The Belt and Road initiative has been the talk of the town in the world of the leaders. This is a huge project authored by the leaders of China particularly President Xi. This is expected to be talked about at the summit where about 28 countries have committed.
However, there are a lot of controversies surrounding this issue as there are other vital countries that might consider the project itself is well-thought of but they are wary of the increasing influence of the author. The USA for one is not that sold on the idea especially that some of the countries where they are an ally of are excluded with this project.
Here are some important facts to know about the Belt and Road initiative:
- This is really huge as this project covers about 65% of the global population and about 40% of GDP. But the thing with this project is, even if it says that everyone is welcome to join, some are still wary. One of the reasons they have doubts about Belt and Road initiative is because of the fact that Beijing has made a lot of enemies in its neighboring areas.
- According to those against with the project, this is simply a political move by Beijing because of some issues like the Washington-led free trade pact and the fact that the pathway of their oil can be blocked if war or other crises will develop.
- It is definitely very expensive with $900 billion in question. By far, it is said that this is the grandest investment if ever this will really be pushed through. However, there is a question of their capability to fund such project as when this was born way back 2013, raw commodity prices were then higher than today.