by Chinese influence
  4. Japan: promotes its own infrastructure investment initiatives as an alternative to the BRI