Ten years on, the BRI has expanded to Europe, Asia, Africa and Latin America, far exceeding the scale of the ancient Silk Road, but it seems to be facing more challenges.
China is hosting its third Belt and Road summit this week, marking the 10th anniversary of its iconic Belt and Road Initiative . Worldwide leaders and representatives from over 100 countries are gathering in Beijing, which may yet include Russian President Vladimir Putin.
Ten years on, the BRI has expanded to Europe, Asia, Africa and Latin America, far exceeding the scale of the ancient Silk Road, but it seems to be facing more challenges than ever before. Yun Sun, Co-Director of the East Asia Program and Director of the China Program at the Stimson Center, told DW: "One piece of the China Dream is China helping the less developed countries to grow. Some would say China did achieve that."
One of the most common examples is Sri Lanka, which declared bankruptcy in 2022. China is Sri Lanka's largest creditor, accounting for about 52% of its total debt, approximately $7.3 billion. Sri Lanka borrowed from China to build the Hambantota Port but could not repay the debt. In 2017, the deep-water port was leased to China for 99 years.
Italy is the only G7 country that has joined the BRI. In recent months, the country has questioned the effectiveness of the BRI, saying that it has not truly benefited Italy, leading to the intention to withdraw.China's weakening economy also challenges the Belt and Road Initiative.
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