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.