6th July 2022 (9 Topics)
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The status of China’s Belt and Road Initiative in South Asia
Context
At the recently concluded summit of G7 leaders in Germany, U.S. President Joe Biden and his allies unveiled their $600 billion plan called the Partnership for Global Infrastructure and Intelligence which is being seen as a counter to China’s Belt and Road Initiative (BRI), valued at a trillion U.S. dollars by some experts.
What is China’s Belt and Road Initiative?
- Vision- In 2013, Chinese President Xi Jinping, during his visits to Kazakhstan and Indonesia, expressed his vision to build a Silk Road Economic Belt and a 21st Century Maritime Silk Road, to break the “bottleneck” in Asian connectivity.
- Investment- The initiative envisioned a Chineseled investment of over $1 trillion in partner countries by 2025.
- Partnership- More than 60 countries have now joined BRI agreements with China, with infrastructure projects under the initiative being planned or under construction in Asia, Africa, Europe, and Latin America.
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