Beijing later pledged to invest US$1 trillion, and by some estimates as much as $8 trillion, in roads, railways, bridges, ports and other infrastructure projects around the world, with an emphasis on sparking economic development in the underfinanced Global South. Originally called One Belt, One Road, the BRI was meant to usher in what Xi described in his speech as a more just world order. But on many counts, the program has not measured up to its original, world-changing ambition.
Thirteen years after its launch, many observers and analysts now see the BRI as more of a liability than an asset to China’s plan to forge a post-America-led world order.