“At its peak, it was really looked at as the centerpiece of China’s economic engagement with the rest of the world,” said Scott Kennedy, an expert in Chinese business and economics at the Center for Strategic and International Studies.
After doling out hundreds of billions of dollars, experts say China’s lending for BRI projects has plummeted, largely a casualty of the COVID-19 pandemic and the country’s own economic slowdown.
A lot of things were happening in the name of Belt and Road,” she said, adding: “Beijing has little control over things going on on the ground.”
I think that many, many countries have realized that they simply don’t have the luxury of an economic structure that can withstand the type of loans that have been coming in from China for so long.”
By 2027, the United States and G-7 aim to funnel some $600 billion into their Partnership for Global Infrastructure and Investment—a revamp of the Build Back Better World campaign that they unveiled in 2021.
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