Friday, April 26, 2019

China's Belt and Road Initiative spectacularly badly-named

If you keep reading about China's "Belt and Road Initiative" and really àdon't know what it means, then you are almost certainly not alone.
Part of the problem is that the strategy is just really badly named. Up until 2016, it used to be called the "One Belt and One Road Initiative", but I guess the Chinese PR guys realized that that sounded a bit too pushy, a bit too my-road-or-the-high-road. It was also at one point known as the "Silk Road Economic Belt and the 21st Century Maritime Silk Road", which is likewise unlikely to pass muster in marketing focus groups. So, they ended up with Belt and Road, which is just plain confusing.
According to Wikipedia, what it is is a Chinese development strategy aimed at radically increasing Chinese influence and general dominance in global affairs throughout the world, but particularly among the poorer countries of Africa, Asia, the Middle East, South America and Oceania, as well as even some more developed parts of Central and Eastern Europe. It involves infrastructure investment, education, development of transportation corridors, power grids, real estate, resource extraction, and improving and modernizing industrial capacity  China has already invested an estimated $90 billion in these projects, and 71 countries are currently signed up for participation, including India, Russia, Thailand, New Zealand, Turkey, Poland, Hungary, and many more, representing in total (including China) a third of the world's GDP.
Part and parcel of the initiative is a complex web of hand-outs, business advice, loans, and what many Western commentators have characterized as "debt-trap diplomacy". Some in the West, and America in particular, is warning developing countries against being taken in by Chinese promises, and saddling themselves with decades of unmanageable and unsustainable debt. Recent cancellations of large-scale projects in Pakistan, Myanmar, Malaysia and Sierra Leone, over worries about the countries' ability to pay their share of construction costs, have made some countries a little more leery of signing on the dotted line.
However, many poorer countries are understandably enticed by the prospect of Chinese financing and technical expertise in building bridges, high speed railways, deep sea ports, and many other infrastructure projects that they would otherwise have no chance of achieving.
So what, then, is all this "belt and road" stuff? Well, supposedly, the "belt" part refers to overland routes for road and rail transportation, essentially a modern re-creation of the old Silk Road trading route (i.e. what I would probably call a "road"). The "road" part, on the other hand, refers to intercontinental sea routes (i.e. not roads at all). Maybe it loses something in the translation from Chinese, but it does seem spectacularly badly-named.

No comments: