A Fudan University report said the role of the BRI has become less important in the global economy, and the Chinese initiative is not quite the “project of the century” as previously advertised.
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In the first half of 2022, agreements were reached for $28.4 billion worth of Chinese investments and projects in more than 140 BRI countries. Last year, this figure was 1.2 billion higher.
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In the long term, the BRI projects are said to increase the financial strain on weaker economies and governments. One of the most criticized examples is Sri Lanka, which is one of the BRI’s main “clients” but defaulted in May.
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Researchers don’t expect the volume of BRI contracts to reach new heights, but the data suggests that China is entering into contracts that allow access to strategic resources such as minerals, oil and gas in the Middle East, Africa and Latin America.
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“The BRI initiative will continue to play an important role in many parts of the world,” emphasized Nedopils Vans.
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The Belt and Road Initiative (BRI) is a global infrastructure development strategy adopted by the Chinese government in 2013 with the aim of investing in approximately 70 countries around the world.
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The BRI is considered a key foreign policy tool of Chinese leader Xi. The BRI is also seen as a central element of Xi’s “Great Power Diplomacy” policy, which envisions China assuming a leadership role in global affairs and increasing its influence and power. As of March this year, 146 countries had joined the BRI initiative.
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