Special Report – A decade of Belt and Road Initiative

By
João Paulo Meneses

Macau Business | October 2023 | Special Report | A decade of Belt and Road Initiative

The largest-ever global infrastructure endeavour

Exactly 10 years ago, President Xi Jinping launched what would become the largest-ever global infrastructure undertaking. Never has humanity benefited from such an ambitious and vast program. While the overwhelming majority of countries sought to join both the maritime and land aspects of the Belt and Road Initiative (BRI), some, especially in the West, expressed doubts. One concern gaining strength was that the BRI is often accused of engaging these countries in a so-called debt-trap diplomacy, a charge that China vehemently denies.

However, this criticism has prompted China to set new goals, and the 2023 BRI intends to be very different from what was initiated a decade ago. This special report delves into history, re-evaluates priorities, and introduces new challenges while acknowledging the potential role that a small city like Macau can play in this global project.

Co-ordinated by João Paulo Meneses [email protected]

BRI: How much has China spent so far?

The latest projections point to values around USD 1 trillion. A more accurate figure may be known later this month

BRI: A decade in four dates

It all began a decade ago with the Silk Road Economic Belt and 21st-Century Maritime Silk Road Development Strategy, initially abbreviated as the One Belt One Road or the OBOR strategy. Since 2016, it has been officially designated as the Belt and Road Initiative (BRI).

The future, in the short term

China had already anticipated challenges regarding the development of BRI, but the pandemic was not in the cards

Criticism from North and West, praise from East and South

Despite receiving some support in the northern hemisphere, BRI’s fiercest critics can be found mainly in the West. Elsewhere, it has mostly garnered praise

Green challenges 

China’s overseas energy engagement in BRI countries in the first half of 2023 was the “greenest” since its inception.

BRI + Sustainable Development

Different projects with a similar vision and some basic principles

GBA, “an important support pillar for the BRI”

The Greater Bay Area project is set to play a relevant role  in the development of the BRI.

BRI “created a greater scope for development for Macau”

OPINION – By Edmund Li Sheng

Macau: Secondary or irreplaceable role?

There are those who perceive Macau (and Hong Kong) as playing a secondary, albeit active, role in building the Belt and Road Initiative (BRI). However, there are also those who oppose this view and speak of more significant ambitions.

“BRI has changed, and it will change even more”

Francisco Leandro, Associate Professor, Department of Government and Public Administration, Faculty of Social Sciences at the University of Macau, is a leading expert on Belt and Road Initiative-related studies and research. In this interview with Macau Business, he anticipates further changes to the initiative, including a stronger focus on the “Green Silk Road” dimension.

“It was a decade of significant results in sharing BRI results among all participants”

Professor Chao Peng is the Director of the Macau One Belt, One Road Research Centre at City University of Macau. This is a subject that Professor Chao has been researching for several years. He was interviewed for this special report, and, as noted by the scholar, his responses only represent the author’s personal views.