China Refocuses Belt and Road Initiative on Smaller, Sustainable Projects Amid Economic Slowdown

China is shifting the Belt and Road Initiative (BRI) to smaller, quicker projects that benefit locals, due to economic slowdown and skepticism.
China is seeking global financing for BRI as its own lending ability decreases. Reconciling with Iran supports this.
China's focus is moving to governance, norms and standards as key to sustainable development.
At the October BRI Forum, China will promote its inclusive model respecting countries' traditions, unlike the West.
China may fund fewer foreign railways going forward. Its ambitions on setting global norms and standards are expanding.

economist.com

Relevant topic timeline:

8/6/2023

A key U.S. ally wants to walk back its 'atrocious' embrace of China

Main Topic: Italy's potential withdrawal from China's Belt and Road Initiative (BRI) and its implications for Western alliances. Key Points: 1. Italy, the only G7 nation to sign up to China's BRI, is considering pulling out of the project. 2. Italy's decision reflects the Western dilemma of balancing economic ties with China while addressing concerns over human rights and national security. 3. Italy's potential withdrawal from the BRI signals a shift in the Western approach to China and a desire to align more closely with the United States.

8/22/2023

China's Xi tells BRICS summit that Chinese economy is resilient

China's leader Xi Jinping assures the BRICS group that China's economy remains resilient and its long-term growth fundamentals are unchanged, despite challenges such as a property slump and weak consumer spending.

8/28/2023

BRICS Expansion: Boost For China

India's adversarial relationship with China and its moves to block imports and investment from China could complicate its involvement in BRICS, as China seeks to expand the group and use it as a platform to challenge Western dominance.

9/7/2023

China's BRI losing steam as loans turn sour, new investments decline: Report - Times of India

China's Belt and Road Initiative is facing challenges and losing steam due to economic downturn, rising debt, defaults, and the impact of COVID-19, prompting a rethink by Beijing to boost profitability and address concerns about the debt burden on participating countries.

9/10/2023

Italy Seeks to Strengthen Ties with China Outside of Belt and Road Initiative

Italian Prime Minister Giorgia Meloni stated that Italy's decision on whether to leave the Belt and Road Initiative (BRI) is still pending, emphasizing that there is more to Italy's relationship with China beyond the BRI.

9/15/2023

New U.S.-India Corridor Seen as Welcome Competition to China's Belt and Road

The plan by the U.S. and India to build an alternative to China's Belt and Road Initiative could lead to better deals for countries along the route and is seen as healthy competition by participants at a conference in Hong Kong.

9/26/2023

The Belt and Road Initiative Turns 10: A Look at China's Controversial Foreign Policy Project

China's Belt and Road Initiative, which celebrates its 10th anniversary, is facing waning domestic support despite its touted economic benefits, according to The Economist's Beijing bureau chief and senior China correspondent.

10/1/2023

China's Belt and Road Initiative: Massive Investment, Green Pivot, and Mounting Criticism After First Decade

The Belt and Road Initiative (BRI) has evolved over the past ten years, with a greater focus on environmental governance, financing shifts, and changes in Chinese interests in different regions, but concerns remain regarding the implementation of "green" policies and the sustainability of BRI projects, as well as issues of transparency and trust in host countries like Pakistan.

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Posted 9/7/2023, 2:20:20 PM