Opinion | China’s dreams of world leadership are fading as its belt and road projects start to sour
- The Belt and Road Initiative, hailed for promoting development, is coming under fire as debt burdens grow, reflecting a growing wariness of Beijing’s posturing as a global leader-in-waiting on an international stage that seeks to promote debate rather than censor it
A good way to measure China’s appeal for the rest of the world is to gauge the success of its Belt and Road Initiative.
As of last September, Beijing had signed more than 190 cooperation documents with more than 160 countries and international organisations in support of the trade initiative to link economies into a China-centred trading network. Its cumulative investment has exceeded US$100 billion, with construction projects valued at a staggering US$720 billion.
Chinese state-owned enterprises were still moving car and steel capacity overseas, and building highways and cement plants in developing economies, but on a much smaller scale compared to their 2016 investment peak. Some countries (such as Myanmar, Sierra Leone and Tanzania) had become hesitant about continuing to borrowing large sums for fear of a debt trap.
