The Third Belt and Road Forum for International Cooperation that was convened in Beijing, China (October 17-18) has put the spotlight back on Chinese President Xi Jinping’s signature initiative.
Early debates in China reveal the intent behind the Belt and Road Initiative (BRI). Academic Xue Li likened the BRI to China’s Marshall Plan, stating that it was a gateway for China to transition from a regional power with global influence to a global power with comprehensive strength. Academic Wang Yiwei argued that the BRI was an ascendant China’s bid to reboot globalisation and rectify its shortcomings. A rising China also felt the need to develop new transport and trade arteries as alternatives, since rivals could put the squeeze on the Strait of Malacca — the jugular vein for China’s economy.
Beijing was also putting its money where its mouth was with the establishment of the Asian Infrastructure Investment Bank with a $100 billion war chest, challenging other lending institutions. In the assessment of scholar Ju Jiejin, the AIIB would enable Mr. Xi to harvest early gains of the BRI. At the onset, Mr. Xi was pitching for the use of local currency in trade, thus in effect elbowing out the dollar. In this way, he began building an economic order centered on China
