China's Belt And Road Initiative / BRI

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The BRI project was launched in 2013, it broadly aims to facilitate cross-border transportation of goods, access to energy, creating demand for existing excess capacity in Chinese industries.

Officially, it aims to develop land and sea infrastructure to better connect China to Asia, Europe and Africa for trade and development, and it has found many partners around the world.

China had an overall exposure of investment of around USD 750 billion between 2013 to mid-2020

China argues that it respects its partners’ sovereignty while providing loans that benefit joint projects, while critics say Beijing’s contractual terms ignore abuses of human, labour and environmental rights.

BRI’s Criticism: BRI Project Has Been Heavily Criticized By The Western World For The Following Reasons

China’s Debt Trap Policy: BRI is being seen as a part of China’s debt trap policy, wherein China intentionally extends excessive credit to another country with the intention of extracting economic or political concessions from the debtor country.

The western countries see it as a tool for China to influence poorer countries.

They criticise China for inciting emerging economies to take on too much debt, and allege the secretive tender process is prone to corruption.

New Colonialism: They have attacked the initiative as new colonialism, or the Marshall Plan for the 21st century.

Dual Nature of Product: Also, projects like China-Pakistan Economic Corridor (CPEC), building of Colombo Port City Project in Sri Lanka are not only commercial in nature but have strategic implications too.

India’s Stand:

India has repeatedly said it will not join BRI because it’s key component – the China-Pakistan Economic Corridor (CPEC) – passes through PoK, which is disputed territory between India and Pakistan.

Further, in order to counter China’s aggressiveness, India has initiated Act East Policy, SAGAR vision and is part of multilateral projects like Asia-Africa Growth Corridor (AAGC),and “Free and Open Indo Pacific” initiative.

The need for Belt and Road initiative

Based on the  Asian Development Bank (ADB) figures it has been found that Asia faces an infrastructure funding gap of an estimated USD 26 trillion through 2030. So to address this gap, BRI came up to build better transport connectivity within Asia).

Belt and Road initiative cost is around $124 bn announced as on. 2017.

Purpose 

The ultimate purpose of the belt and road initiative BRI is listed below as follows -:

• 
  
• Facilities connectivity
• Unimpeded trade
• Financial integration
• People-to-people bond
• Policy coordination In participating countries
• Promote connectivity in areas like Europe, Asia, and African nations.
• Connectivity in oceans.
• To set up multidimensional and composite networks among the countries 
• Increase and strengthen the partnership in the countries that are along the Belt and Road.
• To promote development that is diversified, balanced and sustainable in the member countries.

China’s benefits from BRI

Some of the core interests of China in the BRI  include -:

• State sovereignty
• National security
• Territorial integrity
• Protection of  China’s social stability 
• Protection of political system
• Promoting continued economic and social development. 

China’s motivations for the Belt and Road Initiative

With the help of the Belt and Road initiative, China can take advantage to pursue its core interest in its periphery key  where certain geopolitical opportunities lie 

The china-  USA  rivalry:- The rivalry between the two is also a major reason for the initiative. So under this initiative 

China wants to create a new regional order and replace the American-led liberal international order. China ‘s 80%trade passes through the Malacca strait which is in Singapore and is an ally of the USA.So the BRI will help China develop its safe routes.

The BRI will  make china a key trade, economic, and political partner of nations on China’s periphery,

It will also help China to develop model relations between China and other nations that benefit Beijing and is markedly different from the West.

• BRI helps tackle the domestic challenges that China will continue to face in the coming years.
• Some of the domestic challenges that Beijing faces and that it believes BRI can solve include -:
• Economically and social development in its western provinces to prevent ethnic tensions. sidestepping the Middle-Income Trap by exporting industrial overcapacity.
• Providing continued growth to ensure the CCP’s legitimacy is also a challenge that BRI helps tackle
• These domestic challenges pose problems to China’s core interests of national security, social stability, and territorial integrity.

A solution to these problems will guarantee china’s national security as it will remove the ethnic tensions

Further, it will guarantee social stability and other core interests like protecting China’s territorial integrity and the main and major factor that will provide continued economic and social development in the world’s most populous country China.

Conclusion 

The Belt and Road initiative was announced by  China’s President Xi Jinping in 2013. It was known as the One Belt One Road initiative till 2016 post when it is known as BRI.

BRI is an investment program that aims at infrastructure development and economic integration of countries along the route of the historic Silk Road. 

It is transcontinental in its approach and aims at accelerating infrastructure development. The ultimate purpose of the belt and road initiative promotes connectivity in areas like Europe, Asia and African nations.

Connectivity in oceans. Increase and strengthen the partnership in the countries that are along the Belt and Road, To set up a multidimensional and composite network among the countries.

To promote development that is diversified, balanced, sustainable in the member countries. The motivation for BRI is To replace the American-led liberal international order, To make china a key trade, economic, and political partner of nations in China’s periphery.

To tackle the domestic challenges that China will continue to face in the coming years, To take advantage of geopolitical opportunities in its periphery and promote social and economic development in the country so that CCP’s legitimacy is maintained.