![]() ![]() The preliminary answer is that, on the ground, little to no change has occurred. ![]() It’s not too soon, however, to ask how Beijing’s commitment to making the initiative “open, green, and clean” has worked out. The economic struggles of BRI partners may open the way to snapping up distressed assets or strategically repositioning existing BRI projects after-or even during-the crisis.Ĭlearly, it remains to be seen how the pandemic will affect the BRI. On the other hand, China’s state-owned banks are still awash in cash. China, amid its own slowdown, may soon face BRI partner countries defaulting on debts, canceling or renegotiating BRI agreements, or lowering the priority of the BRI to focus on the pandemic and its impacts. The first is something of a nightmare for Beijing. From Beijing’s vantage point, the crisis creates two new-and opposing-potential scenarios. It’s possible, of course, that the pandemic ultimately will lead to seismic shifts in the BRI. They also launched the Health Silk Road as a complement to infrastructure projects, mobilizing a full range of Chinese government and commercial entities to shower BRI host countries with medical assistance. For example, in March, the China Development Bank and China’s Ministry of Commerce jointly issued a circular offering subsidized loans and other financial benefits and incentives for so-called “high quality” BRI projects affected by COVID-19. In response, the Chinese government has introduced further initiatives to shore up the BRI and address the pandemic, while continuing to pay lip service to its earlier vows of reform. (New York Times)Ĭhina now faces a range of new challenges to the BRI as the COVID-19 pandemic first took a toll on the Chinese economy and now has brought the global economy to a crushing standstill. Construction on the East Coast Rail Link project, part of China's Belt and Road Initiative, in Bentong, Malaysia, Nov. The Belt and Road Initiative, they said, would become “ open, green, and clean” as it worked with partner countries to build public works, deepen trade linkages, and advance financial and development policy connections around the world. The BRI had become synonymous with environmental degradation, corruption, and lack of transparency, and China’s top officials pledged new approaches. A year ago, Chinese leaders committed themselves to cleaning up their act in pursuit of the Belt and Road Initiative (BRI)-Beijing’s plan to connect China to the world largely through infrastructure projects. ![]()
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