China's Belt and Road Initiative looks to become smaller and greener after a decade of big projects that boosted trade but left big debts and raised environmental concerns.The shift comes as leaders from across the developing world descend on Beijing this week for a...
BEIJING — China's Belt and Road Initiative looks to become smaller and greener after a decade of big projects that boosted trade but left big debts and raised environmental concerns.
Called “One Belt, One Road” in Chinese, the Belt and Road Initiative started as a program for Chinese companies to build transportation, energy and other infrastructure overseas funded by Chinese development bank loans. A total of 152 countries have signed a BRI agreement with China, though Italy, the only western European country to do so, is expected to drop out when it comes time to renew in March of next year.
China filled a gap left as other lenders shifted to areas such as health and education and away from infrastructure after coming under criticism for the impact major building projects can have on the environment and local communities, said Kevin Gallagher, the director of the Boston University Global Development Policy Center.
That has led to allegations by the U.S. and others that China was engaging in “debt trap” diplomacy: Making loans they knew governments would default on, allowing Chinese interests to take control of the assets. An oft-cited example is a Sri Lankan port that the government ended up leasing to a Chinese company for 99 years.
Future BRI projects are likely not only to be smaller and greener but also rely more on investment by Chinese companies than on development loans to governments.
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