$1 trillion 'project of the century' faces uncertain future

18 Oct 2023 CW Team

When President Xi Jinping introduced his vision for expanding Chinese soft power through an extensive network of infrastructure investments in 2017, he proudly touted the Belt and Road Initiative (BRI) as the "project of the century." However, as the Chinese leader convenes the third Belt and Road Forum this week, the future of this ambitious undertaking appears to be clouded with uncertainty.

While the BRI has managed to attract an estimated $1 trillion in funding during its first decade, as reported by the Green Finance & Development Center, the momentum behind the project has significantly waned in recent years. China's overall engagement with BRI countries has seen a notable 40% decline from its peak in 2018, reflecting the economic slowdown of the world's second-largest economy.

Moreover, Beijing has been contending with allegations of irresponsible lending practices that have driven some countries to the brink of default. To complicate matters further, strained relations with the United States have rendered affiliations with President Xi's flagship project increasingly divisive. Italy, the sole Group of Seven member participating in the BRI, is poised to exit this partnership by the end of the year.

As the Belt and Road Initiative faces these headwinds, the international community closely watches its future trajectory and its potential impact on global infrastructure development and economic relations. The shifting landscape raises questions about the project's resilience and adaptability in the face of emerging challenges.

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