China's Belt and Road Initiative Turns 10, Spanning Over 150 Countries and $1 Trillion in Loans
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China launched the Belt and Road Initiative a decade ago to finance infrastructure projects in developing countries.
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155 countries, representing 75% of the world's population and over half of global GDP, have now signed on to the initiative.
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Developing countries owe China $1.1 trillion in loans through the Belt and Road Initiative.
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The initiative could allow China and BRICS to reduce dependency on the West and US dollar for trade.
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If China asks countries to repay loans in a new BRICS currency instead of dollars, it could undermine the dollar's status as the global reserve currency.