Chinese Belt and Road plans in danger of losing momentum as opposition, debt mount

China’s vast Belt and Road Initiative (BRI) is in danger of losing momentum as opposition in targeted countries rises and debts mount, paving the way for rival schemes to squeeze Beijing out, a new study showed on Wednesday. President Xi Jinping launched BRI in 2013 to use China’s strengths in financing and infrastructure construction to “build a broad community of shared interests” throughout Asia, Africa, and Latin America.

But Xi’s “project of the century” is now facing major challenges and significant backlashes abroad, according to a study by AidData, a research lab at the College of William and Mary in the United States. “A growing number of policy makers in low- and middle-income countries are mothballing high profile BRI projects because of overpricing, corruption and debt sustainability concerns,” said Brad Parks, one of the study’s authors.

AidData said $11.58 billion in projects in Malaysia have been cancelled over 2013-2021, with nearly $1.5 billion cancelled in Kazakhstan and more than a $1 billion in Bolivia. China’s foreign ministry did not immediately respond to a request for comment on Wednesday.

Read more