Sino File | US war on Huawei shows China’s belt and road needs a rebrand – and quick
- Xi Jinping’s signature project has grown far beyond its original purpose of promoting infrastructure and has become economically risky and politically explosive
- It’s time for a new approach, says Cary Huang
The plan, launched in 2013, aims to create a China-centred infrastructure network throughout Eurasia that will promote transcontinental connectivity and economic cooperation across Asia, Africa and Europe.
Its two key components, a land-based economic “belt” and a maritime route, are based loosely on the ancient Silk Road, but in the past six years its reach has expanded considerably. Now, hundreds of China-led infrastructure projects, nominally under the belt and road umbrella, have sprung up everywhere from the South China Sea to the Indian Ocean, and from Africa to Latin America.
Between 2013 and 2018, Chinese companies invested US$90 billion in countries signed up to the belt and road, with Chinese state banks providing loans amounting to US$300 billion.
Given that 126 countries and 29 international organisations have signed belt and road cooperation deals with China, it is not surprising the initiative has gained so much attention globally.
More than 5,000 delegates from across the world and 37 state leaders (including eight from the European Union and all 10 leaders of the Asean countries) attended the second Belt and Road Forum in Beijing from April 25 to 27.
