In 2019, the United Kingdom’s then-finance minister stated that the Belt and Road Initiative had “tremendous possibilities to spread affluence and sustainable development” and that China will spend a significant amount of money on infrastructure connecting it to Western Europe.
Ten years later, Viktor Orban of Hungary is the most senior EU official anticipated to be present at the third Belt and Road Initiative (BRI) the summit this week. He will be in attendance with Vladimir Putin of Russia and an Afghan Taliban minister.
The failure of China to allay Western concerns about its intentions and whether new infrastructure would actually fill a void, combined with worries about a lack of openness, is the root of Xi Jinping’s aim to increase China’s worldwide influence.
Such Western skepticism has arisen at the same time as Xi’s aggressive administration and a deterioration in relations in areas such as trade, human rights, COVID-19, and Taiwan. Italy, the only member of the Group of 7 to agree to the plan, is now trying to find an alternative.
“Go back to 2013 – Beijing was completely dominant – Xi Jinping anticipated profits from Chinese firms spreading throughout the entire globe, but an array of serious surprises really impacted the reach and depth of the BRI,” said Matt Erie, an Oxford University professor.
According to Erie, the shocks included a trade dispute with the US, the Russian takeover of Ukraine, plus the pandemic. According to other observers, the internet has also been negatively impacted by the global and Chinese economies slowing down as well as rising commodity prices.
In response, Xi is pushing for the BRI to become smaller and more environmentally friendly, as well as to switch from high-priced projects like reservoirs to high-tech ones like electronic banking and e-commerce platforms. The goal, according to analysts, is to support a larger movement for a multipolar world order that allows the developing nations of the world more autonomy rather than one that is controlled by America and its allies.
China has occasionally taken offense at criticisms of the BRI, claiming that it is motivated by anti-Chinese sentiment and a desire to slow down the country’s progress while ignoring what it claims are sincere good intentions.
Although, unlike previous years, several more are bringing ministers as opposed to heads of state, China claims that over 130 countries, including many from the Americas, Latin America, and Africa, will attend this week.