China is celebrating the fifth anniversary of the Belt and Road Initiative (BRI), one of the most ambitious undertakings in human history. In 2013, the Chinese government, under President Xi Jinping, announced the grand scheme that aims at benefitting countries that are particularly deficient in much-needed infrastructures. In broader terms, the initiative seeks to make world economy stronger by connecting consumers to markets. Improved infrastructures would make it possible.
More than 76 countries from Asia, Africa and Europe have so far joined the initiative that is poised not only to reshape the global trade regime but also elevate the living standard of more than half of the world population. Bangladesh, too, has joined the BRI and a number of infrastructure projects are receiving Chinese assistance, both technical and financial.
It is not clear how much China would need to invest in countries under the BRI. The investment, it is assumed, could run between US$4.0 and 8.0 trillion. Many countries have shown their willingness to join the programme with a view to benefitting themselves, in terms of infrastructure-building.
Even multilateral institutions where the rich western countries play a dominant role have found great potential in the BRI for both China and participating countries. "The BRI could fill large and longstanding infrastructure gaps in partner countries, boosting their growth prospects, strengthening supply chains and trade and increasing employment", according to the International Monetary Fund (IMF).
However, not everyone is happy with the BRI. Lately, a number of countries have started veiwing the Chinese financing, particularly for projects in smaller partners, as a 'debt trap'. They are suspecting that China might try gain control of major strategic and economic posts in these countries in the event of their failure to pay back their debt.
The issue was raised at the just-concluded '2018 Media Cooperation Forum on Belt and Road' held at the BFA International Convention Centre in Boao Island of Hainan Province, China.
Mr. Olusengun Adeniyi, editorial board chairman of the THISDAY, a leading Nigerian newspaper, raised the issue and said a section of people has started lebelling the BRI as a 'neo-colonialist' approach. But what concerns the African people most is whether the benefits of the initiative are helping poverty alleviation in Africa. He also underscored the need for ensuring transparency in projects financed by China under the BRI.
Mr. Adeniyi suggested publication of a 'Belt and Road Index' annually, highlighting the state of the peoples and economies of the BRI countries.
Another resource person speaking at a session of the Media Forum Meeting underscored the need for conducting proper feasibility of projects that, allegedly, is found lacking in the case of many Chinese-funded projects implemented under BRI. He felt that the countries participating in the BRI need to develop a feeling that the BRI is 'not a solo but a collective' effort.
However, the president of the state-owned People's Daily, Li Baoshan, while delivering his opening speech at the Media Forum said the BRI was aimed at finding mutual benefits for all parties and countries involved.
He claimed that his country has made outstanding contributions to global development and in the past decade alone it contributed over 30 per cent to the world's economic growth annually.
If not that much in other places, China has been playing a leading role in the development of Africa, hitherto a neglected continent. The Asian economic giant has raised its investment in Africa around 520 per cent over the last 15 years, according to an international trade magazine. In contrast, the role of USA, the richest country in the world, has declined as far as investment is concerned.
Even a dim-witted person would understand that China is not making all these investments entirely out of the goodness of heart. While benefitting other countries, it would surely want to reap some gains for itself also. None should have reasons to feel aggrieved for that. What many super-rich countries did not do during all these years, China has volunteered to accomplish that task.
The flow of overseas development assistance (ODA) from the developed to the developing countries is a pointer to that fact. Most developed nations have failed to maintain even the UN-prescribed annual minimum flow of ODA to the poor developing countries.
However, China has preferred to maintain silence over the criticism of BRI by a section of countries that view the BRI as a Chinese ploy to gain strategic and economic control over the aid-recipient countries.
China, which has experienced a meteoric rise during the past few decades to grab the second spot on the list of the world's rich countries by opening up its economy, is not apparently disturbed by the criticisms levelled against RBI by some of its rivals.
This was evident from statements coming from the Chinese leaders who took part in the recently-held Media Cooperation Forum meeting in Boao.
But China might be facing some sort of trust deficit in many cases. Though this year's Media Forum's slogan was 'contributions by all and benefit for all', the reality is still different. China is seen as the sole benefactor and all others are only recipients. Many tend to consider this as a weak spot of the BRI. It is important to secure contributions from all the participants of the initiative.
One can also hardly ignore the Chinese economic slowdown and the US actions in the matter of its trade with China. Under the circumstances, the Chinese government might be required to cut down the pace of investment under BRI.
What, however, appears more important is to bring the BRI under an institutional structure with representation of all the participating countries. This is necessary to develop a sense of belonging. The Chinese government does need to attach importance to this issue.
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