[News Terms] Xi Jinping's China Dream 'Belt and Road'

Marking its 10th anniversary this year, China’s “Belt and Road Initiative (一帶一路, One Belt, One Road)” is a core strategy proposed by Chinese President Xi Jinping to realize the “Chinese Dream.” This large-scale project aims to revitalize economic and trade activities between China and neighboring countries through two main routes: the overland Silk Road connecting western China, Central Asia, and Europe, and the maritime Silk Road linking southern China, Southeast Asia, Africa, and Europe.

On the 16th, books promoting the leadership of Chinese President Xi Jinping were displayed in various languages, including Russian, at the media center of the 3rd Belt and Road Forum for International Cooperation in Beijing, China. The forum, which opens on the 17th, is expected to be attended by representatives from over 130 countries, including Russian President Vladimir Putin and other heads of state.
[Image source=Yonhap News]

The Belt and Road Initiative began in September 2013. At that time, President Xi proposed at Nazarbayev University in Astana, Kazakhstan, “Let us build a new inland Silk Road economy and move toward an era of shared prosperity and cooperation.” A month later, in a speech to the Indonesian parliament, he unveiled the concept of the “21st Century Maritime Silk Road,” connecting Southeast Asia, Africa, and Europe. These two plans, linking land and sea routes, were concretized the following year when China established a $40 billion Silk Road Fund.

China accelerated the project by providing loans to participating countries for the construction of various infrastructure facilities such as roads, railways, and airports. Starting from nearby Southeast Asia and Central Asia, the initiative has expanded significantly over the past decade to include Africa, Europe, and even Latin America. According to a recent white paper published by the Chinese government, over 150 countries have joined the Belt and Road Initiative. Thirty international organizations have also participated. On the maritime front, 117 ports in 43 countries have been included, and on land, a railway network connecting more than 200 cities across 25 European countries has been established. Mutual investments between China and these countries have accumulated to $380 billion (approximately 510 trillion won).

Russian President Vladimir Putin is arriving in Beijing, China, on the 17th. President Putin visited China on this day to attend the 3rd Belt and Road Forum for International Cooperation.
[Image source=Yonhap News]

While China highlights the Belt and Road Initiative as a “model for joint development of developing countries” based on these achievements, some participating countries have fallen into a debt trap due to unmanageable loans. Sri Lanka, which joined the initiative in 2010 by securing large-scale loans from China to build the Hambantota Port, is a representative case. Unable to repay the loans from the port’s operating revenues, Sri Lanka sold part of the port’s shares to a Chinese state-owned enterprise in 2017 and handed over port operation rights to China.

Meanwhile, from the 17th for two days, China will hold a summit forum in Beijing to commemorate the 10th anniversary of the Belt and Road Initiative and strengthen ties with leaders from various countries. During the forum, a summit meeting between President Vladimir Putin of Russia and President Xi Jinping is also scheduled.