China’s Belt and Road Initiative: Debates, Impacts, and Trends

President Xi Jinping announced the Belt and Road Initiative (BRI一带一路) in 2013. The BRI, which will pass through over 60 countries in Asia, Europe, Middle East, and Africa, aims at improving and creating new trading routes and investment opportunities. It consists of the Silk Road Economic Belt (SREB) and the Maritime Silk Road Initiative (MSRI), and is a continuation of China’s “opening up” policy. It comprises six overland and one maritime economic cooperation corridors, supporting the expansion of Chinese enterprises abroad to facilitate industrial upgrading at home, paving the way for Chinese outward foreign direct investment (OFDI) and trade abroad, and advancing the internationalization of the Chinese currency. In addition, the project is welcomed by recipient countries due to their need for infrastructure investment. China remains the biggest player in the initiation and implementation of BRI projects. As such, the impact of Chinese projects on the economic, political, cultural, and environmental fabric of host countries will likely be dramatic, especially since many BRI projects are large-scale infrastructure projects that cut across different regions and states. The COVID-19 pandemic further implicated the progress of BRI projects in these areas.