China is undertaking what it considers the largest project of the century — linking itself with more than 100 countries across Asia, Africa, Europe, and Oceania through trade.
The main focuses of the belt and road countries — also known as “One Belt, One Road” — are in infrastructure, transportation, and energy. The initiative was first announced in 2013, and is seen to be President Xi Jinping’s pet project.
Most BRI deals involve China lending vast amounts of money to other countries to build new railroads, shipping lanes, and other ventures in those countries. Investment from China alone in the project is estimated to be between $1 trillion and $8 trillion.
Critics also say that by creating these loans, China is engaging in debt-trap diplomacy — a strategy of extracting political concessions out of a country that owes it money.COUNTRIES ALONG THE BELT AND ROAD- WHAT DOES IT ALL MEAN?Proponents of the BRI say it’s a way for China to invest in emerging markets and strengthen its ties with them. However, the inner workings of the BRI are shrouded in secrecy, and some projects have already been abandoned due to host countries being unable to pay back their loans.