Tuesday
June 9
2020

The Pandemic is Hurting China’s Belt and Road Initiative

Just over a year ago, at a gathering in Beijing of world leaders who had signed up to his Belt and Road Initiative (BRI), China’s president, Xi Jinping, peppered his speech with proverbs. “The ceaseless inflow of rivers makes the ocean deep,” was one—a reference to how his scheme, involving huge spending on infrastructure in other countries, would promote the global flow of goods, capital and technology and with them, economic growth. Amid the pandemic, many countries may be wishing this were so. But some BRI projects are stalling as countries struggle to repay related debts. China’s own economy is faltering, too. Silk roads are getting bumpier

Photo courtesy of faungg’s photos.

Source: The Economist (link opens in a new window)

Categories
Coronavirus
Tags
coronavirus, debt, economic development, emerging markets, global development, infrastructure, LMICs