BELT
AND ROAD INITIATIVE - INTERNATIONAL
News:
How China's Belt and Road
Initiative is changing after a decade of big projects and big debts
What's
in the news?
●
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.
Key
takeaways:
●
The initiative has built power plants, roads, railroads and ports
around the world and deepened China’s relations with Africa, Asia, Latin America and the Mideast.
China’s
Belt and Road Initiative:
●
BRI, consisting of the land-based belt, ‘Silk Road Economic Belt’, and ‘Maritime
Silk Road’, aims to connect the East Asian economic region with the
European economic circle and runs across the continents of Asia, Europe and
Africa.
Aim:
●
The BRI, often compared to the Marshall Plan, was launched by Mr. Xi to brand
himself as a global statesman and project China’s power and influence overseas.
Connectivity:
●
As per released white paper on BRI (“The
Belt and Road Initiative: A Key Pillar of the Global Community of Shared
Future”) over 200 BRI cooperation pacts
had been inked with over 150 nations.
Investment:
●
The document also stated that total
two-way investment between China and partner countries from 2013 to 2022
touched $380 billion.
Components:
●
It consists of two primary components such as
○
The Silk Road Economic Belt, which
stretches overland across Asia.
○
The 21st Century Maritime Silk Road, which
traverses the seas.
Significance:
●
It covers about 65% of the world
population, 60% of the world GDP and over 70 countries in six economic
corridors.
Members
and Parties:
●
As of the end of June 2023, China has
signed more than 200 documents on jointly building the BRI with 152 countries and 32 international
organizations.
Opposition
from India:
●
India has opposed the BRI and did not
attend the 2017 BRI Summit held in Beijing. It cited issues of sovereignty,
transparency and unilateral decision making.