Introduction
Marking a decade since its launch, China's Belt and Road Initiative (BRI), proposed by President Xi Jinping in 2013, has seen extensive infrastructure investments spanning from Africa to Asia.
Despite significant achievements, the initiative faces criticism for potential debt sustainability issues.
Goals and Evolution of BRI
Initially introduced as the Silk Road Economic Belt during Xi Jinping’s visit to Kazakhstan, and later expanded to include the maritime ‘Road’, the BRI aimed to enhance connectivity between Asia, Europe, and Africa through extensive infrastructure development
Initially, the BRI focused on 5 principles: policy coordination, infrastructure connectivity, trade, financial integration, and people-to-people connections. Later, industrial cooperation was added.
Between 2013 and 2018, the World Bank estimated BRI investments at $575 billion, with projections of $1 trillion in funding by 2027 from the OECD
Over 150 countries and 30 international organizations have embraced the BRI, with 3,000 projects underway globally, valued at $1 trillion.
Note: What is BRI?
The BRI, represents a multifaceted development strategy aimed at enhancing global connectivity and cooperation.
It was launched in 2013 and aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
The project was first named the ‘One Belt, One Road’ but renamed as the BRI to convey a more open and inclusive initiative as opposed to a Chinese-dominated one.
The initiative includes two principal components: the Silk Road Economic Belt and the Maritime Silk Road.
Global Reception and Challenges
Countries like India and the United States have criticized the BRI for alleged debt trap diplomacy.
India, concerned about sovereignty issues due to the China-Pakistan Economic Corridor (CPEC) passing through Pakistan-occupied Kashmir, has consistently opposed the BRI.
Some critics have accused China of engaging in “debt-trap diplomacy” by lending money to countries such as Sri Lanka and Zambia that ultimately find themselves unable to repay and then seizing their strategic assets or extracting political concessions in return.
Despite this, India's participation in the Asian Infrastructure Investment Bank (AIIB) indicates a nuanced approach.
India’s Stance on BRI
India opposes the project on the grounds of sovereignty and transparency
India has boycotted the BRI summits held by China in 2017, and 2019 and has not endorsed the BRI joint statements issued by the Shanghai Cooperation Organisation (SCO).
India's main objection to the BRI is that it includes the China-Pakistan Economic Corridor (CPEC), which passes through the Pakistan-occupied Kashmir (PoK), a territory that India claims as its own.
India also argues that the BRI projects should respect the international norms, rule of law, and financial sustainability, and should not create debt traps or environmental and social risks for the host countries.
India has instead promoted other connectivity initiatives, such as the Partnership for Global Infrastructure and Investment (PGII), a G7 initiative to fund infrastructure projects in developing countries.
China-Pakistan Economic Corridor (CPEC)
As a flagship BRI project, the CPEC, valued at $60 billion, focuses on energy projects, road and railway infrastructure, and the Gwadar port.
Despite political and economic challenges in Pakistan, the project remains central to China-Pakistan relations.
Important Information:
Initially BRI included the Bangladesh-China-India-Myanmar (BCIM) Economic Corridor
Later India refrained from joining the BRI, voicing its opposition to the CPEC that runs from Xinjiang in China’s west, through Pakistan-occupied Kashmir (PoK), to the Arabian Sea port of Gwadar. With India staying out, the BCIM corridor has also stalled, and has been replaced by a later launched China-Myanmar Economic Corridor.
Current Status and Future Prospects
The latest BRI Forum saw reduced participation, reflecting growing global skepticism and economic challenges.
The Chinese government is now emphasizing sustainable and green development corridors.
Geopolitical tensions and economic decoupling strategies by the US and Europe could impact BRI's future expansion.
Impact on President Xi Jinping
The BRI is President Xi’s most ambitious foreign policy project, significantly influencing China's global diplomatic and geopolitical leverage. Despite facing criticism, the BRI remains pivotal to China's long-term strategic goals.
Conclusion
The Belt and Road Initiative, despite its challenges, continues to be a significant element of China's foreign policy, aiming to enhance global connectivity and infrastructure.
The initiative’s future will depend on how China navigates the evolving geopolitical and economic landscape.
Note: In this CAPF essay, the world limit has gone to +400, you can take relevant portions as per your need. Further, we have given subheadings for your reference. When you write in the UPSC exam, you don't need to do that.
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