China is touting its 10yearold Belt and Road Initiative as an alternative model for economic development, releasing a government report that praises the program while glossing over criticism that it has saddled poor countries with too much debt. The program championed by...
BEIJING — China is touting its 10-year-old Belt and Road Initiative as an alternative model for economic development, releasing a government report that praises the program while glossing over criticism that it has saddled poor countries with too much debt.
Since it was launched, the Belt and Road Initiative, or BRI, has backed projects carried out mostly by Chinese construction companies, financed by loans from Chinese development banks. “On some level, China has added a World Bank to the developing world, and that is no small feat and very appreciated by developing countries,” said Kevin Gallagher, the center's director.
China's development lending has slumped in recent years, in part because China has learned from the debt crises in multiple countries and also because it has less money to lend as its own economy slows down. China’s leaders accuse the U.S. of trying to impose their principles on everyone else — including China. They say their system offers a different approach that accepts other countries as they are.
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