China’s Belt and Road Initiative Advances into New Phase of Development, Focused on Sustainable Collaboration
October 19, 2023
Ten years after its inception, China’s ambitious Belt and Road Initiative (BRI) is standing at a crucial juncture. Speaking at the Third Belt and Road Forum for International Cooperation in Beijing, Chinese President Xi Jinping highlighted the evolution of BRI cooperation from physical connectivity to institutional connectivity. This shift marks a turning point for the initiative amidst growing concerns regarding the debt burden faced by recipient nations from China’s traditional investments in massive infrastructure projects.
During his address, President Xi emphasized the importance of high-standard, people-centered, and sustainable cooperation as guiding principles for the BRI. China’s Foreign Minister, Wang Yi, justified this change in approach and highlighted the broad support it has garnered from all parties involved.
Often referred to as the chief architect of the BRI, President Xi has been working diligently to promote the initiative’s accomplishments, drawing parallels with former Chinese leader Deng Xiaoping’s formidable economic reforms. Chinese media has widely covered success stories in recent days, aiming to position the BRI as a grand achievement comparable to China’s rapid economic growth brought about by Deng’s reforms.
However, the recent forum saw a notable decline in attendance, with only around 20 heads of state and government participating, primarily from Africa and Southeast Asia. European leaders, including Italy and Switzerland, decided against attending. In comparison, the first forum attracted 29 leaders, and the second, 38. This concerning trend appears to have prompted President Xi to shift focus away from investing in large-scale infrastructure projects like railways and roads.
At the previous forum, President Xi had pledged to prioritize high-quality development and investment adhering to international rules. This time, he specifically indicated a greater emphasis on small-scale projects, fostering people-to-people exchanges, and promoting green development. The realities of China’s economic slowdown likely influenced this change in strategy.
Initially conceived to extend China’s influence in Europe and Southeast Asia, the BRI has expanded its reach over the past decade to include Central America, South America, and Indian and Pacific Ocean nations. As tensions between Beijing and Washington escalate, the initiative is now transforming into a means for China to counterbalance the United States. The presence of Russian President Vladimir Putin at the Beijing forum exemplifies this shift. Despite the International Criminal Court’s arrest warrant against Putin for alleged war crimes related to the Ukraine conflict, President Xi welcomed him warmly, and both leaders agreed to deepen their cooperation.
While China is seeking to win over emerging and developing nations in the Global South, some countries are cautious about being drawn into a position of choosing sides between the West and China. Wang Yi highlighted the U.S. and European infrastructure cooperation frameworks for developing nations, cautioning that these initiatives serve as evidence that economic problems are being politicized.
In conclusion, China’s Belt and Road Initiative has entered a new stage of development with a strong emphasis on sustainable collaboration. President Xi Jinping’s address at the forum emphasized the importance of people-centered cooperation and signaled a shift towards smaller-scale projects and green development. As China seeks to extend its influence, the initiative is gaining geopolitical significance and is increasingly viewed as a counterweight to the United States. However, concerns remain regarding debt traps and the politicization of economic issues. The BRI faces challenges and opportunities as it navigates this critical phase in its evolution.
