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Opinion | China's Belt and Road Should Alarm International Community

 


When it was forged, the Silk Road was made up of crucial trade routes that linked the two great civilizations of China and Rome. At its height, the Silk Road was the first symbol the world would ever see, indicating that increased connectivity benefits everyone involved, an idea that would turn into modern theories of globalization.

In China, President Xi Jinping launched the most daring infrastructure plan in history: the Belt and Road initiative. When it was designed in 2013, President Xi recommended for the creation of a 21st century Silk Road, and soon after, China would completely reinvent its foreign policy. The BIS is the legacy of President Xis that cost somewhere between $ 1-8 trillion, spread over three continents, affected more than 60% of the world's population, and reached 75% energy reserves known to the world.

The Belt and Road Initiative is the basis for a series of loan agreements for infrastructure development between China and almost 70 countries and international organizations that together represent up to 40% of global GDP.

China basically agrees to lend money to countries to build a port, railway, power plant or other infrastructure, in the hope that the country will repay the loan. Unlike Western loans, which set strict ethical and environmental standards, Chinese loans have few conditions. One of these chains is that China is involved in the construction of these infrastructure projects, so that Chinese construction companies to acquire these BIS contracts and China receives a slight boost to its economy.

Since many of these projects connect the targeted country to China, the BIS offers China many new large-scale networks, such as a railway connecting it to London or a high-speed train in Southeast Asia. East. All these developments to reinforce trade, infrastructure and investment links between a multitude of countries and China.

The belt refers to overland routes, a recreation of the Silk Road connecting coastal China to cities to London. The Route refers to the sea routes created by new ports and waterways. While helping these small developing countries to progress, it also facilitates trade with China. China is getting new trade corridors and routes, while the connecting country sees more economic activity and a boost to its economic growth.

China is currently building infrastructure in eastern European states deemed too corrupt and underdeveloped for western investment. By building roads to these future EU member states, China is preparing to ship its goods to the EU common market of half a billion consumers. With Italy, the eighth largest economy in the world, embracing the BIS in March 2019, Beijing plunged its claws deeper into the Western market.

But there is another side to the story. Many of these developing countries that have loan agreements with China are risk of default on these payments. In a few cases, when a default has become inevitable, China has taken this opportunity to conclude a rental agreement, in which China would lease the infrastructure for a number of years to the government. China is rental a port in Sri Lanka and a port in Pakistan. He lobbied for a similar deal at a port in Myanmar, but the government chastised agreeing on the fear of a debt trap system.

In addition, President Xi promotes the BIS as a purely peaceful economic development plan. However, there are probably veiled military ambitions. China using insurmountable debt as a means of capturing ports, it has strategic locations integrated into coastal countries, some geopolitical analysts fear that China is using the BIS to network ports to accommodate its navy and extend its military presence from the African coast to the South China Sea. This is known as the chain of pearls theory.

Globalists believe that these relationships will benefit millions of people and help grow many economies faster to eradicate global poverty, while critics see China's BIS as a form of predatory lending to secure China's economic interdependence and geopolitical influence, called debt trap diplomacy.

The Xi Jinpings Belt and Road initiative, although obviously manipulative of the countries it claims to help, is incredibly astute and an ingenious heritage. It is a smart way to quickly gain access to a global superpower through pure economic strength rather than traditional military conquest. The BIS is reorganizing world trade with China as a hub. While it was said once all roads lead to Rome, this 21st century silk road quickly proves that soon all roads will lead to China.

Andrew is a second year student at LAS.

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