From Belt and Road to Global Development Initiative, these ideas will remain just a name.
Nearly a decade after its launch, the Belt and Road Initiative is slowly vanishing from Chinese leaders’ speeches. A slowing global economy, combined with rising interest rates and higher inflation, have left countries struggling to repay their debts to China. Tens of billions of dollars of loans have gone sour, and numerous development projects have stalled. Many economists and investors have said the country’s lending practices have contributed to debt crises in places like Sri Lanka and Zambia. China’s image itself has deteriorated, affecting any new initiative it proposes.
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